Legal Entity Name

A legal entity name is required for one to start and operate in business. This is a unique identifier that separates your business from the ones that are already established under the same industry.

For this reason, it is required that you run a check of the existing business names before processing registration for your business license with the Secretary of State at SilverFlume.

Some Helpful Links

You may also check the following articles to help you in choosing a name for your business:
Coming Up With A Business Name
Filing A Trademark on a Business Name
How to Check a Business Name with the U.S. Patent & Trademark Office

Name Reservation

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.

SilverFlume

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.

• 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.

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

Helpful Link

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  

Process

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

Instructions

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.

• Obtain a Tax ID Number Aside 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.
• Click on the link for the complete guide on HOW TO PROCESS TAX REGISTRATIONS IN THE STATE OF NEVADA

Licenses and permits must be obtained from the issuing body in all government levels comprising of the local, state, and federal sectors, including municipal and county governments.

Click this link to find more information.

Things To Remember

• 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.

Helpful Links

Please click on the link for more information and a detailed guide on How to Open a Bank Account for Your LLC.

Now that you know all of the steps you need to take to form an LLC, click HERE to start your registration.