Forbes: This Business Banking Fintech Crossed $1 Billion in Assets on the Platform

How to Incorporate in Nevada (May 2024 Update)

Meow Technologies, Inc.

Meow Technologies, Inc.

Nevada has become one of the most popular states in which to incorporate a business. With favorable corporate tax laws, low costs, and a business-friendly legal environment, entrepreneurs are flocking to form their companies in the Silver State. In this comprehensive guide, we’ll walk through the key steps and requirements for incorporating in Nevada so you can launch your business the right way.

Choosing a Business Name

The first step when incorporating in Nevada or any other state is to select your corporation’s official business name. Nevada law has a few key regulations regarding business names that you need to keep in mind:

  • Your name must include a corporate designation like "Incorporated," "Inc.," "Corporation," or "Corp." at the end. If your business name appears to be that of an individual person, you must include one of these terms.
  • You cannot use a name that is confusingly similar to an existing business name. Check the Secretary of State’s records to make sure your name is distinguishable from others in Nevada.
  • You can reserve a name for 90 days by submitting a name reservation form and fee to the Secretary of State while you complete other steps.

Make sure to also check if the domain name is available if you want to use your business name online.

While reserving a name is not required, it helps avoid any future legal disputes over the right to use the name you’ve chosen.

Appointing a Registered Agent

Nevada law requires that every corporation designate a registered agent - an individual or business entity that is authorized to accept service of process and official government documents on behalf of the corporation. This is an important compliance requirement.

  • The registered agent must meet these criteria per Nevada law:
  • They must be age 18 or older.
  • They must have a physical street address in Nevada, not just a P.O. Box.
  • They must be available during normal business hours to accept legal documents in person on behalf of your corporation.

Many businesses choose to work with a third party registered agent service that takes care of this compliance obligation for an annual fee. The agent must officially consent in writing to acting as your registered agent.

Preparing and Filing the Articles of Incorporation

To legally form your Nevada corporation, you must file Articles of Incorporation with the Secretary of State. This document must include:

  • The exact business name and principal office address
  • Name, street address, and signature of the registered agent
  • Names and addresses of all incorporators
  • Number of stock shares the corporation is authorized to issue

The Articles establish key provisions for how your corporation will function. There is a minimum $75 filing fee due when you register this document, although fees increase depending on the number of stock shares.

Completing Initial Nevada Compliance Requirements

Within the first 30 days after formally incorporating your business, you must complete additional state compliance steps including:

  • File the Initial List of Officers and Directors – There is a $150 fee to file this list containing names and addresses of your corporate leadership team.
  • Obtain your Nevada business license by registering and paying the $500 business license fee. Some professional services companies may be exempt.
  • File for your Federal Employer Identification Number (EIN) from the IRS if you plan to hire employees. This number is required to open a business bank account and pay taxes properly.

You may also need to register for additional local business licenses depending on where you operate and the industry you are in. Our agents can help you identify any other Nevada or local licenses needed to remain compliant.

Maintaining Your Nevada Corporation

Even once your business is successfully incorporated, there are still ongoing compliance tasks you must complete to remain in good legal standing:

  • File an Annual List of Officers and pay renewal fees by the anniversary date when you originally filed. The annual list reconfirms your leadership team and there is a $150 state fee.
  • All Nevada corporations must also pay a $500 annual business privilege tax to the state. Some professional services companies may be exempt.
  • Consider getting business insurance, opening a business bank account, and taking other steps to maintain separation between your corporate and personal finances and assets. For more information, take a look at our article on the key benefits of business checking accounts.
  • Record keeping – Maintain detailed company records such as stock ledgers, corporate bylaws, and annual meeting minutes. Though not legally required, this helps prove you are complying with corporate formalities.

Why Form a Nevada Corporation? Benefits to Understand

Now that we’ve explored the basics of how to form and maintain a Nevada corporation, understanding the benefits of a Nevada incorporation may help motivate you to take the next steps:

Minimal Taxes and Fees

Nevada has no corporate income tax and no taxes on corporate shares. The state also has no personal income tax. When combined with low incorporation fees and maintenance costs, this makes Nevada one of the most tax-advantaged states for starting and running a business.

