Nevada LLC in revoked status...best course of action

[Derrick R.]

I set up a Nevada LLC back in November of 2013 through LegalZoom but neglected it, so now it is in revoked status being that I did not file my Annual List and State Business License forms. I know, bad form.

LegalZoom, acting as my registered agent, informed me that  they could file the necessary docs for a $239 fee plus $300 Nevada reinstatement fees plus another $1,000 for the Annual List and State Business License. 

Bottom line, should I pay the $1539 to reinstate the LLC (I actually intend to use it this year) or just dissolve the LLC and start a new one?

[Brian Mathews]

Wow, that's a lot of money for an LLC. Mine in the state of Texas costs me a whopping $600 and part of that was paying my accountant to do it for me.

[Jon Holdman]

Do you own property in NV? Or are you planning to own property there? Otherwise a NV LLC is pretty useless. Start one in the state where you own properties. And discuss your asset protection strategy with an attorney before doing anything.

[Ryan Dossey]

What is the cheaper option for you? Do you have business cards or a website or anything else that would need to be redone to swap? Are you partial to the name? 

I can't imagine paying that much to set up an LLC. We have it easy in MO. It cost us less than 100.00 and was all done online at the .gov website.

[Kalo (Kyle) Atanasoff]

@Derrick R. 

Great topic - do you need what is the procedure of dissolve LLC in Nevada ?

Thanks,

Kyle

[Derrick R.]

@Jon Holdman I do not own property in NV. I had read that you could save taxes by setting up your LLC in NV, so I figured it was the best option.

Kyle, I don't know the procedure...I'll have to do a bit of searching to figure that one out!

Thanks for all of the replies. Looks like I'll dissolve the LLC and create a new one. My business card expenses and website are small potatoes compared to the $1500 to get the LLC back in good standing!

[Jon Holdman]

Unless you elect to be taxed as an s-corp, LLCs have no effect at all on taxes.  They do have use as a way to protect assets.  But they're irrelevant for taxes.

Most state require a "foreign LLC", that is, an LLC registered in different state, to be registered in the state where you're doing business. For real estate, that means the state with the properties. Those foreign registration fees are typically exactly the same as setting up an LLC in that state. So, you need to create LLCs in the states where you're going to own properties.

Actually owning a property in an LLC is a can of worms. You can't get a conventional loan for a property owned by an entity. And you can't buy in your name, get a conventional loan, then transfer the property to an LLC without violating the due on sale clause in your loan. If you have significant enough assets to worry about asset protection (the ONLY reason to have an LLC), speak with an attorney about your overall strategy.

[Tom McArdle]

So Drrick..What did you do?

I am up against the same thing, I guess the registered agents gave up, now I am 3 years back.