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Nevada LLC Basics
Many businesses opt to form an LLC because of the limited liability protection offered side- by-side with the simplicity of the general partnership's tax structure. With an LLC, the taxes are passed-through to the individual members, the LLC itself does not get taxed. The main advantages of a Nevada LLC include:
- It offers its members the liability protection of a Corporation.
- Its members are state tax-free in Nevada.
- The LLC can elect to be taxed as a Corporation or a Partnership
In addition, Nevada LLCs enjoy many of the same tax and asset protection benefits afforded to Nevada Corporations including:
- No personal income tax
- No corporate income tax
- No franchise tax on income
- Nevada does not report LLC information to the IRS. Members' names are kept anonymous
- Nevada does not require a list of assets
- No minimum capital requirements
- Managers and Members are protected from lawsuits against the Corporation
Most states do allow LLCs to have only one member. However, the IRS may apply different taxes to a one-member LLC than to an LLC with two or more members.
Learn more about the differences between a Corporation and a LLC.