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How to Start an LLC in Nevada: Setting up a Nevada LLC

Forming a limited liability company is a wise business decision with many benefits. This type of structure, also known as an LLC, is a hybrid business that provides personal liability protection to business owners should they be faced with a lawsuit or outstanding debts. By operating your company as an LLC, your personal bank accounts, properties, and possessions are kept separately from the assets of your business.

However, forming and maintaining an LLC is a huge responsibility. It requires various steps to be taken in a certain order for the opening of the LLC to be successful, and running a successful LLC takes a lot of hard work. If you’re looking to start an LLC in Nevada, take a look at our guide so you can get started. Using a professional LLC formation company is also a great way to get a jump start on the process. The professionals at LLC Formations can guide you through each step on how to form an LLC in Nevada so you can get your business up and running.

Before Diving in: Why Start an LLC in Nevada Instead of Wyoming?

Before we dive into the steps that are involved in how to set up a Nevada LLC, first let’s address a common question that many people ask before forming their LLC: is it better to form an LLC in Wyoming or Nevada? For the most part, both Wyoming and Nevada have multiple tax advantages, and neither of them have a corporate income tax, franchise tax, or personal income tax.

However, Nevada is the more favorable state also because of the ease of registration. In addition to the asset protection offered by an LLC, Nevada also has one of the highest standards as it relates to having “the strongest corporate veil protection in the U.S.”

Now that you have more information about choosing Nevada as the state for your LLC, let’s proceed with the steps involved in setting up your own LLC in Nevada.

Nevada LLC

The Steps to Forming Your Nevada LLC

1. Name Your Nevada LLC

If you are ready to start a new business in Nevada, the first thing that you need to do is select a name. Before doing so, however, you need to make sure that no other company is using the same name or a name that is too similar. The naming process requires you to first search Nevada’s database to compare your ideal business name to the existing names that are registered in the state of Nevada. If no one else is using the name that you’d like to use for your business, then it is available for you to use.

This process is referred to as being “distinguishable upon the records” with the Nevada Secretary of State and is an important part of your LLC formation.

When selecting your name for your new Nevada LLC, the name must be unique and easily distinguishable in comparison to other businesses that are registered in the state of Nevada. To that end, the state of Nevada has a law NRS 86.171 that requires you to add the proper LLC Designator to the end of your business name.

The following LLC designators are allowed by the state of Nevada:

• LLC
• L.L.C.
• LC
• Ltd.
• LTD.
• Limited
• Limited Co.
• Limited Company
• Limited Liability Co.
• Limited Liability Company

Many business owners aren’t certain about which designator they should use. However, the most commonly used designator is LLC since very easy to recognize.

Another common error that many owners make when forming an LLC is selecting the wrong designator. According to Nevada law, as a business owner, your LLC name must not use a designator that seems to be associated with a different type of legal or business entity.

Some designators to avoid include the following listed below:
1. Inc.
2. Incorporated
3. Corp.
4. Corporation
5. LLP
6. LP
7. P.A. or P.C.
8. Professional Association or Professional Corporation
9. Non-Profit Corporation

Your LLC name should also be creative, and it should be a good representation of what your business has to offer. Make sure to choose something that suits your business structure and entices customers as the name of your Nevada LLC will most likely be their first impression of your small business.

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2. Appoint a Nevada Registered Agent

Like most states, the Nevada Secretary of State requires businesses registered in the state of Nevada to elect a registered agent. Your registered agent will also be included when forming your LLC’s Articles of Organization.

A registered agent is an individual person or a company that has been designated to receive information sent to your LLC on your behalf. The information consists of notices from the state of Nevada as well as other legal documents, so it’s crucial that your registered agent is responsible and reliable.

If you are not a resident of Nevada, these services can be very beneficial. If you prefer to live in your home state, then you can remain in your home state while your registered agent collects your important mail. Additionally, those operating as a foreign LLC have the benefit of not needing to become a resident while still receiving the benefits of operating an LLC in Nevada.

This is why many people choose to hire a registered agent service or LLC formation company that can act as an organizer and help with the process. An agent service will be available at the required times, and an agent service knows how to handle the paperwork appropriately and in a timely manner so you don’t miss anything important.

