The Nevada Secretary of State regulates the formation of corporations. In Nevada, a business can form as a domestic corporation, a foreign corporation, a close corporation, a professional corporation or a nonprofit corporation. Each corporation has different benefits and drawbacks, and a tax adviser or lawyer can suggest which one is appropriate for entrepreneurs. The Secretary of State website offers forms such as articles of incorporation to assist business owners. Also, business owners may file a first-time business application and an initial list of officers online.
Domestic
A domestic corporation application in Nevada requires traditional pieces of information. A business owner must supply a corporation name, registered agent, number of shares, names and addresses of the first governing board, names and addresses of incorporators and an initial list of officers. As of July 2010, an initial filing fee of $125 is charged for a business application. With a certificate of a registered agent and a list of officers in addition to the fee and application, a business can incorporate. If a business name includes a real person's name, a business must add another abbreviation or word, such as Inc., Company, or Corp, to the real name.
Foreign
A foreign corporation is a corporation legally incorporated in another jurisdiction. In addition to information discussed above for Nevada corporations, a foreign corporation must file three documents. First, a corporation must transmit a Qualification to Do Business in Nevada form. Second, a corporation must submit a document from another jurisdiction -- a state, territory, district, U.S. dependency or foreign corporation -- fewer than 90 days old. Signed by an authorized officer, this document shows where a corporation is incorporated. Third, a foreign corporation must supply the most recent stamped document showing total authorized stock from another jurisdiction. Non-stock and nonprofit corporations must obtain an official verification from another jurisdiction.
Close
According to Nevada Revised Statutes Chapter 78A, a professional corporation can register as a close corporation by an amendment. This corporation will have no board of directors. Two-thirds of incorporators must state there will be no voting stock in a corporation. Changes to a corporation, such as transferring stocks and creating voting rights, requires amending a corporation's paperwork under Nevada incorporation law.
Professional
According to Nevada Revised Statutes Chapter 89, a professional corporation consists of two or more professionals (with the same profession) who join to form a corporation. These professionals must render professional services to the public through a professional entity or association. An entity cannot include clerks, bookkeepers and technicians. Their other choice is to incorporate as a professional limited liability company, according to NRS 89.
Nonprofit
According to Nevada Revised Statute Chapter 82, a nonprofit corporation does not report shares held by officers. This business structure exists for a public or charitable purpose. Chapter 82 states that a corporation qualifies for tax-exempt status under U.S. Internal Revenue Code 501(c)(3). Also, if a nonprofit corporation is dissolved, its assets will be distributed to the U.S., to a state or to a person with a 501(c)(3) tax-exempt status.
Read more: Types of Corporations in Nevada | eHow.com www.ehow.com/list_6713312_types-corporations-nevada.html#ixzz1Izmf5KDi
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