Las Vegas is one of the best places to start a small business. With affordable services, competitive real estate prices, low taxes, and a ready workforce, there are many advantages to starting a business in Las Vegas. In fact, the whole state of Nevada is ranked as second state in the nation that encourages small businesses. When you are looking into starting your own small business, make sure that you take the following steps to make your business legal and profitable.
- Employer Identification Number – you must apply for an Employer Identification Number (EIN), or Federal Tax Identification Number, before you apply for your formal business license. It is free to get an EIN, which works like a Social Security number for your business.
- State business license – you must get a Nevada state business license or a Notice of Exemption before you are able to get a City of Las Vegas business license. There is a $200 fee for to obtain a state business license.
- Tax permit – you will need to register with the Nevada Department of Taxation after you complete the state business license requirements before you are allowed to start operations.
- Local business license – any businesses that open in Las Vegas, or do business within the city limits are required to get a local business license. If you are also doing business in surrounding areas, make sure to check with the specific city to see if you need to obtain a local business license in those areas as well. There are two different types of local business licenses that are available in Las Vegas depending on your business. A general license is for any business that offers general, professional, or sales services. A privilege license is meant for any business that may affect the social, economic, and moral well-being of the community and requires a background check.
For all of your business insurance coverage throughout Nevada, contact All Nevada Insurance. We can help you find the best policy to ensure that your small business is covered in any situation.