Your first consideration when choosing a name for your LLC is that it be unique from any other business in the state of Nevada. You can quickly and easily do a name check on the Nevada Secretary of State website business name database to verify the business name you want is available. For a $25 fee, you can reserve a name for 90 days by filing a Name Reservation Request through the SilverFlume online portal (you’ll need to create an account) or by mail.
In order to comply with Nevada state law, your company’s name must end with the term “Limited Liability Company” or the abbreviation “LLC.” You must seek approval from the Nevada State Board of Accountancy if you want to include words relating to accounting in your business name. The words “bank” and “trust” in an LLC name have to be cleared by the Nevada Commissioner of Financial Institutions. Also, the words “Engineer,” “Engineering,” “Engineered,” “Professional Engineer,” “Registered Engineer,” and “Licensed Engineer” can only be used in an LLC name if the principal owners are licensed under state law to practice engineering and have the approval of the State Board of Professional Engineers and Land Surveyors.
The state of Nevada requires that any LLC have a registered agent for service of process. This means your LLC must have an entity that agrees to physically accept any legal papers on the company’s behalf should it be sued. This entity does not have to be an individual person. The registered agent can be any resident of the state of Nevada or a business entity authorized to do business in Nevada so long as the agent has a physical street address within the state.
You may want to consider preparing an operating agreement to outline the ownership and operating procedures for your LLC. Though not required by the state, an operating agreement will set the guidelines for running your company. This does not need to be filed with the state, but it can go a long way toward ensuring your company’s success.
An IRS Employer Identification Number (EIN) is required of your LLC unless it is a single-member LLC with no employees. Obtaining an EIN is as easy as completing the application on the IRS website.
It’s possible your company will need to register with the Nevada Department of Taxation (DOT) and the Nevada Employment Security Division (ESD). Whether or not your company needs to follow this step will depend on factors such as whether have employees.
If your LLC will be selling a physical product, you’ll need to register for a sales/use tax permit through the Nevada Tax Center website. This will allow you to collect sales tax on taxable sales. Additionally, if you have employees, you’ll need to register for Unemployment Insurance Tax through the Nevada Unemployment Insurance Tax Portal and also register for Employer Tax through the Nevada Tax Center.
Although Nevada has no personal net income tax or corporate net income tax, there are other business taxes to contend with. All LLCs with employees pay a 1.475% quarterly tax on wages, which is called a Modified Business Tax; this doesn’t take effect until after the first $50,000 of gross wages each quarter. Nevada also has a Commerce Tax, but that applies only to LLCs with over $4 million in revenue. The amount varies by industry.
If your company is a foreign LLC, also referred to as an out-of-state LLC, wanting to do business in the state of Nevada, you’ll need to follow all the steps outlined above with a few minor differences.
You will need to file an Application for Registration of Foreign Limited-Liability Company with the Nevada Secretary of State. You can file by mail only with the $75 filing fee. As with a domestic LLC in Nevada, you’ll also have to pay a $150 initial list fee plus a state business license fee of $200.
Then, on an annual basis your LLC will need to file its annual list for $150.00 and the annual business license fee for $200; thus, the cost of renewal each year is $350.
In the state of Nevada, you are expected to obtain state business licenses through the Secretary of State and renew them annually. With a $200 fee, you can do this online at the Secretary of State State Business License Only webpage or by mail using the Nevada State Business License "Other" Application. Note that there is also a $150 initial list fee.
Some industries will require you to secure federal, state, and/or local licenses to legally operate in the state of Nevada. You can get federal licenses and perform a state license and permit search to find the right licenses for your business.
You can also hire a professional to find out what licenses and permits you need.