PB Law Blog... Trusts and Stuff

Pursuant to SB 483 of the 2015 Nevada Legislature, effective July 1, 2015, certain Nevada Secretary of State fees will change as follows:

• Annual list and initial list fees will increase by $25.00 for all entity types (an increase from $125.00 to $150.00);
• State Business License Fees will increase from $200.00 to $500.00 for Corporations formed under the following NRS Chapters:
  • NRS 78 (Private Corporations);
  • NRS 78A (Close Corporations);
  • NRS 78B (Benefit Corporations);
  • NRS 80 (Foreign Corporations); and
  • NRS 89 (Professional Entities & Associations).
• Any annual or initial list or Business License application for August or earlier, received prior to July 1,            2015 will be assessed the pre-July fees.
• Fees for reinstatements and revivals received after July 1, 2015 will be calculated based on the new fees, even if for prior years.

What does this mean for you?

For many of our clients who have Limited Liability Companies (rather than Corporations), the fees will only increase $25.00 annually.  For those with Corporations (or other entities listed above), the fee increase will be more drastic- a $500.00 fee for the state business license plus a $25.00 increase in filing fees.

Some clients may wish to explore converting their existing entity structure from a Corporation to an LLC, as appropriate.  As always, please feel free to contact us with any questions or concerns!

-Tiffany Ballenger, Esq.