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| Why IncNow? Agents and Corporations, Inc.. has been a family owned and attorney-operated business since 1974. For over 30 years, entrepreneurs have trusted us to form their corporations and LLC's, for as little as $10 plus state and agent fees. More >> |
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Most popular Nevada Tasks:
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Definition of LLC
LLC stands for "Limited Liability Company." It is a form of company that essentially merges certain features of Corporations (e.g. limited liability) with features of other entity types (e.g. the taxation of a Partnership).
To form an LLC in Nevada, an owner (or the company’s Resident Agent) must file the Articles of Organization. For the life of the LLC, it will be governed by a document known as the LLC Operating Agreement. Obeying the regulations stipulated in this document, the LLC is then run and operated by Managers (who can be the owners, a.k.a. "Members," themselves or third-party Managers).
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Benefits of LLCs
Pros and Cons of LLCs
LLC Advantages (Pros)
The most widely discussed advantage of the LLC is its flexibility. An LLC can choose between four tax classifications – Sole Proprietorship, Partnership, C-Corporation and S-Corporation. If, for example, a company incurs losses or owns assets that appreciate in value, it might want to be taxed as a Sole Proprietorship or Partnership and pass those losses and capital gains through to the owners. On the other hand, if owners plan on accumulating working capital,
they may choose the C-Corporation classification (by filing Form 8832). Lastly, the S-Corporation classification might be selected (by filing Form 2553) if the owners wish to cut down on self-employment taxes.
Another huge advantage of the LLC is its lack of certain requirements. As opposed to a Limited Partnership (LP), for example, an LLC is not required to have a general partner (a managing partner that can be held personally liable for acts and debts of the company). Also, as opposed to Corporations, LLCs are not required to hold annual meetings for
shareholders or keep Bylaws (although many LLC owners choose to adopt an LLC Operating Agreement, which can often be more complex than a Corporation’s Bylaws).
Other LLC Advantages include:
- Limited Liability: owners are protected from company liabilities.
- No "Double Taxation."
- An LLC can be set up by just one person (the "sole proprietor").
- Administrative paperwork is decreased.
- If an LLC owner becomes ill or dies, the LLC does not automatically dissolve.
LLC Disadvantages (Cons)
- Some LLC owners have reported that obtaining financing from certain Venture Capitalists is harder with an LLC because the investors are more comfortable investing money in Corporations that have the potential for an initial public offering (IPO).
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Corporation or LLC?
The decision to form a Corporation versus an LLC depends on a company’s unique circumstances. To help guide you, the following cases illustrate particular circumstances that lend themselves better to one entity type than the other.
Keep in mind: an LLC can always be converted into a Corporation and a Corporation can always be converted into an LLC at any time. Additionally, an LLC or Corporation can elect C-Corporation or S-Corporation tax treatment at any time.
An LLC is best when:
- The company will purchase passive investments like real estate.
- The owners wish to use the LLC for a special purpose.
- The owners wish to use the LLC as a subsidiary.
- There will be at least one owner that is a non-resident alien.
- Owners wish not to file their names in state records.
- Tax benefits will not be distributed proportionately to ownership.
A Corporation is best when:
- The company will be listed on a stock exchange
- Companies will have a non-profit purpose
- Companies want a corporate ending (for example, "Inc.")
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Nevada LLC Packages
GOLD Service
GOLD Service Package: All-inclusive package, without kit (click here) ($660) -- includes:
- Name search
- LLC Articles of Organization
- Resident Agent service through January 2010 ($90.00 annually thereafter)
- Name reservation
- Professionally-prepared 19 page LLC Operating Agreement, ready for signature
- Certified Copy of filings *($30)
- Expedited fee (avoids 2-week delay) for LLC Articles of Organization *($125)
- Initial Statement of Managers / Members *($125)
- Expedited fee (avoids 2-week delay) for Initial Statement of Members / Managers *($75)
- Certified Copy of Initial Statement of Members / Managers *($30)
* Items marked with an Asterisk, all included with the GOLD Service Package, may also be ordered separately with the Basic Service Plus Documentation Package or Basic Service Package for the fee listed.
Typical processing time for un-expedited filings in Nevada is 2-3 weeks.
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Basic Service Plus Documentation
Basic Service Plus Documentation Package (click here) ($298) -- includes:
Note: NOT INCLUDED in the Basic Service Plus Documentation Package or the Basic Service Package, but REQUIRED under Nevada Law is the ($125.00) Initial Statement of Managers / Members. (This statement is REQUIRED to be filed in paper or online within 30 days after formation.)
Typical processing time for un-expedited filings in Nevada is 2-3 weeks.
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Basic Service
Basic Service Package (click here) ($189) -- includes:
Note: NOT INCLUDED in the Basic Service Plus Documentation Package or the Basic Service Package, but REQUIRED under Nevada Law is the ($125.00) Initial Statement of Managers / Members. (This statement is REQUIRED to be filed in paper or online within 30 days after formation.)
Typical processing time for un-expedited filings in Nevada is 2-3 weeks.
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About Us
The Williams Law Firm, P.A. acts as general counsel for Agents and Corporations, Inc. The firm has an "A" rating from the Martindale Hubbell Law Directory. To decide on the type of company you should form and to get help with the technical details, call 800-759-2248.
Contact Us
If you have any questions on which entity or state to choose, then please contact us for immediate assistance.
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David Wiliams, Esq., John Williams, Esq., or any of our Incorporation Specialists |
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Agents and Corporations, Inc.
18124 Wedge Parkway, Suite 925
Reno, Nevada 89511
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302-575-0877 |
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800-759-2248 |
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302-575-1642 |
E-Mail: |
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When sending us an e-mail, please provide us with your name, address, telephone number and fax number so that we can promptly respond to your request. Thank you.
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Vice President John L. Williams, Esq., is an attorney licensed in Delaware, New York, Massachusetts, New Jersey, and Pennsylvania.
