If you are a business owner in Nevada, it’s possible that you created an LLC to shield your own assets from company liabilities. However, creating an LLC is only the first step. In order to keep your LLC in good standing with the state, you must renew it every year. In this article, we’ll walk you through the procedure for renewing your Nevada LLC and address the associated concerns.
You must submit an Annual List and State Business License Renewal to the Nevada Secretary of State in order to renew your LLC there. Your LLC’s name and address, the names and addresses of any managers or members, and the name and address of the registered agent must all be included on the Annual List. Depending on your business activity, you must pay a $200 or $500 annual cost for the State Business License Renewal.
On the website of the Nevada Secretary of State, you may submit both the Annual List and the renewal of a state business license. The $75 yearly list charge and the $75 state business license fee are both included in the $150 filing fee, which is paid online. The costs are higher if you file in person or by mail. The filing fee is $325 for mail-in applications and $350 for in-person applications.
The final day of the month in which your LLC was created is the deadline for filing the Annual List and the State Business License Renewal. For instance, if your LLC was established in December, you must submit your paperwork by December 31st each year. A $75 late filing fee will be assessed, and the state may administratively dissolve your LLC if you don’t file on time. Nevada Business ID in comparison to EIN Another frequently asked topic is whether the Nevada Business ID and the Employer Identification Number (EIN) are the same thing. No, is the response. An EIN is a unique identity provided to your LLC by the Internal Revenue Service (IRS) for federal tax purposes, whereas a Nevada Business ID is a unique identifier given to your LLC by the State of Nevada. To conduct business in Nevada and adhere to federal tax regulations, you need both a Nevada Business ID and an EIN.
The next query is whether an LLC requires a business license. The answer is based on your company’s operations and geographic location. The majority of companies operating in Nevada must get a State Business License, which must be renewed each year along with the Annual List. Pharmacies, cannabis enterprises, and venues selling alcohol all need additional licenses and permits from state and local authorities.
A municipal business license is furthermore necessary in some Nevadan cities and counties. For instance, all companies doing business in Las Vegas must have a local business license. Consult the city or county where your business is located if you’re unsure whether you need a local business license. Corporation vs. LLC comparison Whether a close corporation is an LLC is the last remaining query. No, is the response. A close corporation is a kind of corporation with a small number of owners and no public stock exchange. In that it offers stockholders liability protection and has pass-through taxation, it is comparable to an LLC. A close corporation, however, is not recognized in all jurisdictions and is governed by different laws and rules than an LLC.
Finally, renewing your Nevada LLC is a simple procedure that requires submitting an Annual List and State Business License Renewal to the Nevada Secretary of State. A Nevada Business ID and EIN are also required, as well as meeting any regional business license requirements. Consult with an experienced business attorney or accountant if you need advice or help with renewing your LLC.