Are you planning to form a new business in Nevada? A limited liability company (LLC) is a great business structure option with many benefits. In this simple guide, we’ll walk you through how to start an LLC in Nevada, so you can establish your new business entity with ease.
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Before Starting an LLC in Nevada
As tempting as it might be to go straight to filing your documents, there are a few crucial details to consider prior to doing so. Below are some essential steps you will need to take before setting up your LLC.
Reserve Your LLC Business Name
Before submitting your documents, it’s a good idea to make sure your desired LLC business name is available for use. SilverFlume, Nevada’s business portal website, offers a business entity search to help you check.
Afterward, you have the option of either reserving a business name online or completing the Name Reservation Request form to submit later.
Please note that “limited liability company” or a related abbreviation such as “LLC,” “L.L.C.,” “LC” or “L.C.” should be included as part of your business’s name.
Buy Web Domain and Set Up Social Media
If you do not already have a web presence associated with your upcoming LLC, you should take the time to create one. After setting up your Nevada LLC, you will want to spread the word about your business.
Getting a website domain and creating a social media profile will offer a point of contact between yourself and customers. This step also lets you begin to build trust and establish yourself as an industry thought leader.
Get a Registered Agent
In Nevada, all LLCs and corporations need a registered agent. The agent receives and handles important legal documents on behalf of your LLC. The LLC members can appoint someone to the position by creating an office; just be sure the person has a physical address within the state.
If no one associated with the LLC can fill the role of registered agent, you may hire someone or a business to do so. There are service offerings as low as $35 and upward of $300. Before hiring anyone, ensure you get your money’s worth by researching the potential agent or reasonably priced alternatives.
Submitting Your Nevada LLC Documents
Once everything is in order, businesses should obtain a Nevada LLC formation packet at the Secretary of State website (individuals should file an article of organization). As of the writing of this article, Chapter 86 is the standard form of LLC in the state. Nevada also offers a Chapter 89 professional limited liability company (PLLC), but it’s not required If your LLC doesn’t qualify for online filing, you may submit completed documents to copies@sos.nv.gov or mail them to 202 North Carson Street, Carson City, Nevada 89701-4201.
Domestic and foreign entities are both charged $75 for LLC formation. Should you wish to speed up the process, pay a 24-hour expedite fee of $125. You also have to file a state business license for $200 as well as an initial list of managers or managing members for $150. You can find the full fee schedule here.
Things To Do After Establishing Your LLC in Nevada
After establishing your Nevada LLC, keeping your business going and in good standing is no doubt the next priority. The following sections cover additional details to handle post-filing.
Get an Employer Identification Number (EIN)
EINs are required for most businesses, with single-member LLCs as a notable exception, as these companies can get by with the owner’s Social Security number. An EIN is an ideal alternative to SSN use, as it provides far more privacy and security. EINs are available for free on the IRS website.
Submit an Annual List
Though LLCs in Nevada aren’t subject to state taxes, you will still be required to file a yearly report, known as an “annual list.” While it is possible to download and submit a physical copy of the documents, you may also complete the process entirely online.
The annual list filing fee is $150. If your submission is late, there is an additional $75 charge. You can also renew your business license through this link for an additional $200 per year.
Write Up an LLC Operating Agreement
Although not an absolute requirement, creating an operating agreement for your LLC is still a great idea. The document lays a reliable long-term foundation for your LLC brand while also providing a day-to-day guide for how you intend to run the business. A detailed operating agreement lends legitimacy to your LLC, helping maintain its good standing.
Dissolving Your Nevada LLC
It is entirely possible that in the future, you may want to dissolve your LLC in Nevada in favor of domestication in a different state. Should the need arise, submit your Articles of Dissolution and include an accompanying fee of $100.
LLC State Guides
Frequently Asked Questions
What Is an LLC?
A limited liability company balances the relative ease and flexibility of a partnership or sole proprietorship structure with the increased risk protection of a corporate structure. Like corporate shareholders, LLC owners (known as “members”) enjoy limited liability, meaning personal liability to the company includes only what members have invested and does not extend beyond it to cover corporate losses or debts.
By default, members of an LLC pay taxes as a share of personal income just as owners of a sole proprietorship or general partnership would—this is often referred to as a “pass-through” tax structure. An LLC can elect to be taxed as a C corporation C-corp or S corporation (S-corp) if it meets certain requirements. Many small business owners choose LLCs for their simplicity and flexibility.
How much does it cost to file an LLC in Nevada?
LLC formation filings cost $75. There is a 24-hour expedite fee of $125. Also included in the setup costs are the cost of the annual list ($150) and business license ($200).
Do foreign entities pay more than domestic entities when forming LLCs in Nevada?
Both foreign and domestic businesses get charged the same $75 or $125 filing fee.
What’s the difference between an LLC and a DBA?
An LLC, or limited liability company, is permitted to operate in a particular state after filing the appropriate paperwork. DBAs are fictitious names under which a person or business can work. It is also worth noting that DBAs require a separate filing with the state.
What are the benefits of creating an LLC in Nevada?
Nevada does not have a corporate or income tax. However, there is a commerce tax in the state for any business that grosses more than $4 million per year.
