Regulations relating to the incorporation of a Limited Liability Company in Nevada are contained in Chapter 86 of the Nevada Revised Statutes. In order to start up a LLC, you must submit Articles of Organization and a fee to the office of the Secretary of State. The LLC can then commence operation as soon as the documentation has been approved. Although this can take several weeks, it is possible to pay an additional fee for an expedited process.
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A company must have a name, and regulations apply in Nevada to the choice of name for a LLC. All LLCs must contain the final words “Limited Liability Company,” “Limited Company” or abbreviations of this term, including “LLC” and “LC.” It’s important to check that the chosen name for the company is not the same as, or similar to, any other Nevada Limited Liability Company. The state of Nevada regulations also contain provisions regarding any company name that refers to the practice of accounting, banking, or engineering and land surveying. If a group of individuals wishes to set up a company for these purposes, they must also file statements with the State Board of Accountancy, the Commissioner of Financial Institutions or the State Board of Professional Engineers and Land Surveyors.
Articles of Organization
The Articles of Organization must set forth detailed information, including the name of the company, and details of the organizers, managers and members. Articles of Organization usually also set out provisions regarding the regulation of the internal affairs of the company.
In Nevada, an individual can set up an LLC on his own. For tax purposes, the individual is taxed as if he were in business as a sole proprietor. Nevada has no state income tax, and therefore setting up a LLC as an individual may be financially advantageous.
Registered Office and Reporting Duties
An LLC registered in Nevada must maintain an office in the state, even if this office is not the primary place of business. All official company records, including the addresses of the managers and members and the Articles of Organization are to be held at this registered office. As an option, the LLC can arrange for all these documents to be held by a registered agent. All LLCs must file an annual list with the Secretary of State that details the names and addresses of the managers and members of the LLC