Establishing an LLC (Limited Liability Company) in Nebraska can provide entrepreneurs with a flexible business structure and various benefits like limited liability protection. Below is a comprehensive guide to help you in the process of setting up an LLC in Nebraska:
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STEP 1: Choose a Name for Your LLC
Naming Requirements: Your desired LLC name must include “Limited Liability Company” or abbreviations like “LLC” or “L.L.C.”
Distinctiveness: Ensure the name is unique and distinguishable from existing registered entities in Nebraska.
Name Search: Verify the availability of your chosen name using the Nebraska Secretary of State‘s online business name search.
Optional Name Reservation: If you’re not ready to register immediately, you can reserve your chosen LLC name for 120 days by filing a name reservation request and paying the associated fee.
Time it Takes to name an LLC
Researching and deciding on a name: 1-2 hours
If opting for a name reservation: The act of filing can take about 10-15 minutes.
If opting for a name reservation: Filing can take minutes, but approval might take a few days to a week.
STEP 2: Appoint a Registered Agent
Your LLC needs a registered agent in Nebraska who will be responsible for receiving legal documents and notices.
The agent can be an individual or a business entity but must have a physical address in Nebraska. Post office boxes are not sufficient.
Time it Takes to be a Registered Agent
Registered Agents MUST BE at the Business Address everyday during business hours. This is why Home Addresses Are Not Accepted.
If you already have someone in mind (like an attorney or a service), this can be quick. If you need to find and appoint a registered agent: 1-3 hours.
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· Efficiency: Easily receive and promptly process state and legal documents
· Hassle-free: Reduction of junk and solicitation mail
· Legal Compliance: Avoid fines, penalties, and possible dissolution
· Convenience: Serves as your public & legal business address
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STEP 3: File the Certificate of Organization
Submit the Certificate of Organization to the Nebraska Secretary of State to officially create your LLC.
You can file this document online or by mail.
There’s a filing fee associated with this document, which varies depending on the method of filing.
Time it takes to write the Articles of Organization
Preparing the document: 1-2 hours
Filing online: 30 minutes to 1 hour.
Waiting for confirmation/approval: This can range widely, but typically, online filings can be processed in a few days to a couple of weeks.
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STEP 4: Create an Operating Agreement
This internal document outlines the operating procedures and ownership structure of the LLC.
Although it’s not required by the state of Nebraska, having an Operating Agreement is a good practice to clarify the roles and responsibilities of members and avoid potential disputes.
Time it takes to write an Operating Agreement
If using a template and making minimal changes: 1-3 hours
If drafting from scratch or having extensive negotiations among members: Several days to weeks.
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STEP 5: Obtain an Employer Identification Number (EIN)
Apply for an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) for tax purposes.
You can apply for an EIN online at no cost through the IRS website: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
The EIN will be used for tax filings, opening bank accounts, and hiring employees.
Time it takes to get an EIN / Tax ID
Filling out the online form and receiving the EIN: Approximately 0.5 to 1 hour (the online process is relatively quick if there are no complications).
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SO HOW MUCH TIME WILL IT TAKE TO FORM AN LLC MYSELF? DO IT MYSELF (DIY) an LLC?
Total Time Investment (Minimum): 5 hours (if you exclude the higher range estimates and name reservation)
Total Time Investment (Maximum): 11.5 hours (if you include the higher range estimates and name reservation)
This gives a ballpark range of 5 to 11.5 working hours for an individual, excluding all waiting times. It’s worth noting that these times can vary based on the person’s familiarity with the processes and any specific details or challenges related to the business being set up.
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