Strong Corporate Privacy Laws

Compared to states like Delaware, Nevada offers stronger privacy protections for business owners, shareholders, and directors. Public access to private company details is restricted and rigorously protected under Nevada law.

Favorable Liability Shields

The laws regarding “piercing the corporate veil” are strict - creditors and plaintiffs usually cannot go after the personal assets of business owners or shareholders except in cases of serious fraud or illegal activity. This provides an extra liability shield between your business and your personal finances.

Flexible Corporate Management Structure

Nevada offers owners and directors more flexibility in how they structure management and decision making processes. The interests of shareholders, community stakeholders, employees and other partners can be taken into account more holistically.

Streamlined Conflict Resolution

Specialized “Business Courts” handle corporate and commercial disputes as an alternative to traditional litigation. They aim to save money and time for businesses forced to resolve internal conflicts and disputes in court.

Conclusion

We’ve explored the key steps for how to form a corporation in Nevada along with some of the advantages of incorporating in the state. Nevada offers business owners an attractive environment for starting and growing companies while protecting personal assets. With a little help from legal and accounting professionals, handling compliance requirements for a Nevada corporation is very straightforward.

Meow Technologies is a financial technology company, not a bank or FDIC-depository insured institution. Likewise, Meow Technologies is not an investment adviser and none of the information presented herein should be relied upon as financial advice or a recommendation to make any financial decision nor should it be considered to be tax or legal advice. The information is the opinion of Meow Technologies for educational purposes and may not be suitable for all companies. Products, like the one described herein, are offered through Meow Technologies and are not advisory services which are only offered through Meow Advisory, LLC.** The FDIC’s deposit insurance coverage only protects against the failure of an FDIC-insured bank.**

Get started with Meow

Apply Now

Put your company's idle cash to work

TwitterLinkedIn

Resources

Legal

*Disclaimer: Meow Advisory LLC is a registered investment adviser. Registration as an investment adviser does not imply any level of skill or training.
For accounts opened through Atomic Brokerage LLC: Meow Advisory LLC has an engagement with Atomic Brokerage LLC (“Atomic Brokerage”), a registered broker-dealer and member of FINRA and SIPC , to bring you the opportunity to open a brokerage account. Brokerage services for customers of Meow Advisory LLC are provided by Atomic Brokerage. For more details about Atomic Brokerage, please see the Form CRS, General Disclosures, and the Privacy Policy. Check the background of Atomic Brokerage on FINRA’s BrokerCheck.
For subadvisory services for accounts opened through Atomic Invest LLC: Meow Advisory LLC has an engagement with Atomic Invest, LLC (“Atomic Invest”), an SEC-registered investment adviser, to bring you the opportunity to open an investment advisory account. Investment advisory services are provided by Atomic Invest. Companies which are engaged by Atomic Invest receive compensation of 0% to 0.85% annualized, payable monthly, based upon assets under management for each referred client who establishes an account with Atomic Invest (i.e., exact payment will differ). Atomic Invest also shares a percentage of compensation received from margin interest and free cash interest earned by customers with Meow Advisory LLC. Meow Advisory LLC is not a client of Atomic Invest, but our engagement with Atomic invest gives us an incentive to refer you to Atomic Invest instead of another investment adviser. This conflict of interest affects our ability to provide you with unbiased, objective information about the services of Atomic Invest. This could mean that the services of another investment adviser with whom we are not engaged could be more appropriate for you than Atomic invest. Advisory services through Atomic Invest are designed to assist clients in achieving a favorable outcome in their investment portfolio. They are not intended to provide tax advice or financial planning with respect to every aspect of a client’s financial situation and do not include investments that clients may hold outside of Atomic Invest. For more details about Atomic Invest, please see the Form CRS, Form ADV Part 2A, the Privacy Policy, and other disclosures. Brokerage services for Atomic Invest are provided by Pershing Advisor Solutions LLC (“PAS”), a registered broker-dealer and member of FINRA and SIPC.
Neither Atomic Invest nor Atomic Brokerage, nor any of their affiliates, is a bank. Investments in securities are Not FDIC insured, Not Bank Guaranteed, and May Lose Value. Investing involves risk, including the possible loss of principal. Before investing, consider your investment objectives and the fees and expenses charged by Atomic Brokerage and/or Atomic Invest.
See the Legal Section within the Meow website for additional agreements.

