Have you ever thought about starting your own business in Nevada? It’s easier than you think! We are here to guide you step by step through starting an LLC in Nevada. Let’s get into it!
Step 1: Choosing the Name for Your Nevada LLC
First things first, your business needs a name. Here’s what to remember:
– It should have “LLC” or something similar in it.
– Make sure it’s different from other business names in Nevada.
– Avoid names that sound like government agencies.
You can do a quick, free name check to see if your chosen name is available. If you think about getting a website name that matches your business name. You can find good deals for your website domain names on Namecheap.
Step 2: Appointing a Registered Agent in Nevada
Your business needs a Registered Agent in Nevada. This is a person or company that will handle important paperwork for you. It can be you, your employee, or a registered agent. Make sure they have an address in Nevada and are available during work hours. If picking one sounds complicated, you can use a service.
Step 3: Files of Articles of Organizations
Okay, now it’s time to get some paperwork done (don’t worry, it’s not too hard!). You’ll need to get a Nevada LLC formation packet. Just head over to the Secretary of State’s website. There, you’ll fill out an “Article of Organization. ” There are different LLC types in Nevada, but the most common one is Chapter 86. There’s also a PLLC (Chapter 89), but you only need that if your business is super specific.
How Much It Cost:
It’s $75 to file your LLC.
Are you in a rush? Pay $125, and they’ll speed it up (like next-day fast!).
Plus, you’ll need a state business license, which is $200.
Lastly, there’s a $150 fee for a list of your business managers.
How to Send Your Form:
Online: Click here and follow the steps.
Email: You can also email your forms to email@example.com.
Mail: Old school works, too! Mail your forms to 202 North Carson Street, Carson City, Nevada 89701-4201.
Step 4: Getting Your EIN from the IRS
Your business needs a number called an EIN from the IRS. It’s like an ID number for your business. This number will help you as an identification number when getting bank accounts and credit accounts, filing taxes, and hiring employees.
It’s free, and you can get it from the IRS website at https://www.irs.gov/businesses/small.
Step 5: Making an Operating Agreement for Your Business
Let’s discuss setting up some ground rules for your business. This is where an Operating Agreement comes in. Think of it as a handbook that explains how your business runs. It’s important because it helps everyone understand their role and what’s expected in your LLC.
Here’s what an Operating Agreement usually includes:
- Ownership: This part talks about who owns what percentage of the business.
- Member’s Rights and Responsibilities: Here, you’ll write down what each person in the LLC can and cannot do and what they’re responsible for. It’s like a job description for each member.
- Joining & Leaving: This section covers how new people can enter your business and what happens if someone decides to leave. It’s good to have this figured out so there are no surprises later.
- Dissolution: This might sound a bit gloomy, but it’s practical. It’s about how to close down the LLC if you ever need to. It includes the steps to take and how to handle everything when wrapping up the business.
Creating an Operating Agreement is a smart move. It keeps things clear and organized so everyone knows what to expect, and it can save you a lot of headaches down the road!
Need More Licenses?
- Business License: Costs $200.
- Sales Tax Permit: It’s free!
- Bizee Service: For $99, they’ll help with all the licenses you need.
- Check Locally: Some places might need extra licenses.
New 2024 Reporting Requirements (BOI)
- Effective from January 1, 2024
Big news! Starting January 1, 2024, there are new reporting requirements for both domestic and foreign reporting companies. This includes LLCs, corporations, and other entities. Here’s what you need to know:
- First Report Deadlines:
- Existing Entities: If your LLC was already around before 2024, you’ve got until January 1, 2025, to submit your first report.
- New Entities: If you’re forming your LLC in 2024, you must file your report within 90 days of your company’s creation.
- Who Needs to Report:
- Domestic Reporting Companies: This includes LLCs and similar entities within the U.S.
- Foreign Reporting Companies: Entities registered foreign entities must also adhere to these new rules.
- Exceptions to Reporting:
- For specific exceptions, you’ll want to refer to the Beneficial Ownership Information Reporting Regulations at 31 CFR § 1010.380(c)(2) and the Small Entity Compliance Guide.
- What Must Be Reported
What you need to report is all about transparency. The exact details can be found in the compliance guide, but it generally involves information about your LLC’s ownership and control.
- When Must Reporting File Reports
Timing is key! Remember, if you’re an existing entity, your deadline is January 1, 2025. For new LLCs formed in 2024, it’s within 90 days of creation.
