After successfully registered in Nevada, the Corporation or LLC are required to operate in compliance with the General Corporation Law/Limited Liability Company Act of the State of Nevada. The following describes the Nevada company’s basic maintenance requirements.
All Corporation and LLCs must have and maintain a registered agent, which has a physical street address in Nevada. You must file annual list with the Nevada Secretary of State every year. The annual list is an update to your corporate information registered with the state. The annual list due date for all businesses will be the last day of the anniversary month of the entity's formation in Nevada. You are required to renew state business license annually. The fee and renewal form are due on the last day of the anniversary month in which the license was originally filed. If you have local business license, you must renew the local business license/permit periodically. The license expiration date is printed on the license.
According to Federal and State tax rules, all active business registered in Nevada must file tax returns on time, including business income tax, sales tax, payroll tax and other relevant taxes returns.
Although Nevada state does not impose a state corporate income tax, you are still required to file business income tax (if your gross revenue over USD 4,000,000 during the taxable year); if you plans to sell certain tangible personal property and provide taxable services within Nevada, you have to pay the Nevada sales/use tax; if you have employees within Nevada, you have to report gross wages to the Nevada Employment Security Division and contribute to Unemployment Insurance Tax(UI).
According to Internal Revenue Code, the payments that certain foreign persons receive from U.S. sources, are subject to tax withholding. And they must report the amount withheld to IRS, if any. If a business entity in US held bank or financial account out of US, the entity maybe required to file FBAR with Department of Treasury, or FATCA related forms with IRS.
You are also required to maintain and update the accounting books in accordance with the tax and business law
As discussed above, all active Nevada Corporations and LLCs are required to operate in compliance with the Nevada business laws. The business entities may also need to apply for the license and permits with state according to different industries. Kaizen U.S. office is a professional CPA firm, offers complete compliance services and business support, such as bookkeeping, filing tax return, making payroll, etc.
All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage.
Schedules K-2 and K-3 have been introduced for the tax year 2021. These schedules serve as replacements, supplements, and clarifications for the previous Form 1065, specifically Line 16, which pertained to Partners' Distributive Share Items and Foreign Transactions. The subsequent section will describe in detail the related schedules K-2 and K-3.
In the U.S., a company receives a government-issued registration document upon incorporation. Each state may have a different name for the incorporation document of company, such as “Article of Incorporation”; “Article of Organization”; “Certificate of Incorporation”, and so on.
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