Starting a Business in Nevada: Everything You Need to Know
Some people believe that starting a business in Nevada is just like playing roulette, a game of chance in which nothing can guarantee success.3 min read
Some people believe that starting a business in Nevada is just like playing roulette, a game of chance in which nothing can guarantee success. However, one thing that increases the chances of business success is a professional approach to planning. The first step to ensuring the success of your business in Nevada is creating a professional business plan.
Choosing a Business Structure: Incorporation
The next step towards starting a business in Nevada requires serious consideration and research. This is the point where you choose a business structure. LLCs and corporations are the most popular structures; however, it is best to perform due diligence before finalizing your decision. Once you have chosen a business structure and undertaken the steps required for incorporation, you can secure a corporate/brand name.
A lot of entrepreneurs choose an LLC because it has all the advantages of a corporation and none of the disadvantages such as corporate officers, a board of directors, and double taxation. However, entrepreneurs who are seeking substantial capital from foreign investors or who want to take the company public should form a corporation.
Understand the Nevada Tax Code
Due to its privacy-friendliness and tax benefits, Nevada is one of the most popular states for building new brands. However, its tax laws contain a lot of nuances and complexities that only trained tax professionals can understand.
You can visit the official website of Nevada's Department of Taxation to understand more about business tax obligations.
Obtain the Proper Permits and License
Almost all businesses require a license (and retail sales permit where applicable) before they can commence operations. You can apply for the licenses online or request that the forms be sent to your home. The regulatory environment should be easy to navigate if you are not opening businesses such as casinos and restaurants. Ensure that you know all the requirements at the municipal, county, state, and federal levels, obtain the proper forms, and fill them following the instructions.
Create a Business Bank Account
It is easy to set up a bank account for your business in Nevada - just walk into the bank, fill out, and submit the necessary documents. Perform due diligence before choosing your bank, since each has their pros and cons. Shop around at both national and local banks to check out your options.
Choose a Business Location
There are lots of places where you can set up shop in Nevada, and they include Salt Lake City, Phoenix, Carson City, Reno, and Battle Mountain.
Design and Publish a Business Website
In today's globalized marketplace, your business must have a digital presence. Depending on your business' products and services, you may need a sleek e-commerce theme, a landing page, or just a responsive one-page website.
Market Your Brand
Due to the start-up friendly nature of Nevada, it's easy to market new innovative products and services. The major challenge is creating connections with your brand and getting people to come through your door. You can do this by adding some incentives to your core offerings and taking unique approaches to get ahead of the competition.
Low incorporation fees
It should be noted that Nevada has some of the country's lowest incorporation fees - which allows new business owners and entrepreneurs to cheaply incorporate their businesses. There's also no state franchise tax, state corporate income tax, state personal income tax, or state tax on the shares of businesses incorporated in Nevada.
The state laws are also favorable to businesses and their management, especially regarding “piercing the corporate veil.” This term refers to the idea that plaintiffs can get past the company and go after the assets of the company's owners and managers in order to get compensation. The state of Nevada favors the protection of business owners and managers and has in many cases prevented such piercing of the corporate protections.
If you need help with starting a business in Nevada, you can post your legal need on the UpCounsel marketplace. UpCounsel accepts only the top 5 percent of attorneys/lawyers on its site. Attorneys on UpCounsel come from prestigious law schools like Yale Law and Harvard Law and usually have 14 years of legal experience, including work on behalf of or with companies like Airbnb, Menlo Ventures, and Google.