How To Start An LLC In Nevada: Everything You Need to Know
If you are wondering how to start an LLC in Nevada, know that it is a fairly straightforward process that includes naming your LLC, choosing a registered agent, and filing articles of organization.3 min read
If you are wondering how to start an LLC in Nevada, know that it is a fairly straightforward process that includes naming your LLC, choosing a registered agent, and filing articles of organization. An LLC or limited liability company is a popular business entity for a number of reasons, including high levels of flexibility and security.
How to Start an LLC in Nevada
An LLC is simply a business structure that offers a flexible organization, limited liability protection, and various taxation options. Owners are referred to as "members" and might include individuals, other LLCs, and corporations. Because there is no limit to the number of members an LLC can have, it's a popular business choice. Being somewhat of a "hybrid" structure, an LLC combines elements of both a corporation and a limited liability partnership. In that sense, LLCs enjoy greater flexibility, plus the financial security associated with a corporation.
When planning to form an LLC in Nevada, you simply need to complete some basic reports and then file them with the Secretary of State. Once your LLC is formed, you will then need to meet various requirements to continue operating within Nevada.
To form a Nevada-based LLC, you will need to complete the following steps:
- Name Your LLC — This will not only be the first step but also the most important. After you have followed all of the naming guidelines, you will need to conduct a name search through the State of Nevada website. You should also make sure your name's web domain is available and reserve it as soon as possible. If your name is not registered, you can file a Name Reservation Request form. This will reserve your name for 90 days and costs $25.
- Choose a Registered Agent — Your company's registered agent should be a person or a business that will receive and send all legal paperwork on your behalf. When choosing this individual or business, know that they must reside in Nevada. Your LLC's registered agent can be someone within your business or even yourself.
- File Articles of Organization — To complete the registration process, you will need to file articles of organization. You can complete this step online or by mail. Before you submit this paperwork, you will need to decide if your LLC will be manager- or member-managed. This will cost $75 and takes approximately two to three weeks to process. If you would like this step to be expedited, you can do so for an additional fee of $125.
- Complete an Operating Agreement — Although this step is not required in the state of Nevada, it is highly recommended that you create an operating agreement. This is essentially a legal document that outlines all operating and ownership procedures.
- Obtain an EIN — Your employer identification number (EIN) is used to identify your business. This number will be required when filing both state and federal taxes. You can obtain this number from the IRS free of charge. To complete this step, simply apply online. You can also print and mail this form to the IRS.
Steps After Forming an LLC in Nevada
Once you have formed an LLC in Nevada, you will need to take the following steps:
- Separate all personal assets from the LLC. Also, get into the habit of tracking all your finances, including income, expenses, and bills.
- Register for state tax. If you have employees, you will also need to register for unemployment insurance tax and the Nevada modified business tax.
- Set up your accounting system immediately so you can avoid any future complications.
- If required, you will need to obtain all necessary licenses and permits. You should also verify what types of insurance your LLC requires.
If you are ready to start an LLC in the state of Nevada, there is plenty of support available. Whether you have questions about naming your business or how you should organize an operating agreement, professional advice is never far away.
If you are still unsure about how to start an LLC in Nevada, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.