Do you have what it takes to start a business in Las Vegas? Starting a business anywhere can be a tricky affair but sustaining and managing one in Vegas might present an even bigger challenge. In the year 2017, Las Vegas received 39.9 million visitors and had a standing population of over 600,000 residents. If strategic enough, this would put your local business at an advantage and possibly rake millions in profit from both the tourists and the residents (Photo by steve sawusch on Unsplash).
Advantages of Starting a Business in Nevada
- Low Cost of Living – The cost of living in Las Vegas is quite low which is favorable for anyone looking to start a new life here.
- Fair Tax Rates – Most taxes that are common in other states do not apply here. Some of the privileges that you will have to enjoy as a business owner include zero business income tax, zero franchise tax, zero personal income tax, zero gift tax, and an overall limited income tax.
- Business Incentive Programs – If there is a city that supports the growth and development of business then it has to be Las Vegas. The state of Nevada has various services and programs that support businesspersons to develop business plans, get their licenses, and merge with other like-minded business people.
Legal Requirements of Starting a Business in Vegas
Select a Business Name
This is where your creativity is needed. Your business needs to have a memorable and attractive name that will help win customers over. Create a list of unique business names and run a search to see whether it’s available. You do not want to get into legal trouble by using some one elses’ business name.
Choose a Location
Do you need a physical address for your new business? Or is it online based? A physical address will earn you the people’s trust while merging the two will definitely make you a winner. Choose a strategic location that is accessible for your target clients. Ensure that you secure the location before getting the licenses. Switching locations will come at a disadvantage. The Nevada Secretary of State will charge you about $175 for an address change. This, paired up with the paperwork is daunting yet avoidable.
Get a State Business License
You may need to consult with an attorney for this one especially in regards to the entity of your business. While at it, learn how to read your credit report. You can choose to apply for the license as a sole proprietor. However, you will be responsible for all business obligations and debt without a separate entity. Although maintaining this entity will cost you a few hundred dollars, the peace of mind that comes with it is well worth it.
Protect your Business
You will need to get a EIN number. This is like a social security number but for businesses. It is important to protects you from identity theft. Additionally, you will have to register your business with the Nevada department of taxation.
Thanks to technology, starting a business in Vegas is easy. Nevada Secretary of State has an online portal called SilverFlume that allows you to register and file all your business document online. This takes only a few minutes hence saving you the hustle of going the traditional way. If strategic, your business is a stone-throw away to success.