Starting a Limited Liability Company (LLC) in Nevada offers a lot of benefits, especially for small business owners. It’s easy to set up and the members are not personally responsible for any debts incurred by the business. It is also flexible compared to a corporation.
Here are the steps on, “How to Start a Nevada LLC”
For instances where the name for the business that you had in mind is available but you aren’t exactly sure about completing the process of filing process of your LLC documents, you may opt to have the name reserved by completing a form and paying for the reservation fee.
You can do this in the process of registering the name of your business at SilverFlume. Click on the link for a step-by-step guide on How to Reserve a Name.
Have a Registered Agent
Choose a registered agent.Most states require Limited Liability Companies to have a registered agent, which is sometimes being referred to as a statutory agent. The registered agent receives subpoenas, lawsuits, and other documents on behalf of the LLC and passes it to the point person of the Company.
You may also use a different name by filing a Fictitious Firm Name Form, which is commonly known as “Doing Business As” or “DBA” with the county where you intend to do business under a different name.
Prepare the LLC Operating Agreement
Details of LLC Operating Agreement
The Operating Agreement of LLC details how the company runs and operate as a business that includes:
specifying ownership interests
members voting rights
allocation of profits and losses
how the business is governed, to mention a few
To help you in Creating Your LLC Operating Agreement(s) Click the link to access a FREE online service for the Digital Operating Agreement (OA) provided by the Nevada Secretary of State. https://www.nvsilverflume.gov/digitaloa/home
File Organizational Paperwork with the Secretary of State
The process of filing for the organizational paperwork refers to the Articles of Organization which includes the following information:
a) The name and address of the LLC
b) The purpose for which the LLC was formed
c) The name and address of the registered agent
d) The length of its existence, if not perpetual
These documents must be signed by the person in charge of forming the LLC. Click HERE for the instructions and the PDF for the documents included in the Articles of Organization.
Process Tax Registrations
Obtain a Tax ID NumberAside from your registration with the Nevada Secretary of State. Getting a Tax ID number is a requirement for businesses for the IRS to track the financial transactions of the business, especially when the business has a number of employees.
You will also need an EIN (Employer Identification Number) to be issued by the IRS to open a business bank account, credit cards, and process other similar or related transactions.
Setting up a business bank account for bookkeeping purposes of your business has to be separate from your personal account for good reasons.
For instances where the LLC faces a lawsuit, the members and their assets will be protected against creditors as the LLC members have limited liability and therefore, cannot be held responsible for the company’s debts or liability.
In fact, your business, as an entity would eventually incur costs which you would have to pay to your suppliers for services that the business needs.
Likewise and you may also receive a payment in the form of a check where you would need to deposit in a bank in the name of your LLC.