Annual and Initial lists of Officers and Directors

Printer-friendly version

Listing Incorporators: To my knowledge, this doesn't "matter". Meaning, that legally, longterm, I'm not sure it matters. Some might like their name included for posterity (as I have and to produce the "initial filing" documents from time to time, especially for banks), but lacking that desire, I would go with the legal minimum.

One other thing... once you are established, each year (at least in Nevada), along with the annual business license renewal, we're asked for an updated "annual list" of officers of the corporation (arrives in the same envelope). On this list I HIGHLY recommend going with no fewer than 2, but otherwise the legal minimum for your state. In Nevada it is 3. The reason: if you ever need to open or close a bank account, or make any major changes to your business status, EVERYONE currently listed on your list of officers is required to sign (or in some cases 'be present in the bank') in order to proceed. You don't want that to be one person. At the same time you don't want to have every member of the board required to go to the bank to sign paperwork. The state/feds think of those listed on that "list" as the "owners". We're non-profits so that doesn't mean the same as it does elsewhere, but as far as a bank is concerned, it does, and it requires everyone listed to open and close accounts. ACBS lists the President, Secretary-Treasurer, and the Executive Director. (It could of course be 3 board members, but including the Director allows him/her to work with the bank and the state/fed.)

- Emily Rodrigues, ACBS

(Please always double check this information. I am not an attorney or accountant, and rules may change. If you have new/better information, please comment at the bottom of this page, and I'll happily update this page.)