You did it. Your Nevada LLC is officially up and running, ready to take on challenges, roll in the profits, and change the world.
There’s no doubt that this is an exciting time in your business journey. After starting your LLC, it’s easy to get carried away in all the excitement and expectations. After all, as a new business owner, you’ve got a lot on your plate.
But the state does too. They need to keep updated records on thousands of businesses so that they can effectively reach out with any important tax or legal communications down the road. How do they do it? With your cooperation, of course.
In Nevada, an LLC’s annual report consists of two parts: a Franchise Tax and a Public Information Report. Each LLC must submit these filings to the Nevada Comptroller every year to keep their information current. Unsure how to go about it? Never even heard of it? No worries at all. That’s why we’re here. Keep reading for everything you need to know.
For brevity’s sake, we’ll refer to these two combined filings as the “Annual Report” in this guide.
What is the Nevada Annual List? Why is it Important?
Consider an Annual List the state’s yearly checkup on your LLC. It’s similar to a census in that its purpose is to collect the necessary contact and structural information about each Nevada business.
Each state has its own annual reporting requirements, and some don’t even require them. But in most states, you’re required to submit one per year that includes your LLC name, principal office address, registered agent information, and member/manager names and addresses. Whether you run a domestic or foreign LLC, you should plan on submitting an Annual List and Business License Renewal.
Don’t be intimidated, but it’s not something you want to take lightly. This is how the state updates your LLC’s record with the most recent information. They need to know how to reach you with important information about your business status, upcoming filings, taxes, and service of process.
For example, if you change your registered agent, or your current agent resigns, you’ll need to keep the state informed so they can update their contact information. Miss one of their communications and your LLC in Nevada might end up falling out of good standing or, even worse, administratively dissolved.
Moreover, keeping your information current will help other businesses and potential customers find you. If the Secretary of State has the most updated data on record, people can find your business by performing a name search.
How Much Does the Nevada LLC Annual List and Business License Renewal Fee Cost?
If you’re putting together a budget for all your LLC’s costs – like formation costs, name reservation fees, and initial operating expenses – it’s important to include annual filings like this one, just so that there are no surprises.
Costs vary from state to state. Some are free while others can be several hundred dollars. Nevada’s fees are higher than those in most other states. Annual List filing costs $150 and the Business License Renewal fee is $200. You will need to pay these fees simultaneously when you file the designated forms.
Due Date and Frequency for an Annual List in Nevada
Your Annual List and Business License Renewal will be due every year by the last day of your LLC’s anniversary month, the month it was initially formed. So, if you filed your Articles of Organization in June, your filings will be due by the last day in June every year.
What Happens if You Don’t File?
You might be thinking, “that sounds like a pain. How bad could it be if I just fly under the radar?” The short answer: don’t try it. Failing to file your Annual List and Business License Renewal can yield some serious consequences.
In the same way that both of these filings have their own filing fees, they each carry a late fee as well. The Annual List penalty is $75 and the Business License Renewal late fee is $100. On top of that, if you fail to file, your LLC will be given a “default” status. Remain in default long enough and your LLC will be revoked, at which point you would need to reinstate it to continue doing business.
Coming up on your LLC’s anniversary month? Then it’s time to file your Annual List and Business License Renewal. Here’s the information the form requires:
- Entity name
- Entity number
- Filing period
- Name and address of each member or managing member
It’s not an exceedingly long form. In fact, it’s only one page. All of the necessary information should be readily available in your business and personal documents.
When you’re ready to go, you can file either online, by mail, or in person. Here’s how:
Online Filing: Most business filings are available for submission through Nevada’s SilverFlume portal. You will need to create an account if you don’t already have one. Once you’ve logged in, select “Renew Your Business,” then “File Annual List and/or State Business License.” Search for your LLC name, entity number, or ID and choose your business from the list. Enter the required information, make your payment, and your filing will be processed immediately.
Filing by Mail: First, download the paper form and fill it out. Then mail it, along with the appropriate fee payments, to:
Regular and expedited filings
Secretary of State
New Filings Division
202 North Carson Street
Carson City NV 89701-4201
Expedited filings only
Secretary of State – Las Vegas
North Las Vegas City Hall
2250 North Las Vegas Blvd, 4th Floor
North Las Vegas, NV 89030
Keep in mind that the Secretary must physically receive your form by the due date (postmarks do not count). Standard processing time for mailed forms is 3-5 business days. If you need a faster turnaround, you can pay an additional $125 for 24-hour service, $500 for 2-hour service, or $1,000 for 1-hour service. Expedited forms must include the Customer Order Instructions form. And if you want to pay via credit or debit card, you can also include an ePayment Checklist.
In-Person Filing: Live near Carson City or Las Vegas? You’re also welcome to hand-deliver your documents and payments to the same addresses.
Does the State Send Reminders?
Reminders are always nice. They help you stay on top of your business requirements and ensure that you won’t fall out of good standing.
The Secretary of State sends out courtesy reminders to help you meet your filing deadline. Three months before your due date, they will mail this reminder to your registered agent. Additionally, if you’ve set up a SilverFlume account, you will receive email reminders three, two, and one month prior to your due date.
It’s often a good idea to supplement these state reminders with your own. Mark the due date on your calendar, write it on your to-do lists, set an alarm on your phone, whatever system you use to keep yourself organized.
Can I Hire a Service to Handle it?
You probably have a full plate as it is, and the thought of adding one more responsibility to your to-do list might make you shudder. You’re not alone.
Plenty of other LLC owners have outsourced their reporting duties to LLC services. These companies will take the entire process off your hands, handling your Annual List and Business License Renewal each year. If that piques your interest, we recommend ZenBusiness, which is an experienced and trustworthy LLC company.
But their services aren’t restricted to forming an LLC or managing Annual List and Business License Renewal. They can also help you form your business, draft an operating agreement, handle registered agent responsibilities, and much more, all for a reasonably low price.
If thinking about your LLC responsibilities ties your stomach in knots, let ZenBusiness take some of those worries off your plate.
There you have it, everything you need to know about Nevada’s reporting requirements. Follow this guide to a T and your LLC will be prepared to operate smoothly and in good standing long into the future.
And remember, if at any point it seems overwhelming, you’re not alone. A good LLC service like ZenBusiness (or LegalZoom) can be a valuable resource, taking care of all the little details, so you can focus on growing your business.