U.K. Gilt pricing quoted net of fees. ~5% U.K. Gilt yield is sourced from Investing.com December 2023 6-month United Kingdom 6-Month Bond Yield. ~5% Treasury Bill yield is sourced from treasurydirect.gov December 2023 12-week U.S. Treasury Bill auction.

**Disclaimer: Meow Technologies is a financial technology company, not a depository, bank or credit union, and your account at Meow is not, itself, an FDIC-insured product.

Meow currently partners with three banking providers. Banking services are provided by Third Coast Bank SSB; Member FDIC, Grasshopper Bank, N.A; Member FDIC, and FirstBank, a Tennessee corporation; Member FDIC.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by Grasshopper Bank, N.A, you deposit your funds into a deposit account at Grasshopper Bank, N.A. which sweeps those funds into deposit accounts across a network of Federal Deposit Insurance Corporation (“FDIC”)-insured banks, for up to the current standard maximum deposit insurance amount (“SMDIA”) of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions, including Grasshopper's ICS Deposit Placement Agreement. Grasshopper Bank, N.A. uses a third-party vendor and agent to help administer this sweep process. Visit https://www.intrafi.com/network-banks/ for a list of the banks and savings associations with which we/Grasshopper, N.A. have a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Grasshopper, N.A. or you). The current maximum deposit insurance amount for your funds is up to $125 million in FDIC insurance through the sweep network of Grasshopper Bank, N.A, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and restrictions and refer to the applicable rate sheets for additional information.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by Third Coast Bank SSB, you deposit your funds into a deposit account at Third Coast Bank SSB. If you also hold funds in a sweep program with Third Coast Bank SSB, Third Coast Bank SSB sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per receiving bank, for each ownership capacity or category, including any other balances you may hold at that receiving bank directly or indirectly through other intermediaries, including broker-dealers. Third Coast Bank SSB uses a third-party vendor and agent to help administer this sweep process. Visit Third Coast Bank SSB for a list of the banks and savings associations with which we/Third Coast Bank SSB have a business relationship for the placement of deposits at receiving banks, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Third Coast Bank or you). The current maximum deposit insurance amount for your funds is up to $50 Million in FDIC insurance through the sweep network of Third Coast Bank, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and conditions and refer to the applicable rate sheet for additional information.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by FirstBank, a Tennessee corporation, you deposit your funds into a deposit account at FirstBank, which sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions, including FirstBank's ICS Deposit Placement Agreement. FirstBank uses a third-party vendor and agent to help administer this sweep process. Visit IntraFi for a list of the banks and savings associations with which FirstBank has a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by FirstBank or you). The current maximum deposit insurance amount for your funds is up to $125 million in FDIC insurance through the sweep network of FirstBank, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and restrictions and refer to the applicable rate sheet for additional information.

***FDIC insurance coverage is only available to protect you against the failure of an FDIC-insured bank that holds your deposits (and does not protect you against the failure of Meow or other third party). Your account with Meow and all services provided to you are subject to the Meow Terms of Service (“Account Agreements”) and other applicable terms and no other representations or warranties, express or implied, are provided to you except as expressly set forth in those written Account Agreements. If you have any questions regarding your account, please contact team@meow.com.

FirstBank Funds Availability Notice

FirstBank’s general policy is to allow you to withdraw funds deposited in your account on the first business day after the day we receive your deposit. Funds from electronic deposits will be available on the day we receive the deposit. In some cases, we may delay your ability to withdraw funds beyond the first business day. Then, the funds will generally be available by the SECOND business day after the day of deposit.