Although many people use a post office box when setting up their LLCs, the registered agent of your LLC must have a physical street address in the state of Nevada. That way, any service of process or other documents can be received at that designated location. Services are located all around the state, so this is no issue.

For more information about hiring a professional service to be responsible for receiving your Nevada LLC’s mail, contact the team at LLC Formations to find the best solution for you.

Who Can Act as Your Registered Agent?

When selecting a registered agent for your LLC, you have five different options to choose from.

I. You can be your own registered agent

II. Your LLC can be its own registered agent

III. You can list an office or a position that is within your LLC to become the registered agent

IV. You can select a family member or a friend to be your LLC’s registered agent as long as they have a physical address in Nevada

V. You can hire a commercial registered agent, which is beneficial for those who prefer to keep their address private and out of the public records since the agent will need to list his or her address and name.

Hiring a commercial registered agent has many benefits. It takes the pressure off of you having to be responsible for receiving mail and other legal documents, and it affords LLC owners the possibility of being away from the office for extended periods of time without having to worry about missing important mail.

3. File Your Nevada LLC

Now that you have taken care of the fundamentals, the next thing that you need to do is officially set up your LLC in Nevada so you can start receiving the LLC benefits. To do this, you need to submit three documents to the Nevada Secretary of State to start your LLC:

I) Your Nevada Articles of Organization,

II) Your Nevada business license, and

III) Your initial list of managing members or managers.

Filing Methods

You have two different filing methods that you can use when forming an LLC in Nevada. You have the option to set up your LLC by mail or you can file online. It is recommended that you file online because it is a lot faster than filing by mail. Both the approval time and the overall process are a lot easier, and each option requires you to pay a filing fee regardless.

If you plan to file your LLC online, a SilverFlume account must be created first. Contact LLC Formations if you have any questions about how to set up this type of account.

Filing Fees

 The filing fees and the forms associated with setting up an LLC consist of the following:

I. Articles of Organization – $75

II. Nevada State Business License – $200

III. Initial List of Managers or Managing Members – $150

Nevada Approval Process

Once your documents for your new LLC have been submitted, your Nevada LLC will be approved immediately if filed online. However, it may take between five and 10 minutes before the documents will be available for you to download.

The documents must be downloaded into your SilverFlume account. Three documents will become available for download inside of your SilverFlume account upon approval and will be stamped to show that your state filing is complete.

Forming LLC Series

Some business owners may decide to form a Nevada series LLC as opposed to just one individual LLC. A Nevada series LLC is what one would consider a cluster or a group of LLCs. Most of which have their own owners, their own set of operations, and their own assets. Each of the LLCs within a series is also referred to as a unit, and is usually owned by a Parent Company or the Parent LLC. The Parent LLC is also referred to as the Master LLC or the Umbrella LLC and the units are considered the subsidiaries.

Once the Nevada LLC Articles of Organization is filed, a large holding group or subsidiaries are formed under the one Master or Umbrella LLC. The Nevada LLC Articles of Organization will need to reflect this.

If a Series LLC sounds like the structure you’re interested in forming as an entrepreneur, please talk to an attorney or an accountant to get more clarity on the tax ramifications and other issues concerning forming a Series LLC in the state of Nevada.

4. Set up the Operating Agreement for Your Nevada LLC

As a new Nevada state business owner, your Nevada LLC will be required to have an Operating Agreement, which is a written contract between the members of the LLC. The Operating Agreement provides information, such as who owns the LLC, how the members will manage the Nevada business, the overall profit splits, information about how taxes are paid, and other information specific to managing your business in Nevada.

It is required to have an Operating Agreement in place for both multi-member LLCs as well as single-member LLCs that are located in the state of Nevada. Be sure to name each member of the LLC, and be sure to include the name of your registered agent.

An Operating Agreement is important for your business in Nevada state because it’s the legal document that proves your company is a separate and legal entity from you and/or your members. The Operating Agreement is a crucial step of the LLC formation process and protects you just as much as opening the limited liability company for your Nevada business.

No Filing Requirements for the Operating Agreement

Because the Operating Agreement for an LLC is an internal document, there is no need to send a copy of your official Operating Agreement to the Nevada Secretary of State, the IRS, or the Department of Taxation. Are you in need of a template for your operating agreement? Contact LLC Formations for more information so we can help you get the most out of your limited liability company.

