A limited liability company (LLC) is a specific type of business that is a popular method for business owners to protect themselves. It helps owners, known as members, keep their personal assets from being pursued as part of the company’s assets in a lawsuit because the LLC limits their liability.
There are 3 types of LLCs in Nevada – a standard LLC, a professional LLC, and a foreign LLC. Professional LLCs are for companies run by professionals like accountants. Foreign LLCs are ones that were created in another state or country and now want to form a LLC in Nevada.
For all three types of LLCs in Nevada, the requirements are more or less the same. First, you will need to select a name that is not currently being used by another company. You will also need a registered agent who can be served or you have to list an office or position within the company that can be served.
To form a LLC in Nevada, you have to fill out an Article of Organization. The form asks for the name of the company, the name and address of your registered agent, and optionally if you have a date of dissolution in mind. You also have to decide if the company will be run by managers or members. Finally you have to put down the names and addresses of all of the members, managers and organizers. For professional LLCs, you have to fill out a different Articles of Organization form. The form is similar to the other LLC form, but you will also need the names and addresses of the original members and the profession that will be practiced.
If you are registering a foreign LLC, you will need to file an Application for Registration. You will be asked to include the name of the company, the name you are registering in Nevada if it is different, and when and where the company was initially formed. The form also asks for the name and address of your registered agent, the address where you will keep the records, the address of the office, and the names and address of each manager or member.
Nevada does not require LLCs to pay a franchise tax or LLC members to pay income taxes on LLC profits. There are also limited reporting requirements. Nevada LLCs are not required to have meetings or keep records.
Nevada has some of the highest LLC filing fees in the country. Also, if the LLC does business outside of the state of Nevada, such as having a brick-and-mortar store in another state, then you may still be subject to taxes in other parts of the country where the LLC does business.
A Nevada business lawyer can prove to be indispensable in guiding you through the process of setting up an LLC. Thus, you should contact a lawyer before you attempt to form an LLC on your own.