The process of business formation and maintaining good standing within Nevada will incur expenses that LLC owners must handle consistently. Keeping track of required business entity payments may seem easy, but non-compliance costs more than you’d think.
In this step-by-step guide, we’ll cover all NV LLC fees so that your business operates without the risk of penalties.
Formation Costs for an NV LLC
Business Name Reservation
Before your limited liability company could operate legally, you must choose a distinct business name not similar to existing businesses or any active LLC in Nevada Secretary of State records.
Our team highly suggests going through the state’s business search page before you form an LLC and file your articles of organization. This procedure lessens your chances of dealing with trademark issues.
If you confirm that your Nevada LLC name is available, but you’re still not ready to form your business structure right away, you can reserve it for ninety days at the office of the Secretary of State for a $25 filing fee.
Operating Agreement & Articles of Organization
As you may already know by now, there are LLC formation documents that all business entities must submit to the Nevada Secretary of State. Two of these crucial requirements are the operating agreement and articles of organization.
Unlike your LLC’s articles of organization, an operating agreement is just an internal document that doesn’t incur any filing fees and will not be part of the overall LLC formation cost and expenses. In fact, you can create operating agreements yourself or download free formats from the internet.
However, keep in mind that a Nevada LLC operating agreement includes provisions of how your company should handle management decisions, so our experts highly recommend hiring professionals for its creation. If seeking assistance from lawyers seems costly, you can sign up for an LLC formation service that offers to do this type of legwork for you.
On the other hand, your Nevada LLC articles of organization with a $75 filing fee must be submitted to the Secretary of State along with the details of your elected registered agent, state business permit request, and initial/annual list of managers or managing LLC members.
State Business License
Aside from the Nevada articles of organization, one of the NV LLC fees you must settle is the filing of your state business licenses. This state requirement gives Nevada LLCs the perks of operating business within the jurisdiction.
Applying for a state business license costs $200 and must be filed along with your formation articles when you form an LLC.
Initial List of Managers or Managing Members
Moving on from business permits, another distinct document you must submit as a new business owner is the initial list of managers or managing members. As a Nevada LLC, you have an obligation to let the state know about the people involved in your company.
Like mentioned beforehand, this filing must be submitted when you form an LLC, along with other documents required in the registration process. On top of that, the annual list submission charges a separate filing fee of $150. If you’re handling a multi-member LLC, our trade experts would like to highlight the importance of this procedure.
City Business License
Among the initial and annual costs your Nevada LLC needs to pay is the filing for a city business license. The service fee for these requirements varies depending on the license you’ll need to acquire, like building permits. Our professional team suggests checking out Common Business Registration to determine your total expenses.
EIN Registration
For a Nevada LLC that intends to open a business bank account or hire employees, obtaining an Employer Identification Number (EIN) or Federal Tax ID Number from the Internal Revenue Service is a necessary step to take [1].
Not only is it a crucial state requirement, but this nine-digit ID number also identifies your Nevada LLC taxes and is often needed in various tax documents. You can process this personally free of charge or avail of LLC formation services that come along with this procedure.
Registered Agent Service
It’s no secret that your elected Nevada registered agent is a crucial role that serves as a communication bridge between you and the state. Your LLC’s registered agent could be an individual or business entity that qualifies within the requirements.
Although you can be your own registered agent with no annual costs attached, missing demands and notices could lead to unexpected penalties.
Suppose you prefer focusing on running operations of your Nevada LLC. In that case, you can hire the best-registered agent services as your LLC’s organizer for an annual fee so that your state documents are handled adequately and professionally.
Foreign LLC Registration
Unlike a domestic Nevada LLC, foreign entities must submit an Application for Registration of Foreign Limited-Liability Company (LLC). Despite the difference between formation documents, the expenses for registration are pretty much the same.
Other Taxes
Similar to other entities, a Nevada LLC is expected to pay taxes to the state government. However, the types of taxes you’ll incur highly varies and ranges from federal taxes, state taxes, commerce tax, sales tax, and many more. Hiring a professional service for legal or tax advice is a wise move to determine total payable taxes.
(To help with all the process of forming your LLC, you can hire the services of top LLC formation companies listed here)
Nevada LLC Annual Fees
State Business License Renewal
Aside from initial filing, your Nevada LLC is required to pay for the renewal of your business license. This procedure costs $200 every year.
Annual Initial List of Managers or Managing Members
The annual list of members in your LLC or most commonly referred to as an annual report, is one of the essential state requirements you must maintain to keep your good standing. Each submission has a yearly cost of $150.
City Business License Renewal
As prior mentioned, business license requirements depend on the nature of your company. Therefore, the annual costs for its renewal fee highly align with your corporate activities and gross sales.
(To get through the formation process seamlessly, you can also depend on the top incorporation companies online)
FAQ
How much does it cost to renew an LLC in Nevada?
The cost to renew an LLC in Nevada is around $350. These expenses include the business license renewal within the state, which has a $200 fee plus another $150 for yearly filing of the list of managing company members. On top of these, you must maintain payment on specific taxes and registered agent providers to keep your LLC in good standing.
Do I need a business license if I have an LLC in Nevada?
Yes, you need a business license if you have an LLC in Nevada. In fact, you’ll be required to apply for state permits and licenses upon the formation of your limited liability company. As per the requirements of the state secretary, you must consistently pay renewal of these licenses to maintain your right to operate with the state of Nevada.
Conclusion
After you fulfill all your NV LLC fees, keep in mind that you’ll need to consistently comply with these requirements to keep operating legally within Nevada. While it’s commendable for you to manage these filings single-handedly, our trade experts highly recommend seeking professional help if you’re at a loss with the procedures.
For other states, here are their respective LLC formation costs and regular annual fees:
