Nevada Corporate Scams

As I mentioned in an earlier post, corporate scams are becoming more and more prevalent in today’s world. Here is an example of a recent scam in Nevada that was sent out with the intention of purposely misleading companies for a profit.

The state of Nevada requires that all Foreign Corporations publish an “annual statement” no later than March each year in a Nevada newspaper with a circulation of at least 1000. The only entities in Nevada required to do this are Foreign Corporations. Domestic Corporations, Limited Liability Companies and Limited Partnerships are not bound by this requirement. Here are a few definitions just for clarity sake:

Nevada Domestic Corporation – A corporation that has filed their incorporation documents in the state of Nevada.

Nevada Foreign Corporation – A corporation that has filed their incorporation documents in some state other than Nevada but has filed the appropriate qualification documents to do business in Nevada.

Annual Statement – A document required to be published annually by Foreign Corporations in the state of Nevada. Minimum information to be included:
1. Corporate name
2. Name and title of corporate officer submitting the statement
3. Mailing or street address of the principal address of the corporation
4. Mailing or street address of the corporate office in Nevada, if applicable
5. Total assets and liabilities of the corporation at year end

Publication – Printing of the annual statement in a Nevada newspaper with a circulation of at least 1000.

The scam:

A Nevada-based company sent out pre-completed forms to corporations (both foreign and domestic), LLCs and LPs. The form states that it is a “Final Notice” and the deadline is March 31, 2009. It gives instructions to “Submit the Form with $24.95”. The implication is that this is a required filing. Nowhere does the form state that only Foreign Corporations are required to publish an annual statement.

I have also heard that the company sending these forms out is not even a newspaper with a circulation of more than 1,000. So, even if the form reaches a Foreign Corporation and that corporation sends in their $24.95, they have not met the statutory publication requirements.

Keep an eye out for these types of manipulative mailings. With so many statutory requirements in each state and for each type of entity, it is extremely easy to be caught in one of these nets. If you are unsure about something you have received, contact your Registered Agent for assistance with identifying whether the mailing is legitimate. If you have already been scammed, it is recommended that you contact your state’s Attorney General’s office. They probably already have information about schemes that are ongoing.

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