Being a small business owner who decided to start an LLC in Nevada is one right step to take. Now, you are on a path preparing the Articles of Organization and the formation paper, you already know that you require a registered agent. Some things that you need to know are what is a registered agent, why do you need them, why do they resign and what to do when they resign. Keep reading to learn all about it.
What is Nevada Registered Agent and Why do I need it?
The LLC laws in The State of Nevada and the majority of the states in the U.S.A made it mandatory for every business that is registered in the state to have a designated “registered agent” and maintain it in the state’s public records. In Nevada, there is a law that necessitates maintaining a registered agent.
A business has to have and maintain a registered agent in Nevada to enable the service of process. This statement is according to NAC 77.015 and NRS 77.390 of the Nevada Revised Statutes and NV Rev Stat § 86.231. Here are some more reasons for having a Nevada registered agent.
Lawfully required and to receive legal documents. An entity is required to have a Nevada registered agent who has the up to date valid address in the state to be able to assist the service of process. All businesses are served legal notices during the tenure of their operations. Here is where the Agent comes into play as he is the one to receive all the notices for the company/clients and they also protect the company from lawsuits.
You need a registered agent to keep an active status in states and jurisdictions like Nevada not having a registered agent could lead to the dissolving of the company’s status. This could have huge impacts on the business’s growth and you can also lose the right to conduct transactions.
Having a Nevada registered agent smoothes out the process for the company to deal with legal notices. The business formation is required to provide detailed data and submit articles regarding the business which could be an unwieldy situation. A Nevada registered agent would take care of the process and all of the legal documentation.
If you are not able to keep a registered agent, the legal status of a business entity can be dissolved and revoked. It is important to take note of this fact as this is applicable in multiple jurisdictions and states including the state of Nevada. IncParadise is a registered agent that enacts a bridge by being the point of contact between the business and the Secretary of State.
Different types of entities and their requirements will be overseen by the business’s point of contact. They also help you in filing for the article of formation, furthermore, they also take care of filing of other documents such as annual reports and other required services.
Possible Reasons Registered Agent Resigns
A registered agent will only resign with valid consequential reasons. One of the most likely scenarios, where your registered agent chooses to resign, is because you have not paid the annual registered agent fees. With fees that vary in cost depending on the agent, you are required to pay your registered agent annually. Some charge $99 annually and others charge up to $300.
If you are not receiving any notices or invoices from your agent, contact them, and find out if they got your correct address and information. You may have overlooked tax notices and service processes if your invoices were delivered to the wrong address. This may cause you to file for a revival or renewal and make sure you pay the pending fees to the registered agent. It is important to keep your information and contact up to date with the registered agent.
Consequences if your Nevada Registered Agent Resigns?
The registered agent’s resignation is not a thing to sit on as your registered agent takes care of the services and legal papers, essential documents from the government and secretary of state, and significant correspondence with other businesses. The matter conveyed by them includes vital data and information about various business-related details such as information that affects the entity and even tax payments. So if your registered agent resigns, it is important for you to take immediate action.
When your registered agent resigns, your business entity should hire a new registered agent instantly. In most cases when the agent is resigning the corporation takes care of the situation and provides a remedy fast. In others, while the agent is resigning, the corporation or the agent already has chosen a successor to take control instantly when power is transferred to be more effective.
Some states have a certain time period in which the resignation becomes effective, depending on where you are situated this could be weeks or even a month. The new registered agent could take control over from the predecessor earlier if he/she has filed for the requisite documents in the business entity’s registered state and has already been hired.
The status of the business can be affected if you do not have a designated registered agent which makes choosing one swiftly essential. In a majority of the states, if any business is unable to choose a successor to take over the duties of the registered agent within 30 days they may :
- Pay fines and monetary sanctions.
- Get dissolved
- In certain states they may lose their name and other corporations could take
- In the state lose its embarkment as a good standing company
- Lose rights to enter in contracts
- Not be able to do business in the state
- Not allowed to operate completely, only administratively
- Not be able to litigate in courts
- Forfeit some or all licenses
How to Change Your Nevada Registered Agent to IncParadise
If you are thinking of changing your Nevada registered agent, here is how the process works. By submitting or filing the “Statement of Change Registered Agent” in conformity with the NRS 77.310 with the Secretary of State, a registered agent of a business entity can be changed. Filing should be done through the following means of mailing, fax, in person or email for the change of Nevada registered agent.
Alongside the form for Change of registered agent Nevada, The Nevada secretary of State highly recommends that you put in the “Customer Order Instruction” to make the process smoother. As the order instruction form certifies that you are fit to choose the mode of payment and type of processing.
Now you must be wondering how long will it take? Well, the timing for this process varies from state to state. Although, the processing time to change the registered agent in Nevada takes somewhere from 5 to 7 days. If you choose the option to expedite the processing, it will cost you around $25 to $1000 apart from the filing fees.
So, what are you waiting for? Contact us today to have us become your registered agent. We would be honored to assist you. Just to highlight, we also offer incorporation and mail-forwarding services in every state in the USA.