There are several different ways you can set up your business, such as a corporation or a sole proprietorship, but one of the most popular business structures is a limited liability company (LLC). This is because an LLC provides owners protection from liability for the company like a corporation, but without as many formalities.
What Are the Requirements for a LLC?
You can form a LLC in Nebraska by filing the correct paperwork with the Nebraska Secretary of State. However, first, you have to choose a name for your LLC that is not taken already. You can check if it is available by contacting the Secretary of State’s office and, if the name is available, you can reserve the name. Then, you must choose a registered agent who is available for service of process or official government notices. The registered agent can be a company that does business in Nebraska or an actual person who lives in the state.
What Paperwork Do I Need to Form a LLC?
The Nebraska Secretary of State has two different sets of paperwork for domestic and foreign LLCs. You can have your company registered as a domestic LLC by filling out a Certificate of Organization and filing it online. A foreign LLC can be established by filling out a Certificate of Authority and filing it online or through the mail. Both forms require you to list the name of the company, as well as the name and address of the registered agent. With a Certificate of Authority, you will also need to include the office address, the date and location the LLC was originally founded, and the purpose of the business.
What Benefits Does Nebraska Give to a LLC?
One of the biggest benefits of creating a LLC is that it protects the personal assets of an owner through seriously limiting their personal liability for company matters. If there is a lawsuit or debt with the company, only the property and income of the LLC can be used to pay that off. Your personal income cannot be used to cover issues with the LLC.
What Disadvantages Does Nebraska Give to a LLC?
All LLCs are required to file a biennial occupation tax report on odd numbered years. If you do not pay the tax or fee and file the report on time, your LLC will be administratively dissolved. Once an LLC has been administratively dissolved, the only thing that it is allowed to do is wind up its business. The only way to avoid dissolution after failing to file a report or paying the correct fees is to pay a reinstatement fee.
Where Can I Find the Right Lawyer?
You should speak with a Nebraska business lawyer before setting up an LLC. They can ensure that you do not make any mistakes when creating your company.