Formation of USA Limited Liability Company (Nevada LLC)
The Nevada LLC company may not use a name identical or similar to an existing company within the State of Nevada. The use of the following words is also prohibited: Bank, Insurance, or Reinsurance. After Nevada company formation, the Limited Liability Company must have these words after the company name or the abbreviation thereof i.e. Limited Liability Company, L.L.C., or LLC.
An LLC does not issue shares and therefore does not have shareholders. The owners of an LLC are referred to as members. A Nevada LLC may have a minimum of one “member” (owner) or more. Each member of a Nevada LLC is liable only to the extent of his or her percentage of ownership in the LLC. Members may be an individuals or corporate bodies. There is no limit on the number of members allowed in a Nevada LLC.
The management of a Nevada LLC is based on an agreement between its owners, who are known as members. A Nevada LLC allows a customized management structure, which dictates the economic relationship among owners. While Nevada law permits a Nevada LLC to be managed by its members, it does not require members to be managers. The Nevada LLC statute allows parties to define their business relationship in the written agreement however they wish. This is called Freedom of Contract. Nevada Law provides rules only for those matters on which the parties have failed to agree. The contractual flexibility offered by the Nevada Act is unmatched by any other LLC statute. For example, unlike a corporation, an LLC can distribute profits in any manner described in the LLC agreement, regardless of ownership share. The structure of the LLC does not provide for a Board of Directors.
Registered Office And Local Agent/Secretary
Nevada law requires for Nevada LLCs to have a registered agent when Nevada LLC is first formed and throughout the life of Nevada company. The registered agent’s name and address are included on the formation documents. This information is a matter of public record. The registered agent is responsible for receiving important legal and tax documents including: notice of litigation (service of process), franchise tax forms and annual report forms.
There are no statutory requirements concerning meetings of members or record keeping. It is recommended that with two or more members, Members’ Agreement be entered into. If meetings are held by members, this may be done anywhere in the world and in any way convenient to the members.
Usually 1 working day, but we need up to 10 working days for legalization of the documents and delivery by courier.
Nevada Limited Liability Company (LLC) does not pay US state or federal income tax if its owners are not US citizens or green card holders, its offices are located outside of the US, and the LLC does no business in the US. The IRS tax treatment of a Nevada LLC is on the flow-through tax basis. That is the LLC is not taxed on its profits. The income of the LLC is distributed to its members who are taxed on a personal income basis.
Non-resident aliens are not taxable by the US on income derived out of the US. If an LLC derives its income outside of the US, the non-resident aliens do not file tax returns.
Audit And Financial Returns
Nevada LLC is not required to file state or federal tax returns. Whilst there is no requirement to file audited accounts or annual returns with the authorities, a company is required to keep financial records, which should reflect the financial position of a company. An Annual Report is required only in cases, where there is distribution of profits to US residents