Nevada Articles of Conversion (NRS CHAPTER92A) is a set of state laws that allow a business entity to convert from one form of business organization to another. This process is known as a statutory conversion and is regulated by the Nevada Revised Statutes. The types of business entities that may convert are limited liability companies, corporations, nonprofit corporations, professional corporations, business trusts, and limited partnerships. The articles of conversion must include the name of the converting entity, the type of entity to which the conversion is being made, the date of the conversion, and the name and address of the registered agent. The articles of conversion must be signed by the converting entity’s governing board or by its members if it is a limited liability company, and must be filed with the Nevada Secretary of State. Upon conversion, the converting entity continues to exist in its new form and retains its tax identification number.
Nevada Articles of Conversion(NRS CHAPTER92A)
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An Overview of Nevada Single Member LLCs Step 1 ? Name Your Company.Step 2 ? Create and Submit the Articles of Organization.Step 3 ? Drafting an Operating Agreement.Step 4 ? Obtaining an Employer Identification Number.Step 5 ? Taxes Contact the Nevada.Step 6 ? Securing a State Business License.
It is possible to change your entity type in Nevada, through a process called conversion. NRS 92A. 105 provides the foundation for how a conversion can be accomplished. The filing fee is $350 and a plan of conversion has to be adopted by the entity's powers that be, usually the Board of Directors.
Disadvantages of Converting From a Corporation to an LLC The business is taxed on assets and gains on assets which have appreciated since the business was acquired. The business must pay the tax even if they do not actually receive the money.
To file your Articles of Incorporation, the Nevada Secretary of State charges a minimum filing fee of $75. You must also file the initial list of officers, which costs $150. All corporations doing business in Nevada must also file an annual business license fee, which is $500.
One common reason for changing a corporation to an LLC is to avoid double taxation. A corporation faces double taxation because the income it earns is taxed first within its hands, and then a second time in the hands of its shareholders.
There is a filing fee of $325 for the Articles of Conversion, but saving one year's worth of the increased State Business License fee makes this filing fee a wash in a short amount of time.
A Nevada LLC domestication changes an out-of-state LLC into a Nevada LLC. This article discusses Nevada LLC domestications. A Nevada conversion can either change a Nevada LLC into an out-of-state LLC or change an entity's business type.
Most states have an easy process for changing from an S corporation to an LLC. This procedure can differ depending on the state where you are located, but many states simply require you file a form with the Secretary of State for your operating state.