How Do I Sign Nevada Banking Form

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today we are talking about how to start an llc in nevada hi my name is eric and in today's video i'm going to walk you through three different ways you can set up an llc in nevada the first is using your state website the second is using a free online legal tool and the third is hiring attorney but i'm also going to have a tip on how you can save on hiring an attorney and get the first 15 minutes of that consult for free but more important than any of that is there are three terms that i want you to be familiar with those terms are piercing the corporate veil registered agents and co-mingling funds now if you're not familiar with these three terms the way they pertain to the llc you're going to be setting up is that they help to make sure that there are no cracks in your llc you want to make sure that you have a legit llc and it's doing what it needs to do for your business so to get started why don't we look at the state website now if you go to google and you were to search nevada llc the first organic listing down here is going to be the state website and it is not pretty so if you click on it this may look different from time to time so this particular time that i opened it it actually looks correct the last time i opened it it looked like this and it has kind of like stuff all over the place this is pretty common occurrence with state websites unfortunately they can be a little bit buggier but what i do want to do is walk you through exactly what the cost is going to be and the different things you should be aware of so nevada limited liability company now hopefully your business is located in nevada now if somebody told you that you should set up in nevada and you're outside of nevada i would not take that advice seriously and i'd probably go with it talking to an attorney because that person may be steering you in the wrong direction you hear this a lot typically it's nevada wyoming and delaware are the three states mentioned you're not going to save a lot of money by getting set up in nevada either so we're going to talk about that in a little bit so what you want though is the limited liability company articles of organization and that's going to open up here and this is going to show you a form here and you can work through that form so as we scroll down this article here of organization one of the things i want to highlight here is the step two registered agent for service of process so this is one of the issues that i have with some of these online forms is they kind of breeze over certain aspects such as a registered agent and i want to explain to you what a registered agent does and why they're important for your llc but before we do that why don't we take a minute to explain what an llc does and what it doesn't do because sometimes some people are confused with that some people think there may be a tax advantage for getting set up with an llc there is not that is not why you set up an llc the reason you set up analysis is strictly for limiting your liability for your company now on the screen right here on the left hand side let's imagine that you have your business and you have your business assets that could be your desk your furniture your office equipment your office bank account now on the right hand side you have your personal assets so these are things like your personal home personal cars personal bank accounts what an llc does is it draws a division between these two asset classes that division is known as the corporate veil but in the unfortunate case where an attorney is trying to sue you what they're going to try to do is something called piercing the corporate veil that is legal jargon for saying that they're going to try to find a crack in your llc and they're going to try to erase that division that protection you have between your business assets and your personal assets so when they sue you they can come after not just your business but also your personal assets so of course that is not something you want and that's why it's so important to get set up with an llc and one of the ways that you can protect your llc is through your registered agent now on this particular form that we're looking at again they just kind of breeze over it they say that this person needs to be within the state and you just have to know you know put down who your registered agent is a lot of times people like make it their friend or somebody that they you know loosely know or something like that to save a few bucks it's not a good idea because that registered agent is going to dot your eyes and cross your t's for your llc now to learn a little bit more about registered agents there's a good uh article here on ink file i'm going to talk about ink file a little bit more but they're a free online legal tool for setting up llcs and as we go down here basically the registered agent is a third party then what they do is they collect official letters and correspondence from your secretary of state they help you with service or process notices so if you are a sued making sure you're showing up to court they do official federal government correspondence information and notifications and they also have tax forms and requests for payments along with requests to complete permits company filings or reports so basically they're dotting your eyes and crossing your t3 llc making sure there's no cracks in it and making sure you're doing everything the way that you're supposed to be doing it now if you want to uh go a different route than going through the state websites which again i think are a little bit limiting what you can do is you can go through a service like ink file now if you go to the home page of ink file you see that they have set up 500 000 businesses they've been in business since 2004 but if you scroll down you can see that you can get set up for as little as zero dollars plus state fee so if you click launch my business what you're going to do is select llc and then you're going gonna go down to nevada and then what we have here are three different packages the silver gold and platinum and you can see the package fee in all three uh starts at zero goes up to 149 and 299 but the state fee for all three is 4.25 so this 425 state fee you're not going to get around that whether you go through the state website you go through ink file or you go through an attorney you're going to have to pay the secretary of state in nevada that state fee now one of the things with the silver package they prepare and file the articles of organization for setting up your llc unlimited name searches