HOW TO SET UP AN LLC IN NEVADA
Nevada is considered amongst the top 10 states with good business climate, which is dependent on several factors. The fact that the state offers a competitive cost of doing business is the reason why more and more entrepreneurs are planning to set up LLCs in Nevada. Today, the economy of northern Nevada is known to be a prolific economy in the nation.
Why set up an LLC in Nevada?
In an economically strong state like Nevada, new and existing businesses will be able to enjoy growth and long-term stability. This is possible due to several factors that have a positive impact on the overall business climate as well as businesses. If you are planning to set up an LLC in Nevada then some of the factors acting as a stimulant to growth includes strong infrastructural support in the form of airports, interstate, and railroad.
A positive and strong economy is also another factor enabling people to form or register Nevada LLC. In 2018, the Real Gross Domestic Product (GDP) of Nevada was $146.22 billion as compared to $128.83 billion in 2010. The economy grew at an annual rate of 3.3% in 2018.
There are several other factors, benefits, and advantages of forming a new business in the state of Nevada.
Advantages of registering LLC in Nevada
Why would you start Nevada LLC if the state did not offer any advantages or benefits for businesses? Indeed, businesses can discover several advantages including state supported programs that have been created to ensure a business can derive maximum benefit. Some of the primary advantages include:
- Tax Benefits: When you incorporate a Nevada LLC, your business will be able to benefit from the fact that there are almost “no state level taxes”. The state doesn’t levy any corporate income tax, personal income tax, admissions tax, unitary tax, gift tax, and franchise tax.
- Asset Protection: A start-up or small business in Nevada has the advantage of the Significant Asset Protection Policies the state and business laws provide.
- Incentive Programs: There are several programs implemented by the state and a business can qualify after you register Nevada LLC. These programs offer loans, grants, tax abatement, tax credits, and employee hiring incentives.
How long does it take to incorporate an LLC in Nevada?
In order to set up an LLC in Nevada, you will be required to file LLC formation documents, which are separate for domestic and foreign business entities. Once filed with the Nevada Secretary of State, the processing time for Nevada LLC or corporation can vary from 10 to 30 business days.
If time is of essence to you then you can consider expedited processing options, which will help to reduce substantially the overall time taken to incorporate a Nevada LLC. The office of the Secretary of State offers a 24-hour expedited service, 2-hour expedite service, and 1-hour expedite service but there will be an extra fee for the same.
Nevada LLC Forms and Fees for registration
If you are planning to start a Nevada LLC and are wondering whether the entire process be expensive then we have just the right plan for you!
If you are a domestic business entity then you will be required to file “Articles of Organization Form” with the Secretary of State pursuant to NV Rev Stat § 86.151 (2013). The form needs to be carefully filled as the information pertaining to your LLC will include details about owners, members, agent, and the business entity. This is where our team of experts can provide guidance and answer your queries.
If you are forming an LLC in Nevada then the cost would be as follows:
- State fee for Articles of Organization: $75
- State fee for a stamped copy of Articles of Organization: $30
- Our Service Fee: $89
IncParadise LLC fee includes services like:
- Checking name availability
- Preparing state-approved Articles
- Filing Articles with state
- Sending Articles or Certificate of formation to you
Initial list & Business license
The initial list has to be submitted along with the articles of organization. Our fee is $395, which includes:
- State Fee for Nevada LLC Initial List of Members-Managers: $150
- State Fee for Nevada LLC Business License: $200
- Our Processing fee: $45
Delivery of Articles
You can start Nevada LLC or make it operational once you receive the articles of organization. The articles can be delivered in the following ways:
- USPS: Free
- Email Shipping: Free
- USPS Express Overnight: $30.50
- USPS Express International: $74.25
Certificate of Good Standing
In order to start Nevada LLC, you will require a certificate of good standing also known as a certificate of existence and it is issued by the Nevada Secretary of State.
- IncParadise fee for Certificate of Good Standing: $70
- Fee for Expedited Certificate of Good Standing: $150
Other formation documents and services
We understand that it is never easy to incorporate an LLC in Nevada or set up a new business and hence, we are here to provide all the necessary support and services. Some of the other document filings and services offered by us include:
- Nevada Apostille Regular: $94 (This filing takes 2-4 weeks)
- Nevada Apostille Expedited: $294 (Filing takes 1-2 business days)
- LLC Organizational Meeting/Company Minutes: $20
- LLC Kit with Shipping: $98
Nevada Address and Mail Forwarding
We have several plans to choose from depending on specific business requirements. The plans are:
- Basic Mail Forwarding Plan: $129
- Moderate-use Mail Forwarding Plan: $180
- High-use Mail Forwarding Plan: $280
- Monthly Virtual Office Plan: $105
- Monthly Virtual Office Plan with Shared Desk: $180
- Annual Virtual Office Plan: $570
Which Plan would you choose for Your LLC in Nevada?