5. Obtain the Proper Municipal Permits and Licensing Requirements for Your Nevada LLC

Based on the type of business you operate, you may be required to apply for additional municipal licenses or permits on either the city or the county level. Other regulatory licenses or permits may be required based on the particular industry of your Nevada LLC.

There are two factors that determine whether you need a business license and a permit for your LLC. Those two things consist of:

I) The nature of your business

II) The location of your business

If you want more information about determining whether or not your LLC requires additional licenses and permits, you may use the Common Business Registration tool that is located in your SilverFlume account. It provides a great deal of detail concerning which regulatory agency or municipality you may need to contact to get the licenses required by your new Nevada LLC.

After you have completed the Common Business Registration, the next thing you want to do is look at the bottom of your SilverFlume dashboard. Look for the municipalities and the regulatory agencies that are associated with your LLC, where you can find in the External Task section of your dashboard. Then you can see which business license or licenses you may need.

Once this information has been obtained, you will need to give them a call and explain to them the type of Nevada LLC you operate and what the primary functions are of your Nevada business. Ask them what licenses and/or permits are required for you to operate your limited liability company. You may also need to ask them if you need to update the filing fees, and if so, how often.

If you are still unsure about whether or not you have the proper Nevada LLC licenses and permits for your Nevada business, contact the professionals at LLC Formations so you can get your business started.

6. Obtain an EIN for Your Nevada LLC

Another requirement for owning an LLC is to obtain an employer identification number, also known as an EIN number. This number can be obtained from the IRS once your LLC has been approved by the Nevada Secretary of State. Obtaining an EIN is an important part of being able to do business in Nevada.

What is an EIN?

An EIN number is very similar to a social security number. It allows the IRS to identify your LLC. This number is also used for tax purposes when filing taxes on the local, state, or federal level.

The EIN is known by several different names. For example, it is also referred to as a federal employer identification number, a federal tax ID number, or an EIN number. You may hear either of these terms being used, but just know that they all are referring to the same thing, your employer identification number.

Even if you do business in another state than Nevada, you will need to register an EIN. This is especially true if you plan to open offices or hire employees. In order to run payroll, you will need a business bank account, which can only be opened with an EIN. Additionally, no major business entity will take your business seriously if you aren’t able to provide an EIN when you bill or charge for services.

7. Set up a Nevada Business Bank Account

When considering a business bank account for your LLC, it is very important to have a business account that is separate from your personal account. This is important to avoid co-mingling funds so you can keep your personal assets protected. If your LLC is involved in a court case, you will avoid exposing your personal funds and investments.

After an EIN number has been issued to you by the IRS, you can open up a business checking account. Another advantage of having a separate business checking account for your Nevada based LLC is that it simplifies the overall record-keeping process for both accounting and tax purposes.

The banks in Nevada have different rules and regulations from one financial institution to the next. Before opening up a new account, it is recommended that you first find out the following information for when you start your LLC:

  • What’s the minimum initial deposit that is required to open the account?
  • Is there a minimum balance requirement? If so what is the minimum amount?
  • Are there any monthly maintenance fees? If so, what are they?
  • What is their policy concerning online banking?

If you are interested in obtaining a business credit card for your business entity, you may also consider searching for a credit card by visiting www.creditcards.com

Required Paperwork Needed to Open a Bank Account

In addition to having an EIN number to open your business bank account, you will also be required to provide the following documents:

  • Your stamped and approved Articles of Organization
  • The initial list of LLC managers or managing members
  • Your State Business License
  • A copy of your photo ID
  • A copy of your Operating Agreement if available
  • Multi-Member LLCs: If your LLC has multiple members, each member that will be on the account must be present when opening the account so their name can be listed. They will be required to sign a signature card and other documents.

To be better prepared, you should give the bank a call in advance to find out what their requirements are for Nevada state.

8. Annual Compliance and Filing Requirements

As a Nevada business owner, each year you will be required to complete various filings to keep your business in good standing with the state of Nevada. To meet the requirements and remain in compliance, you will need to have the following filed each year after you form an LLC:

  • You must renew your state business licenses annually. The filing fee is $200 per year.
  • You must file an annual list of managers are managing members annually. The filing fee is $150 each year.

Although some states still base state filing fees on your level of income or business activity, each of these annual required state filing fees are mandatory to maintain your current status as a limited liability company in the state of Nevada.