you want to make sure you have a unique name in the state of nevada it's not already taken in the business category that you're with them and then also a free registered agent service for a year so that's pretty cool because if you hire a professional registered agent which i'd recommend they're going to come with a cost if you use ink files for that if you scroll down on this page that's where you can see i've already highlighted this here that it is just 119 annually after your first year so first year is free second year is 119. third year is 119. again use a professional registration service you want to make sure you're doubting your eyes and crossing your teeth so there's no cracks in your llc now with this tool here if you wanted to upgrade in the gold that's where you can start to see some of the package fee kick in at 149 uh one of the things i want to highlight here is the ein business tax number so when i set up my own llc i did this myself it was kind of a pain in the butt and i should let you know i'm not an attorney or a cpa i'm just somebody who's done a lot of research on this and i just want to give you the best information and resources for you so you can make the best decision for your needs now if you want to do this on your own and you go with the silver package or going through the state website the way you're going to set up that ein business tax number is you're going to go to this resource here and again all links and resources mentioned in this video are in the description below so that's where you'll find this link this is going to walk you through if you need any i am any uh frequently asked questions you may have and how to apply for it online definitely a pain in the butt right because a lot of the stuff you may be unfamiliar with and if you don't want to deal with the frustrations of that you can get it in the gold package the other thing i want to make mention of is the business banking account beginning of this video we talked about commingling funds so with commingling funds basically what you're doing is if you have a personal account and you start running business transactions through it you're co-mingling funds and as you can guess you're creating a crack in your llc so that if you were sued a attorney may say hey this person is co-mingling funds it's not a legit llc i'm gonna pierce the corporate fail and i'm going to announce i'm not only going to come after your business assets but your personal assets as well so it's really important that you separate from day one your business uh bank account and the other reason why that's important is when it comes to accounting it's a lot easier at your end to just you know here's all my statements from the year from that business bank account and it just makes everything a little bit cleaner especially if you're integrating with a third-party app so good idea to do that from day one as i'm making this video they're currently set up with bank of america and that's what that runs through now if you do want to go with platinum there's business contract templates expedited filing if you're in a rush and also domain name and business email can be set up but let's say you go with the gold package here now you'll see an itemized list here 149 for the gold package 425 for this uh state filing fee the other thing i want to highlight is the tax savings benefit so this is a fully deductible business expense so right out of the gates you're going to have a business expense for setting this up just make sure that no matter what route you go that you save the receipts because you're going to want to deduct that at tax time and as you can see this is going to be a lot cleaner than going through a state website which a lot of times can be you know pretty ugly if you're going through this online tool here with ink file it's going to be a lot easier to get set up now the last thing i want to talk about is why you might want to hire an attorney now the downside to attorneys it might cost you 800 to 3 000 to get set up with an llc through them and that's because you got to pay for you know their quarter million dollars of schooling that they had to do and go through to be an attorney a cool thing about a service like ink file is they've streamlined that and put it all into an online tool so they can offer that for free which is some upsells but if you have a business that inherently carries more liability now some businesses don't and some businesses do if you had a tree trimming business so you had employees that are literally climbing trees cutting off giant branches and dropping them on the ground that is a business that carries a lot of potential liability uh in uh you know the opposite end of the spectrum let's say that you had a business where you know you were coaching little kids in soccer or something right and they're five-year-olds you teach them how to kick a soccer ball and that's your business like not a ton of liability there so you have to make the determination if you have a high liability business or if you're already earning income in and out of state and you're not sure how to handle that with domestic and foreign llcs or if you're trying to get cute and set up in nevada llc and you're not sure if you're doing the right thing there you may want to consult with an attorney now easy way to find one in nevada if that's the route you're going is a service called avo it's a free lawyer directory uh service and the reason i like it is you can easily look at all nevada liability company lawyers and you can see that there's 41 of them but if you go down here a little tip there's this button here free consultation if i click this it's going to drop me from 41 attorneys to nine so now i'm looking at nine attorneys with reviews who offer a free 15-minute consult to discuss any questions you might have about setting up your llc so that's a pretty cool feature of this tool and that's why i always recommend it again not affiliated with them right now in any ways just think it's a cool tool and again i will include this link in the description below now the last thing i want to talk about is on the screen here you'll see an ink file review at about the 2 30 mark of that video what i'm going to do is walk you through an s corp tax calculator on their website now this is really helpful if you're already making income or you plan to make net income beyond 40 60 000 a year it's going to show you how you can potentially save on taxes and again guys thank you for using the links in the description below as the paid links help to support my youtube channel and i look forward to catching you guys in that next video