- Filing Reports & Noncompliance Penalties
Starting January 1, 2024, all BOI reports must be filed electronically. Here are some critical points:
- Filing Before the Date: You must file on January 1, 2024.
- Accuracy: Filer certification of accuracy is mandatory – you need to double-check that everything you report is correct and accurate.
Penalties for Noncompliance:
- False Information: Providing false information or failing to report accurately is a big no-no.
- Penalties: If you slip up here, you could face a fine of up to $10,000 or even imprisonment for up to 2 years.
- FinCEN’s Approach: The Financial Crimes Enforcement Network (FinCEN) focuses on education and outreach to ensure compliance. They’re not trying to trip you up; they want to help you get it right.
- Safe Harbor Rule: Did you make a mistake? If you discover inaccuracies in your initial report, you have a 90-day grace period to submit a corrected report.
If you need more information or specific guidance, please visit the FinCEN website for all the details.
What to Do After You’ve Started an LLC
- Open a Separate Business Bank Account: Keeping your personal and business money apart is super important. Mixing them up can cause significant problems, like losing the protection of having an LLC. This mix-up is sometimes called “piercing the corporate veil,” it can put your stuff, like your car or house, at risk if your business runs into trouble. To open a business bank account, you’ll need:
Your LLC’s Articles of Organization.
Your Operating Agreement.
Your Employer Identification Number (EIN).
When picking a bank for your business, consider the fees, minimum deposits, and benefits (like earning interest) they offer. Look for features that help your business, like using a debit card to pay for things.
- Set Up Your Finances Right: Use good habits to track your money. This means not mixing your personal cash with your business’s. Good record-keeping makes tax time less stressful and helps avoid problems with the rules. You should use a program like QuickBooks for tracking your money, inventory, payroll, and sales. Talking to professionals like accountants or business lawyers is also intelligent, especially to understand Florida’s tax rules. Find experts who know a lot about the area where your business is.
- Create a Professional Website: Having a website makes your business look legit. WordPress is an excellent tool for building your site. For hosting your website, you can check out SiteGround (https://bit.ly/sitegroundtrial) or Hostinger (https://www.hostinger.com/charliechang). They’re both excellent options for getting your site up and running.
- Announce Your Business with a Press Release: A press release is a fantastic way to promote your new business and attract customers.
Starting your own business is super exciting. Just take it step by step, and before you know it, you’ll have your own LLC in Nevada. If you need help, there are services like Bizee or Northwest Registered Agent to help. You can take it step by step. And if you need assistance, Bizee is there for you to set up your Nevada LLC. Recommend the gold package for 99% of you guys out there! Don’t go cheap and get the free one because you’ll still need your EIN, operating agreement, and much more they can do for you. This will save you a ton of time as an entrepreneur so that you can focus on other things that will move the needle forward in your business.
Bizee LLC handles the paperwork and legal stuff needed to get your business. Think of it as having a personal assistant for your business setup, ensuring you don’t trip over any legal hurdles or paperwork nightmares.
Why Choose Bizee?
Now, you might wonder, “Why go with Bizee?” First off, they save you a ton of time. We all know how precious time is, especially when you’re trying to get your business rolling. Bizee takes care of the tedious and complex stuff, like filing documents with the state, so you can focus on the fun parts of running your business.
Another big plus is how they help you avoid mistakes. Let’s be honest: filling out government forms can be confusing, and one small error can set you back big time. Bizee knows their way around these forms like the back of their hand, ensuring everything is done right the first time.
Bizee Core Services
- Business Formation: They’ll help you officially start your business by filing it with the state. This includes setting up LLCs, corporations, and more.
- Compliance: Bizee ensures your business stays in good standing with the state by managing annual reports and other legal requirements.
These services are the backbone of Bizee, ensuring your business is set up correctly and remains compliant with state laws.
Bizee Additional Services
- Registered Agent Service: This is a must-have for keeping your business legit. Bizee will be your official contact for legal documents, ensuring you get all the necessary info.
- EIN Acquisition: Think of an EIN as a social security number for your business. Bizee can get this number for you, which you’ll need for opening bank accounts and hiring employees.
Starting a business is exciting, but the paperwork and legal stuff can drag. That’s where Bizee LLC takes the hassle out of the equation. I recommend getting the gold/platinum plan for 99% of business owners. It’s the one I’ve used many times in the past, and it saves you so much time and ensures that there are no filing mistakes when it comes to your business. Trust me, it’s a game-changer for anyone looking to start their business on the right foot.