After you have properly set up a limited liability company in Nevada, you must take certain steps on an ongoing basis in order to keep it in good standing. Taking these steps helps to provide the liability protection that you need so that you will avoid exposing your personal assets to the reach of your business’s creditors. Here are the steps that you must take to keep your Nevada LLC in compliance with the state’s laws.
Paying fees and taxes for Nevada LLCs
In Nevada, LLCs must register their business licenses annually and file lists of their managers and managing members. The annual state business license fee is $200, and the annual filing fee for the report of managing members and managers is $150. In addition, the businesses must make certain that they file the taxes that they are required to by the state and federal governments. If the LLCs have employees, they must also have federal tax identification numbers or FEINs. Most banks likewise require that LLCs have FEINs in order to open business bank accounts. Finally, Nevada requires that LLCs that are registered in the state have state tax identification numbers as well.
Other business licenses
Depending on the type of business that you own, you may need additional licenses and permits besides your annual business registration and membership list. It is important for you to check with the state to make certain that you have all of the licenses and permits that you need to keep your business in compliance with the law.
Consequences of not staying in compliance
If you fail to keep your LLC in compliance with Nevada’s requirements, you may face several risks. If your company is sued, a court may rule that your out-of-compliance LLC is actually operating as a sole proprietorship. This might allow your business’s judgment creditors to reach your personal assets in order to satisfy any judgments that they might obtain against your company. In addition, you may face late fees or fines if your LLC falls out of compliance with Nevada’s required fees, taxes and annual reports. It is best to make certain that you get everything turned in on a timely basis and that you make certain that your LLC remains in compliance.
Forming an LLC can offer good liability protection and protect you and your assets from the reach of your business’s creditors. You must make certain that you keep your LLC in compliance or risk fines, additional fees and the potential for your assets to be seized by creditors.
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