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UNDERSTANDING BUSINESS STATUS IN NEVADA
There are many stages of a business right from the ideation process to introducing your product or services in the national or global market. You have completed the ideation process, finalized the service or product, got your marketing or branding
strategies in place and are basically ready to roll, but, wait, where do you want to set up your business?
Why Nevada a great place to start a business?
Nevada is considered as one of the Top choices for entrepreneurs to register their start-up or just about any business in. The state of Nevada with a Gross State Product of $167 billion is ranked #9 when it comes to overall Business Costs and ranked #3 for Business Growth Prospects according to Forbes. If you have been searching for a business friendly environment, a good regulatory environment, rapid economic development, quick access to transportation and abundance of economical commercial real estate then Nevada is just the right destination for your business How about Nevada?
The state of Nevada offers just the right balance of factors that are targeted at creating and maintaining good business status Nevada. Some of the factors that make Nevada one of the best choices include:
- Several tax advantages including Zero inventory tax, No corporate income tax, No personal income tax, and No franchise tax.
- An extremely competitive utility rate for any type of commercial operations
- Several business incentives to choose from including tax abatement for capital investment and job creation
- A total state product of $170 billion in 2018 and an economy that is on the rise
- A strong and well connected transportation infrastructure
Business Status of your entity
If you are planning to register your business in the state of Nevada, one of the key to success is to ensure good business status Nevada. What is business status? In the state of Nevada, if you are planning to apply for a loan or planning to conduct business with a distributor, vendor, or partner agencies then your company needs to have a “good standing status”. Is there a way to find out if a business entity has a good standing status or not?
In the state of Nevada, any business entity including a corporation, LLC, partnership, can come face to face with a situation leading to it featuring in the “Nevada business status default” list. Now, in order to understand how your company can have a good standing business status, you have to identify the current status of your company. The different statuses include:
The Active Status
A business entity will be considered as being active if it has a good business status Nevada. This simply means that the business has not defaulted on the basis of failure to pay fee, ensure annual requirements, or submission of business documents. If all applicable fees and taxes of a business entity are paid then it will be entitled to a “Good Standing Certificate”, which will further ensure that the entity can apply for a bank account or a loan.
The Default Status
A business entity is considered to be in the Nevada business status default list if it has failed to submit their annual list or annual report along with the applicable fees by the due date pursuant to NRS 78.150 to 78.185 for business corporations and NRS 86.263 for a limited liability company. This is applicable for both domestic and foreign business entities. Any business deemed to be in default can get back to the active status if they submit the annual list or report along with fee and penalties.
Revoked Status
If your business license gets revoked by the Secretary of the state then the company will be deemed to be in the Nevada business status revoked list. The reasons for business being revoked can vary from one state to another and the statute for each state is different for different types of businesses. In the state of Nevada, if a business corporation fails to comply with the requirements prescribed in NRS 78.152 – subsection 3 then the Secretary of the state can take necessary action like suspension or revocation of the corporate charter. The statutes primarily specify that business entities in the state need to submit business documents and pay fee within their due in order to maintain good status.
Once your company is in the Nevada business status revoked, you will have to prepare and submit extensive paperwork to reinstate your business corporation, LLC, or any other type of entity. Know more about business reinstatement in Nevada!
Dissolved Status
A business entity can be dissolved or can undergo dissolution if it’s charter or articles has been revoked by the Secretary of the State or if the board of directors or any person with authority files paperwork to dissolve the company like Corporation in Nevada can be dissolved pursuant to NRS 78.580. Once a company is dissolved, its business status Nevada will not be active and it will not be able to conduct business in the state.
If your business entity is dissolved like a corporation then you can apply for reincorporation pursuant to NRS 78.725 but if it has Nevada business status revoked then what are your options?
HOW INCPARADISE HELPS?
As one of the top and most reliable registered agents in the state of Nevada, we can help you with any and all processes related to reinstatement, business formation, bringing a business to active status post default, and issuance of certificate of good standing. Let’s take a quick look into the services, we offer:
Certificate of Good Standing
This is one of the most important documents that a business entity requires in order to transact in the state. Active business status Nevada is dependent on the issuance of “Certificate of Good Standing” and you can get this document by applying to the Secretary of State. It can be ordered online, by mail, fax, and email. Once the paperwork is complete and submitted, it can take anywhere from 13-15 business days for normal processing.
Order Nevada Certificate of Good Standing
Reinstatement/Revival
Whether you have a business corporation, an LLC, or any other type of domestic or foreign company, if the “good standing” status has been revoked then you will have to apply for reinstatement. The process is tedious as the statute requires submission of several documents including:
- Name of the business entity
- File number of the business entity
- Names and titles of partners, managers, directors etc
- Address of the business or residence of each officer, manager, or director as listed
- Registered Agent Acceptance
- Completed and signed Annual List along with fee and penalty
Depending on the type of business entity, the journey from Nevada business status revoked to reinstatement is quite time consuming. This is where IncParadise can assist you with ensuring you are able to submit the required documents for processing. We can file Nevada business reinstatement documents on your behalf so that it is back in good standing status.
Apply for Nevada Business Reinstatement
Additional Services
In the state of Nevada, your company license can be revoked or it may be in the Nevada business status default list, and it could have been dissolved by someone with authority. We, as one of the reputed registered agents in Nevada, will not only assist you with getting your business back in the “good standing” list but also help in filing a variety of documents like annual list. We will help you with:
- Identifying the requirements of documents depending on the business status Nevada
- Provide guidance for filling documents and correct them if necessary
- Provide services pertaining to submission of the documents with the correct authority
- Assist with filing of Nevada Annual lists or Annual Reports – More Information
- Help calculate late fee, penalties etc., so that they can be paid along with the required documents for Reinstatement or Certificate of Good Standing