How to Form an LLC in Nevada
There’s more than one reason Nevada is known as the Silver State. Year over year, Nevada has increased its number of small businesses, nearing 300,000.
To start an LLC in Nevada, you need to follow certain criteria and ensure you’re following the state’s appropriate guidelines. This article will cover all that and more.
Why Form an LLC?
Limited Liability Companies, or LLCs, are among the most common forms of small businesses. The reason people choose LLCs over sole proprietorships or partnerships is that it has two major advantages.
LLCs are not taxed like corporations, or even at the entity level. Instead, members will share the profits and losses on individual tax forms. This will be taxed individually as if it were a sole proprietorship (if it’s just you) or a partnership (if there are multiple members).
The other reason is in the title, limited liability. Your personal liability for the debts and other liabilities of the company is protected in the event of a lawsuit, so you are personally protected in the event something goes wrong. It’s only the company that will be liable.
If you’ve chosen the LLC as the right fit for your company, then let’s talk about how to get started!
How to Form an LLC in Nevada
The first step to forming a Limited Liability Company (LLC) is obvious. Albeit to some, it may be the most difficult part of the entire process:
Choose a Name for Your LLC
That’s right; to start an LLC you have to have a unique name. It must distinguish itself from other business entities registered by the Nevada Secretary of State’s business entity database.
You must register your name with the Nevada Secretary of State using the online portal called “Silverflume.” Name reservations last 90 days and the associated filing fee is $25.
Appoint a Registered Agent
What’s a registered agent? This is a person or business entity that will accept legal documents on your LLC’s behalf, something important if the LLC were to be sued.
They’ll also receive business registration renewal notices, tax notices, and potential court documentation.
The registered agent must:
- Have a physical street address in Nevada
- Be authorized to do business in Nevada
Here’s the Nevada Secretary of State’s list of registered agents.
Filing Articles of Organization
Next, you must file formal Articles of Organization (for an LLC).
This must include the previous information, as well as:
- If the LLC is run by managers or members (and their names and addresses)
- The name, address, and signature of each of the LLC’s organizers
- The LLC’s dissolution date (if applicable)
Filing takes place on Silverflume. Costs for filing are $75.
In addition, you may file an LLC operating agreement, dictating how your LLC will run. This is not required in Nevada, however.
Obtaining an EIN
This is relevant to LLC’s with more than one member, or if you wish to have the LLC taxed as a corporation instead of a sole proprietorship.
An EIN is an Employer Identification Number. To receive one, you must register with the IRS using their form. There is no filing fee involved.
Establishing this is important for federal and Nevada LLC tax filing requirements.
Final Costs and Annual Filings
You may be asking, “How much does it cost to start an LLC in Nevada?” While not unreasonable, there’s a lot to remember and it can be challenging to keep track of it all.
Once you’ve formed your LLC you’ll be required to file an annual report detailing any of your members, including officers.
This filing fee is $150 and is due on the last day of the annual anniversary that your LLC’s organization falls. It, too, can be filed on Silverflume, or sent via mail.
Start Your LLC in Nevada
Now you know how to form an LLC in Nevada. If you’re an organizational pro, capable of navigating the state and federal registration systems, the hardest part should be coming up with a name.
And if the easiest part is coming up with the name, we can help. GoSmallBiz makes it easy to form your LLC with our Go Membership Plan! For just $199 plus state and federal filing fees, our experienced team will manage all the paperwork to set up your business’s legal entity. We’ve formed more than 1 million businesses across all 50 U.S. states over the last 20 years, so your business is in good hands.
And not only will we help you with the initial LLC formation, but your membership also includes annual report filing, stock certificates, a library of common business & legal forms, and operating agreement templates, plus a 15-minute consultation with a tax professional to discuss tax implications for your business.
