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NEVADA BUSINESS RENEWAL
If you are planning to register your new business in the state of Nevada, you will be required to obtain business licenses or state permits as part of the business registration or start-up process. The important aspect is that if you already have a license or permit then Nevada business licence renewal is integral towards ensuring your business remains operational.
INSIGHT INTO NEVADA BUSINESS LICENSE
In some states, business licenses or permits are not required by all types of business entities. In the state of Nevada, a business license can vary according to the type of business. The different categories of Nevada business licence include:
- General License
- Privileged License (valid for liquor and gaming)
- Regulated License
One of the important aspects of a business license is that the type of business and the location of the business will determine whether you require a state license only or a state and county license. There are some businesses that may not require a Nevada business licence at all and can make their business operational by applying for a permit.
A new business registering in Nevada has to check with the State Department of Taxation for determining whether a retail sales permit is required or not. If the type of your business requires applying for city and county licenses then they have to be obtained from the county clerk office or state departments in the city.
License Renewals
Whether you have a license or a permit, it needs to be renewed annually. The Nevada business licence renewal fee is $500 annually for Corporations. The fee is $200 for other types of business entities including a Limited Liability Company. Normally, it is due on the last day of the anniversary month in which the business has originally filed for its license but the same is not true for Title 7 entities.
Nevada business licence renewal date for Title 7 entities like Domestic Corporation or Limited Liability Company will coincide with the due date of filing the Annual List or Annual Report. Similarly, the licence renewal date for sole proprietors and partnerships will be prior to the expiration date that is listed on the business license.
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Annual Requirements for Nevada LLC
Every business formed or registered in the state of Nevada will be required to meet certain annual requirements to enjoy an active status.
If you are planning to form an LLC in Nevada or have already registered your Limited Liability Company, one of the essential characteristics of ensuring smooth business operation is preparing and filing different documents within the due date. As an LLC, you will be required to file Nevada annual report also known as the Annual List and apply for renewal of business license.
Annual List
The Nevada annual report or the Annual List is a document that contains information regarding the business as well as its activities through the previous year. The fee for filing of the Annual List is $150. According to the Nevada Revised Statutes § 86.263, the annual list contains:
- The name of your LLC
- The file number of your LLC
- The names and titles of all managers or managing members
- The addresses of each of the managers or managing members
Note: If an LLC is unable to file within the due date then they will be charged a late fee of $175. The LLC may also lose its ‘good standing’ status in Nevada.
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Nevada State Business License Renewal
Any Limited Liability Company registered in the state of Nevada will have to file for Nevada business license renewal along with a fee of $200.
One of the important considerations to make is that the Nevada business license renewal fee in counties may be different as there are almost 400 different categories of business activities. Apart from this, counties like Clark County have gross fee license and flat fee license. The renewal fee for “gross fee license” is determined by the amount of gross revenue that has been generated by the said business. The flat fee for license renewal uses a flat rate or it can be determined by numbers like number of rooms in a hotel.
The Nevada business license renewal period in counties is different from that of state licenses. The renewal period in Clark County can be monthly, quarterly, semi-annually and annually depending on the type of license or business.
Note: If an LLC is unable to file within the due date then they will be charged a late fee of $175. The LLC may also lose its ‘good standing’ status in Nevada.
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Annual Requirements for Nevada Corporation
Every business formed or incorporated in the state of Nevada have certain annual requirements that ensure businesses can enjoy a good standing status in the state.
If you are planning to incorporate in Nevada or have already formed a business corporation then in order to ensure your business remains operational, you will be required to prepare and file specific documents annually. As a business corporation, you will be required to file Nevada annual report also known as the Annual List pursuant to NRS 78.150 (2010). Another annual requirement is the filing of business license renewal.
Annual List
A business corporation is required to file the Nevada annual report on or before the last day of the anniversary month of incorporation. The fee for filing of the Annual List is $150. However, the annual list fee for business corporations can vary according to the total number of shares mentioned in the articles of incorporation.
Example: The fee is $150 for shares of $75,000 or less but if the shares are over $1,000,000 then the fee is $400.
The Nevada annual report or the Annual List is a document that contains information regarding the business as well as its activities through the previous year. According to Nevada Revised Statutes § 78.150 (2010), the annual list contains:
- The name of your business corporation
- The names and titles of all president, secretary and treasurer
- The addresses of each of the president, secretary and treasurer
Note: If a business corporation is unable to file within the due date then they will be charged a late fee of $175. The entity may even lose its ‘good standing’ status in Nevada.
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Nevada State Business License Renewal
Although, Nevada business license fee is $500 for initial filings as well as annual renewals; you should check with respective state departments for exact fee amount for permits. The fee will be different for different types of businesses like the fee for business permit for a 40-seater food establishment is $200 but for a bed & breakfast facility, it will be $166. You may also require special permits from other local authorities like Building, Health, Police, or Fire Departments before making your business operational.
Note: If any business entity fails to file their annual Nevada business license renewal fee as required by the due date then there will be a penalty of $100 apart from the annual fee.