Additionally, LLCs that failed to meet these annual requirements will result in being placed on a default status by the Nevada secretary of state until the filing fee or fees are paid. If the fees are not paid within a certain time after you’ve been placed on a default status, then eventually your LLC will be placed on a revoked status. Be sure to pay each required filing fee on time.

9. Understand State Taxes Regarding Your Nevada LLC

When you operate an LLC, you must understand the taxes you’ll be responsible for. In most cases, there are three basic income tax levels that most individuals and businesses need to be concerned about. They include the federal, state, and the local level.

The local level consists of city taxes or county taxes. However, if you are new to Nevada, you’ll be happy to know that Nevada does not have a personal state income tax, unlike most other states. This can be a huge benefit for Nevada LLCs as it means more money will be available to invest back into the business.

The Common Types of Income Taxes

I) Federal Income Taxes: An LLC is a pass-through business entity by default. What that means is that all profits and losses of the LLC flow through the entity to your personal income tax returns. The tax form used is based on whether your LLC is a single member or a multi-member entity.

II)  Single-member LLC: A single-member LLC is taxed similarly as a sole proprietorship whereby your LLC’s profits or losses are reported on Schedule C, which is part of your personal 1040 tax returns.

III)  Multi-member LLC: The multi-member LLC is taxed similarly to a partnership, where IRS form 1065 Partnership tax return must be filed. A Schedule K-1 needs to be issued to each member of the LLC. Afterward, each member will use the information on the Schedule K-1 on their personal 1040 income tax returns.

There is no specific tax classification for LLCs that has been determined by the IRS, and as a result, LLCs formed with multiple members are typically taxed based on the total number of members who are in the LLC. This is important to consider when you form an LLC.

If an LLC elects to be taxed as an S Corporation to reduce self-employment taxes, that’s an option as well. In addition to federal income taxes, your LLC tax bracket may require you to pay other forms of taxes. The professionals at LLC Formations can help you determine what is best for your needs when you form an LLC.

Understanding Sales Tax for Your Nevada Business

You will be required to collect sales tax if your LLC plans to sell or transfer tangible goods in the state of Nevada. To do this, return to the Common Business Registration tool by using your SilverFlume account to register for a sales tax account. You’ll need to register before starting to sell your goods either in Nevada or in another state.

Sales Tax Permit

If your business’ sales with transfers tangible property in the state of Nevada, and if you are required to collect sales tax, your LLC will need to apply for a Nevada Sales Tax Permit for a fee of $15 for each physical location. You can use your Common Business Registration inside of your SilverFlume account to obtain a sales tax permit.

Commerce Tax Returns

Each year, all LLCs that operate a business in the state of Nevada must file a Commerce Tax Return, whether it operates as a multi member or sole proprietorship. However, this requirement is only for businesses that generate a minimum of $4 million or more are required to pay the tax. For businesses that do not generate $4 million or more, then the commerce tax return will only serve as an informational return and no tax will be required.

The best way to determine which of the taxes are required is to schedule a consultation with a local accountant that knows how to handle Nevada LLCs. Although you can certainly take on this responsibility on your own, you’d be taking the risk of attempting to figure out these requirements and potentially overlooking and tax filing requirement. Local accountants are well-versed with Nevada federal state and local tax requirements.

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10. Setting up a Nevada Business Phone Number

One of the advantages of having an LLC set up in Nevada is that you don’t have to use your personal cell phone number or the phone number associated with your landline that you use at home. You can get a business phone number for your new LLC that instead names your company on the caller ID and keeps your personal information private.

If you haven’t already set up your new business line, simply visit Phone.com to find an affordable plan for you. In doing so, you can select a local phone number or an 800 number for your business. This service also allows you to set up call forwarding, make pre-recorded messages, and have your voicemails forwarded to your email inbox.

How Can LLC Formations Help You?

You should now have everything you need to successfully start an LLC in Nevada state. From naming your LLC, to picking a registered agent, to obtaining the proper business licenses, you’ll just need to follow these steps and file the proper paper work so you can form an LLC and get your business started.

However, if this process seems too overwhelming to you, there are other options. Our company is associated with multiple entities that can expedite the set up of your LLC. You can visit us online at LLC Formations or contact us for more information. Check out our guide to setting up a New Hampshire LLC.

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