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Reviewed by Cort W. Christie, MBA
Want the full step-by-step guide? Visit our main resource: How to Start an LLC in Nevada.
The food truck industry has grown significantly in the past five years. According to IBISWorld, 53,624 food trucks were operating in the US in 2023 alone, and by 2030, experts believe it will have an industry revenue of over $2.04 billion.
These numbers alone show just how profitable these ventures are. But like any other industry, the food truck nation has its challenges. Factors such as increased competition and rising food prices could make or break a food truck’s success.
Fortunately, some entities, like Nevada limited liability companies (LLCs), can reduce some of these risks.
Below, we’ll discuss why you must form a Nevada LLC for your food truck and outline the step-by-step process for creating one in the Silver State.
Read on to discover the secret behind a successful food truck business.
What is a Limited Liability Company?
A limited liability company (LLC) is a legal entity separate from its owners. It combines a corporation’s limited liability with a sole proprietorship’s pass-through taxation.
Since LLCs are considered separate legal entities, they can enter into contracts and buy properties in their name without exposing their owners to personal liability. This separation shields your personal assets from any debts or liabilities your business incurs.
If the LLC defaults on a loan, the creditors cannot go after your personal assets for repayment.
LLCs also don’t pay income taxes. By default, the IRS considers LLCs as pass-through entities, meaning everything they earn and lose is passed to their owners.
The owners, or the LLC members, must report these amounts on their tax returns and pay taxes based on their tax rates.
These two benefits are why many business owners form LLCs for food trucks.
Do I Need to Create an LLC in Nevada to Start a Food Truck Business?
Technically, you don’t need to create an LLC to start a food truck business, but forming one offers several other benefits besides asset protection and tax savings.
Flexibility
Unlike corporations, LLCs don’t have to follow one specific management structure. Instead, they can choose between a member-managed or a manager-managed structure.
In a member-managed LLC, all members have equal voting rights and can actively participate in the company’s daily operations. This structure is ideal for smaller businesses with fewer members.
Meanwhile, members delegate the company’s day-to-day operations to one or more appointed managers in a manager-managed LLC. These managers can be LLC members or hired professionals. This structure is ideal for businesses that want to take in passive investors.
This flexibility means you can tailor the management structure of your LLC according to the needs and goals of your food truck.
Perpetual Existence
Unless stated otherwise in their operating agreement, LLCs have perpetual existence. The company will continue to operate even if its owners leave or change.
Transferrable Financial Interests
An LLC member’s membership interest is composed of two parts: financial and management rights. The members’ financial rights allow them to receive company distributions, and their management rights allow them to participate in the company’s management.
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The default statutory rule is that a member’s financial rights can be transferred to another party without restriction. However, to sell or transfer their management rights, they must obtain the consent of all the remaining members.
How to Create a Food Truck LLC in Nevada
Creating an LLC in Nevada is relatively easy and can be done online using the SilverFlume portal. Here’s how:
Give Your Food Truck a Unique Name
Like other states, Nevada requires LLCs to have a unique name that is not similar to any existing business name. Before you finalize your food truck’s name, we suggest using the SilverFlume portal’s Business Search Tool to check if it’s available.
Your chosen LLC name should also follow the guidelines below:
- The name must contain “limited liability company” or one of its equivalent abbreviations (LLC, L.L.C, Ltd., or LC).
- The name must not contain words that might confuse the company with a government entity.
- The name must not contain words that imply a professional association without state approval.
Designate a Registered Agent
Most states require LLCs to nominate a registered agent, a person, or a company designated to receive legal correspondence on their behalf. Your LLC’s registered agent will be its point of contact for all state communications.
You can nominate anyone to your food truck’s registered agent so long as they meet the following requirements:
- Must be 18 years of age or older.
- Must have a physical street address in Nevada.
- Must be available to receive legal correspondence during regular business hours.
You may be tempted to name yourself your LLC’s registered agent, but this role requires time and commitment. You must be available during regular business hours or risk missing important notices.
File Your Formation Documents
There are three documents you must file to create an LLC in Nevada:
- Articles of organization.
- Initial list of members.
- State business license application.
These formation documents are in a downloadable packet on the SilverFlume portal. Once you complete them, you must submit them online or by mail and pay a total filing fee of $425. This amount includes the filing fee for all three formation documents.
Get an Employer Identification Number (EIN)
An EIN is a nine-digit code the IRS uses to identify businesses for tax purposes. This code is used primarily to file taxes, open business bank accounts, and hire employees. You can get your EIN for free via the IRS website or mail.
Obtain Your Food Truck Licenses & Permits
Aside from a general business license, your food truck will also need to obtain the food licenses and permits below:
- Mobile Food Facility permit.
- Public Health permit.
- Food Seller’s Permit.
- Employee Health Permit/Food Handler license.
Join the Food Truck Nation Today
If done right, food trucks can be highly profitable ventures. However, the structure that you choose for your business determines the level of personal liability you’ll have.
While creating an LLC for a food trucking business is not mandatory, forming one can reduce the potential risks you may face.
Join the food truck nation today and let NCH assist you in creating an LLC in Nevada.
NCH is one of the Silver State’s premier business formation service providers. Our team is dedicated to helping our clients form strong LLCs poised for success. We’ll provide personalized support throughout the formation process, from choosing your food truck’s name to getting your licenses and permits.
Visit our website here to learn more, or call us at 1-800-508-1729 to schedule a free consultation.
Disclaimer: The above material has been prepared for informational purposes only, containing opinions of the provider, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Please consider consulting tax, legal, and accounting advisors before engaging in any transaction.
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