Incorporating an LLC in Nevada

2007-03-08 10:33:40

( Business )



What is an LLC?

A limited liability corporation or LLC is a cross between a partnership and a corporation. In LLCs, there are no ownership restrictions, and owners are not required to hold meetings regularly. Like a partnership, the owners pay tax only once. Like a corporation, the LLC is a separate legal entity from the owner, so the owners are not personally liable for any debts or lawsuits incurred by the LLC. Because of these and other advantages, LLCs have become popular options for many businesses.

Why Incorporate in Nevada?

While you may incorporate an LLC in any state, Nevada has become one of the most popular states to do this. Unlike in most states, an LLC in Nevada does not need to pay the state income tax nor the annual franchise tax. You or your LLC's members don't need to reside in Nevada. Nevada has a generally lenient and very pro-business attitude. Perhaps an advantage for you to incorporate the LLC in Nevada is that the state does not have formal information-sharing with the IRS.

Steps in LLC Incorporating in Nevada

To incorporate in Nevada, the first thing you need to do is to choose your business name. You have to make sure that no other company name will closely resemble or be confused with your chosen name. You can use any online legal assistance site to assist you in a name search to avoid duplication. Your business name must also end with "Limited", "Limited Liability Company" or "LLC". If you are dealing with branded goods or services, you will also need to obtain a trademark for your brands.

Within 30 days, you must submit a list of members of your LLC if you incorporate in Nevada, as well as the mailing address and contact number of each member. You state the eligibility requirements and procedures for membership in your LLC. You need to submit your company's Articles of Incorporation to the Nevada Secretary of State, and pay a filing fee. Thereafter, the same amount of filing fee is paid annually as long as you are maintaining your LLC in Nevada.


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