Nevada has come under significant federal and media scrutiny for its limited business entity information and for Registered Agent practices involving business entity creation and related services resulting in Registered Agents are now regulated by the State.
Registered Agents Are Now Regulated
The passage of Senate Bill 60, during the 2013 legislative session, revises the Registered Agent Listing provisions in NRS Chapter 78 (now moved to NRS Chapter 77) to ensure that Registered Agents representing Nevada entities have not been convicted of or otherwise disciplined for activities containing an element of fraud or deception.
Under SB 60, Registered Agents who represent 10 or more Nevada entities or Nevada Qualified foreign entities are now considered Commercial Registered Agents (CRA), and must register as such. In addition to the information that is already required, CRAs must include the following in their Commercial Registered Agent Registration Statement:
The name, address, and telephone number of the individual who has the authority to act on behalf of the CRA.
A statement from the individual registering as a CRA, or that each director, officer or managing agent of a Commercial Registered Agent has not been convicted of a felony. If the individual has been convicted of a felony, a statement that the individual has had his or her civil rights restored.
A statement that the CRA has not had his or her ability to serve as a CRA, or a director, officer or managing agent of a CRA denied or revoked by appropriate authority of this State or another State, or enjoined by a court of competent jurisdiction from serving as a Registered Agent because the individual engaged in conduct as a Registered Agent that was intended to or likely to deceive or defraud the public.
The Secretary of State’s office may require additional information deemed appropriate in the registration statement, but no additional information has been determined at this time.
The Commercial Registered Agent Registration Statement must be signed under penalty of perjury by the individual, or by an individual authorized to sign the statement on behalf of the entity.
These changes to the law are similar to what has been enacted in Delaware and Wyoming, bringing Nevada up to par with States whose business advantages are competitive with Nevada’s.
Nevada still requires the least information about business entities than any other State making Nevada your first choice for financial privacy.
Call Nevada Discount Registered Agent today at 775.782.6587.
