LLC Las Vegas: Everything You Need to Know
An LLC Las Vegas is a limited liability company that has registered with the state of Nevada as a separate legal business entity.3 min read
2. Choosing a Registered Agent
3. Filing Articles of Organization
4. Creating an Operating Agreement
5. Obtaining an Employer Identification Number (EIN)
6. Separating Personal Assets
7. Registering for Nevada State Tax
8. Getting Business Licenses and Permits
An LLC Las Vegas is a limited liability company that has registered with the state of Nevada as a separate legal business entity. This type of business provides operational flexibility along with financial security, making it a popular selection for entrepreneurs. Nevada LLCs must meet certain annual requirements to maintain their state registration.
Naming Your LLC
Before filing your registration paperwork, you must come up with a unique name for your LLC. It should be easily searchable and memorable and describe the purpose of your business.
State naming guidelines require the business name to include the words "Limited Liability Company" or "LLC." You cannot use certain restricted words, such as "attorney," "bank," or "university," unless you have a specific licensed individual as a member of the business and file additional approval paperwork. You may not use words that may cause confusion with a government agency, such as "FBI," "Treasury," or "Secret Service."
Once you have a name in mind, search it on the Secretary of State website to make sure it's not already taken by another Nevada business. You may also want to check if the domain name is available so you can purchase it for your business website. If your name is available, you can file a Name Reservation Request with the Nevada Secretary of State to reserve the name for $90. This filing carries a $25 fee.
Choosing a Registered Agent
The registered agent is an individual who lives in Nevada or a business based in Nevada who has agreed to accept legal service of process and other official paperwork on behalf of your business. An owner of the LLC can also serve as the registered agent.
Filing Articles of Organization
This is the registration paperwork for the state of Nevada and can be filed by mail or online. You'll need to determine the management structure for your LLC and indicate it on the Articles of Organization.
- Member-managed LLC are those run by the owners of the LLC, who are also called members. With this structure, each member has a say in the business's day to day administration. Major decisions are made by member vote. This structure is sometimes called decentralized management.
- A manager-managed structure is one in which professional manager or managers are appointed by the LLC members to run the business. This is sometimes called centralized management.
The fee for filing Articles of Organization in Nevada is $75 for standard service and $200 for expedited service. This document must also include:
- The name of the LLC.
- The name and address of each member or manager.
- A statement explaining whether the LLC is restricted.
- A statement explaining any outstanding member liabilities or debts.
Creating an Operating Agreement
Although Nevada doesn't require a new LLC to create an operating agreement, it's a good idea to have one if your business has more than one member. This document defines each LLC member's rights and responsibilities, which may include buy-out rights, voting rights, capital contributions, managerial authority, and other administrative procedures.
Obtaining an Employer Identification Number (EIN)
An EIN is required to pay business taxes and open a bank account. This number can be requested for free from the IRS either online or by printing and mailing the EIN request form.
Separating Personal Assets
To maintain your limited liability protection, you must maintain separate accounts for your personal and business finances. This simplifies your annual tax preparation. Look for accounting software that tracks your finances, syncs with your bank, and matches transactions to purchase orders, bills, and invoices.
Registering for Nevada State Tax
If your Nevada LLC has employees, you must register to pay unemployment insurance tax and Nevada modified business tax. If you are selling goods and services that are taxable, you must also register for Nevada Sales Tax. Annual gaming fees are required if you provide your customers slot machines or other games. Gaming establishments must also pay a live entertainment tax.
Getting Business Licenses and Permits
Your LLC must comply with federal, state, and local regulations, which may include those for signage, health, buildings, and other requirements. The Nevada Secretary of State office and your local Chamber of Commerce can provide the information you need to remain in compliance with these regulations.
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