Nevada Administrative Code Chapter 88A - Business Trusts
Nevada Administrative Code (NAC) – Chapter 88A: Business Trusts
This chapter supplements NRS Chapter 88A, which governs Business Trusts in Nevada. A business trust is a legal entity formed for the purpose of running a business, where trustees manage assets for the benefit of beneficiaries.
🔹 Overview of NAC Chapter 88A: Business Trusts
While NAC Chapter 88A is relatively brief compared to other regulatory chapters, it primarily focuses on administrative procedures and compliance requirements related to registration and regulation of business trusts in the state.
🔹 Key Areas Typically Covered
1. Filing Requirements
Specifies the required forms and documents that a business trust must submit to the Nevada Secretary of State, including:
Certificate of trust.
Registered agent designation.
Amendments to the trust documents.
2. Fees
Establishes filing fees and penalties for:
Original filings.
Annual renewals.
Late submissions or corrections.
3. Annual Lists and Renewals
Business trusts are generally required to:
File an annual list of trustees.
Pay an annual fee to maintain good standing.
Update the Secretary of State with any changes in trustee or agent information.
4. Name Requirements
The name of the business trust must:
Be distinguishable from other registered entities in Nevada.
Include a designation such as “Business Trust” or “Trust.”
5. Revocation or Dissolution
Rules for voluntary termination or administrative dissolution of a trust.
The Secretary of State may revoke a trust’s registration for:
Non-payment of fees.
Failure to file required reports.
6. Foreign Business Trusts
Business trusts formed outside Nevada must:
Register as foreign business trusts before operating in the state.
Maintain a registered agent and file annual reports similarly to domestic trusts.
🔹 Related Statutes and Resources
NRS Chapter 88A – Main statutory authority on business trusts.
Nevada Secretary of State – Commercial Recordings Division – Handles filings and compliance enforcement.
NAC Chapter 77 – Contains provisions on general filing and registration of business entities in Nevada.
RELATED Blog
0 comments