Starting an LLC in Nevada is not for the faint of heart. Maintaining one isn’t, either. There’s a bunch of annual requirements: annual taxes, business licenses to renew, and of course, annual reports. A lot of the annual requirements can be pretty complicated, too.
Annual reports can be pretty complicated…but only if you don’t know what to expect. That’s what we’re here for. In this guide, we’ll cover all the essentials to annual reports in Nevada: LLC filing fees, where to file, due dates, and if you want, where to go to get help filing. By the end, the annual report won’t feel so daunting anymore.
What is an annual report?
An annual report is a lot like an annual newsletter for your LLC—except you only send it to one place: the state government. Each year, the state needs updated information about your business. And this isn’t a requirement that’s unique to Nevada. In fact, nearly every state requires some form of annual (or similar timeline) update.
That said, the newsletter analogy falls short because you don’t need to tell the state what you did each month. You don’t even have to tell them the highs and lows of your year. And thankfully, you don’t have to write it out as a letter. All you’ll have to do is fill out the requested information.
Here’s a quick glance at the information Nevada will require from you:
- Legal name of the LLC
- Number of the entity
- Your filing period
- Name and address for each manager/member
Sound overwhelming? Don’t panic. It’s actually a lot easier than you might think! In the rest of this guide, we’ll cover all the essentials to annual reporting—including a DIY approach and how to get help if you’d rather not file on your own.
Where do I start?
When the time comes to file your annual report, your gut might tell you to head to the Secretary of State’s website. And that’s a good instinct; it’s a great starting point regardless of whether you file online or by mail.
If you file online, you’ll use the state’s online filing portal, SilverFlume. You can file nearly every single form here. But if you’d rather file by mail, you’ll use the Annual or Amended List and State Business License Application form and send it in to the Secretary of State.
You might be thinking, “Wait. Annual List? License Application?” Don’t panic. That’s the right place to be. Nevada’s “Annual Report” has a slightly different procedure compared to other states. That’s because it has two components: renewing your annual business license and updating your list of managers for the business. You’ll still fill out information and pay a fee; it’s just a slightly more complicated process.
The annual list and business license renewal form isn’t extremely difficult to fill out, honestly. But if you’re extremely busy (and who isn’t these days?), the report can seem overwhelming—it’s yet another thing you have to do. That said, you can hire a Nevada LLC Service to handle the work for you. Not only will these services actually form your business for you (if you need it), but they’ll also help you handle annual requirements like the annual report.
How much does Nevada’s Annual List and Business License Renewal cost?
Some states have a pretty hefty price tag of several hundred dollars for their annual report. Other states charge more reasonable fees of less than $100. Nevada’s annual fees are a little higher than most states; after all, you’re technically covering fees for two filing procedures. The annual list will cost you $150, and renewing your license costs $200. So you’ll want to set aside $350 in your annual budget—it’s a cost you can’t avoid.
If you’re filing online, be sure to have a credit or debit card on hand. Mail-in orders should use a check or money order.
When is the Annual List and Business License Renewal due?
In most states, the annual report is due, well, annually. In other states, entrepreneurs often refer to it as an annual report even though it’s due every other year. And in Nevada, the annual list fits its name; you file it every year.
More specifically, your annual list and your business license renewal is due by the end of the month in which you filed your LLC. For example, if you filed on March 10th, you’d need to file the forms by March 31st.
If you don’t file on time, you’ll get hit with two late fees: $75 for the annual list and $175 for the business license renewal.
What happens if you don’t file your annual report?
Sometimes annual check-ins are a pain, right? And we get it: with some things, like annual physicals, dental cleanings, and eye appointments are tempting to skip. Usually, there isn’t a big penalty if you skip them for a year or two (aside from a minor scolding from your doctor).
However, that isn’t the case with annual reports. You should never skip filing your annual report, and you should always do it on time. For one thing, filing on time ensures that you don’t spend any more than you have to.
More importantly, though, if you don’t file on time, the state will label your LLC as “default.” Default status isn’t just a word on a page, though. If your business is default for long enough, the state will administratively dissolve your LLC.
Long story short, the state will shut down your business by force. If that happens, don’t panic; you can get reinstated. It’s simply a big hassle to do so. It’s far easier to avoid the hassle entirely by filing on time each year.
Maintaining a Nevada LLC is no laughing matter, and the annual report is without a doubt one of the most important annual filings. Thankfully, it doesn’t have to be too complicated. Hopefully this guide has helped take out some of the guesswork. And don’t forget: an LLC Service can make things even easier.