• A corporation whose shares are held by a single shareholder or closely knit group of shareholders. Generally, there are no public investors, and its shareholders are active in the management and/or operation of the business.
• The shareholders of a close corporation are generally personally liable for the debts and liabilities of the close corporation only to the extent of their capital contribution 
• A corporation may be formed initially as a close corporation or it may adopt close corporation status by amending its articles of incorporation to include a statement that it is a close corporation
• A statutory close corporation may operate without a board of directors if its articles of incorporation contain a statement to that effect
• A close corporation's profits are taxed twice: once at the corporate level and again when profits are distributed as dividends to their shareholders. If a close corporation meets specific IRS requirements, it can file for Subchapter S Corporation status.

• Incorporators must file the Articles of Incorporation, along with the required processing fees, with the Nevada Secretary of State. Once the filing is officially approved, the business begins its existence, as a separate legal entity. 
• First, choose the name of your corporation. The name must be clearly different from the name of another business. So, at no extra charge, Proactive Management will perform three name searches to determine if your desired name(s) are available.
• This name must also include one of the following phrases "corporation," "company," "incorporated," or "limited" or end with the one of the abbreviations "Inc.," "Ltd.," "Co.," or "Corp."  Insurance companies, mutual fire insurance companies, surety companies, express companies and railroad companies must meet additional requirements.  Additional requirements apply to businesses with names which include "bank," "trust" "engineer," "engineered," "engineering," "professional engineer," "registered engineer," licensed engineer," "accountant," "accounting," "accountancy," "auditor," "auditing," "common interest community," "community association," "master association," "unit owner's association," "homeowners association," or businesses subject to regulation as insurance or financial institutions. 
• The Articles of Incorporation will address:
  • Name, address, and signature of each incorporator 
  • Street address or mailing address of the registered office and the name of the registered agent 
  • The total number, class, and par value (if any) of authorized shares 
  • The names and addresses of the first directors along with any desired provisions relative to the right to change the number of directors 
• State incorporation fees vary based on the total par value of all authorized shares
• On or before the 1st day of the 1st month after filing the Articles, on a form provided by the Secretary of State, the corporation shall disclose to the Secretary of State the name of the corporation; the file number of the corporation; the names and titles of the president, secretary, and treasurer; the address of either the residence or business of each officer and director listed, following the name of the officer or director; the name and address of the legally designated registered agent; a signature of an officer certifying that the list is true, complete, and accurate; a statement that you are in compliance with state business license requirements; a filing fee; a statement as to whether the company is a publicly traded company and its Central Index Key; and acknowledges that it is a felony to file false information in this report.

Disclaimer - Not Providing Legal Services - Proactive Management, Inc. presents the material on this site as general information only. It is not offered as and does not constitute legal advice or legal opinion and should not serve as a substitute for advice from an attorney or accountant familiar with the facts of your specific situation. We provide business formation services. We are not a law firm and do not provide legal or tax advice or services. We make no warranty, express or implied concerning the accuracy or reliability of the content at this site or at other sites to which we link.