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Starting a business in Nevada is not as simple as registering it with the state. The first thing that you need to decide is what type of entity your business will be, how to name it and register for a business name, and how to get licenses and permits specifically for your industry. You’ll also want to obtain a federal employer identification number (FEIN), open up a separate bank account for the business, get insurance, and comply with environmental regulations.
Choosing a business structure is an important decision that will affect every aspect of your company. There are several different types of business structures in Nevada, but the most common are corporations and LLCs (also known as limited liability companies).
When choosing between these two entities, you must consider what type of protection you need for your personal assets. A corporation provides more legal protection than an LLC does because it separates the owners from the business itself. In other words, if one of your employees sues or causes damage to someone using equipment from your company, then only his or her personal assets are at risk instead of yours personally.
Choosing a name for your business is an important step in creating a successful company. The name of your Nevada company will be used on all contracts and documents, so it should be easy to spell and pronounce. Choose something memorable but not too long — 10 characters or less is ideal for the state’s official records system, which requires each file name to fit within 80 characters including spaces.
If you plan on doing business under an assumed name (also known as a “doing-business-as” or DBA), you’ll need to register the legal entity with the Secretary of State’s office before selecting a new moniker.
Before you can open your doors to the public, you must secure a name for your business. You can’t just pick any old name and expect it to stick; there are several important steps that you need to take before finalizing on a name.
To protect your business, you must register as an employer with the Nevada Department of Employment, Training and Rehabilitation (DETR). This process is important because it allows you to pay taxes on your employees. You’ll also need to file quarterly unemployment tax reports with DETR.
The following steps will guide you through registering as an employer in Nevada:
There are a number of licenses and permits you’ll need to obtain before you can start your business in Nevada. Some licenses are required by the state, some by the county, and others by both. Some licenses are required by state agencies other than those that govern your industry (for example, if you want to operate a barber shop or tattoo parlor).
There’s also no one-size-fits-all approach when it comes to getting these licenses and permits—you’ll have different requirements depending on where you’re doing business
Registering with the Department of Taxation is a necessary step for any business in Nevada. This is done via the state’s official website.
In order to register, you will need to provide:
A FEIN is an identification number required by the IRS for all businesses, regardless of whether they are incorporated. It’s also known as an Employer Identification Number (EIN). The FEIN looks like this: XXX-XX-XXXX.
The FEIN is used to identify your business to the Internal Revenue Service, and it’s vital that you have one if you want to hire employees or solicit investments from others. If you don’t have a FEIN yet, you can apply for one online at the IRS website here.
As a business owner, you’ll need to open several bank accounts:
Before you can start your business, you’ll need to obtain insurance. Failure to do so could result in serious financial damage for both your business and yourself. The type of insurance you require will depend on the industry you work in and what services or products your company provides. For example, if you’re operating a retail store that sells goods made by other manufacturers, then product liability insurance is likely necessary.
Beyond simply registering your business with the state, you need to decide what type of entity it is and register for taxes. You will also need a separate bank account for the business.
As a general rule, you can choose how your company is taxed (as an S corporation, partnership or sole proprietorship) based on its tax filing requirements.
Hopefully, this article has provided you with some insight into how to start a business in Nevada. Remember that there are many more steps involved than just registering your company with the state. You will also need to consider the various licenses and permits required by different industries as well as federal compliance requirements
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