Our experienced business attorney can help with starting an LLC in Nevada and understanding the fees that accompany it.
How Nevada Businesses Can Benefit from Forming an LLC
How to incorporate in Nevada and the details of an LLC can be confusing issues. Knowing benefits, costs and strategies for forming an LLC are keys to doing so successfully. There are many positives that come from forming an LLC. An LLC can be useful when protecting personal assets. If, for example, your business was ever confronted with a lawsuit, you would not have to worry about your personal assets being taken provided your business is an LLC or a corporation. However, if you operate your business as a sole proprietorship, then your assets will be vulnerable. LLCs are also beneficial in Nevada because you will be able to use the pass-through tax. With this, you will not need to file a separate tax return for the business. The profit and loss will be passed to your personal income tax when you file. An LLC is attractive to business owners because its structure can continue even after the owner’s death. It is transferable to a new owner if the business is sold in Nevada. There are not as many formalities when using an LLC in comparison to trying to incorporate in Nevada.
Calculating the Costs of Forming an LLC
This is one of the most important issues that people think about when considering an LLC. If you handle the paperwork on your own, you will have to pay $75 when it is submitted to the Nevada Secretary of State. It is possible to expedite the paperwork by paying $125. An Initial List must also be filed in Nevada. This must be done on or prior to the last day of the first month after you have filed your LLC paperwork. The LLC paperwork is also known as the Articles of Organization. This contains the names of your officers, directors and the registered agent. It will cost $150 and must be updated annually when the fee must be paid.
Steps to Take in Nevada When Forming an LLC
You will first have to determine whether or not you want to do the paperwork on your own or hire someone to do it. It will cost more if you decide to hire someone, but if you want to make certain it is done correctly and want to save time, it is a sound strategy. After that, you will have to register the company name. You will want to select a name that has not been used by anyone else in the state. The form for Articles of Organization can be acquired from the website of the Nevada Secretary of State. This is relatively simple to complete. Included will be the name of the business, the address, your contact information, the names of the officers, directors and your registered agent. After paying the filing fee, you might have to wait several weeks for the application to be processed. You should think about when you would like your LLC to go into effect. Many decide to apply and schedule the start date for the first day of the new year so accounting can be simplified.
Contact an Attorney About an LLC in Nevada
If you would like to start an LLC in Nevada, call (775) 824-0300 to speak to the Sutton Law Center today.