Forming an LLC in Nevada
Once you have taken the decision to set up an LLC in Nevada, there are certain aspects of a Limited Liability Company formation that you need to consider as well. It is a process that will take into account these aspects. Let’s look at all that is required for an LLC formation through a step-by-step approach:
1. Check Your Nevada LLC Name Availability
It is possible to incorporate a Nevada LLC or submit an application only if you have reserved a business name pursuant to NV Rev Stat § 86.171 and § 86.176 (2013). It is important to ensure that the desired business name is available and should be distinguishable from any other name on file with the Secretary of State. Conduct a business name availability check right now!
2. Choose Your Nevada LLC Registered Agent
In order to start Nevada LLC, a business is required to designate and maintain a Nevada Registered Agent like IncParadise pursuant to NV Rev Stat § 86.231 and § 86.241 (2013). There are two options to choose from:
- Hire a new agent for LLC Nevada
- Change of Nevada registered agent
In order to designate a Registered Agent, you will have to file the “New Company Order Form” if it is a start-up business and the “Change Order Form” if the business is changing their agent.
Note: You will be required to file the Registered Agent Acceptance/Statement of Change form along with the Articles of Organization
3. Create and File Your Article of Organization
One of the primary steps to register a Nevada LLC is by creating and filing Articles of Organization pursuant to NV Rev Stat § 86.151 (2013). The articles have to be filed with the Secretary of State along with the required filing fees. The articles contains important information including name of the limited liability company, name and address of managers or members, registered agent information, and powers enumerated in NV Rev Stat § 86.161 (2013).
4. Nevada LLC Operating Agreement
It is always recommended to set up an LLC in Nevada by creating and filing an Operating Agreement. It is important to note that an operating agreement can only be adopted if there is unanimous vote or un-unanimous written consent of the members as stated in NV Rev Stat § 86.286 (2013). This agreement provides the rights and powers of an LLC and its owner, members, or managers.
Confused about how to create an LLC Operating Agreement? Let the experts take care of your business requirements.
5. Your Nevada LLC Tax Requirements
Yes, Nevada doesn’t have any state business taxes and since you are planning to incorporate Nevada LLC, it will be a pass-through tax entity. This simply means that the burden of paying federal income taxes will shift from the LLC to the individual members. Does a Limited Liability Company pay any taxes in Nevada?
- An LLC will be required to pay employer taxes, if it has employees. It will be paid to the IRS and you will have to obtain a federal employer identification number (EIN) to facilitate the payment of taxes.
- If you start Nevada LLC that is focusing on selling goods in the state then you will be required to collect as well as pay sales tax. You will have to register with the Department of Taxation for same.
- You may have to file Commerce Tax return with the Nevada Department of Taxation if the gross revenue exceeds $4,000,000 during the taxable year.
6. Get Your Nevada LLC Business License
While planning to register Nevada LLC, it is important to also focus on getting your business license. The type of license required is dependent on the type of business and the licenses issued by the state including General Licenses, Privileged Licenses, and Regulated Licenses. Apart from this, licenses are also issued by Nevada counties. It is important to note that if your business is operating from multiple jurisdictions within a specific county then you may be required to obtain a city business license from each of the jurisdictions. You can apply for business license along with the articles of organization.
7. File Your Annual Report
In the process to set up an LLC in Nevada, one of the important documents that has to be filed is the Annual List also known as the Annual Report. It contains information pertaining to the limited-liability company and is governed by Nevada Revised Statutes § 86.263. This annual list has to be filed with the Secretary of State by the end of the LLC registration anniversary month.
Note: If a Limited Liability Company fails to file the Annual Report or List then the Secretary of State may deem the LLC to be in default pursuant to Nevada Revised Statutes § 116.31155 or 116B.620.
How IncParadise helps you to start an LLC in Nevada?
You can form a small start-up, incorporate it as an LLC in Nevada, register a foreign entity or convert your existing business in another state to a Nevada entity. All this is possible with proper guidance and assistance provided by IncParadise towards filing relevant forms with the Secretary of State and Department of Taxation.
We at IncParadise are one of the respected registered agents in Nevada and have been responsible for providing the necessary support required to start Nevada LLC in the quickest possible time and without any hassles. IncParadise will help you with LLC formation by:
- Helping you choose a business name pursuant to NV Rev Stat § 86.171 (2013)
- Providing assistance in reserving business name for 90 days
- Providing information related to required and optional provisions and information for filing of Articles of organization pursuant to NV Rev Stat § 86.161 (2013)
- Ensuring all filing requirements as specified by NV Rev Stat § 86.151 (2013) are met in order to register Nevada LLC
- Aiding in filing and processing of all applications including Registered Agent Order Form and Operating Agreement
- Providing information pertaining to taxes to be paid in the state and if required, assist with filing application for tax identification number.
- Helping you to identify the type of business and ensure you obtain the correct business license.
One of the greatest benefits IncParadise provides to businesses planning to register in the state is access to the Entity Management Software. In order to set up an LLC in Nevada successfully, you will be required to file different documents and ensure all your certificates and documents are accessible. This is exactly what the Entity Management Software will help you to do. It will:
- Help you to stay updated with the operations of your company
- Aid with renewal of any services like business license online using the Client Zone
- Ensure you are able to check and verify the status of your existing orders
- Provide important alerts and notifications related to business requirements like annual list filing
- Provide access to a secure mail forwarding service