If you are thinking about moving to Las Vegas, but your career concerns you, this article will be something to think about. Las Vegas is known for its bright lights, extravagant nightclubs, and endless casinos. Despite its reputation, Sin City’s low cost of living, state incentives for small business, numerous co-working spaces, and it’s unique, thriving startup scene makes it one of the best places for new enterprises. And if you like to gamble, why not in Las Vegas?
What to consider before launching a new business?
With the right planning and a little bit of luck, this year could be a great year to start a company. Unlike other prominent start-up hubs including San Francisco and NYC, Vegas boasts a cost of living that’s cheaper than the national average. The difference in housing costs alone is amazing. On the other hand, it’s much easier to find a good business rental spot for a reasonable price in Vegas than, say, Chicago or Los Angeles. That is why many young people have found Sin City to be an attractive city to relocate and start a firm. Job growth is on the rise in Las Vegas, especially among those in their 20s.
The Nevada Governor’s Office of Economic Development Center is aimed at stimulating business expansion and offers various incentives, including tax abatement (no franchise taxes, personal income taxes, business income taxes), employee-training grants and more. And it doesn’t even require owners or shareholders to be residents of the state. All this means you can invest more money into getting your idea off the ground.
If you like the odds, here is what you’ll need:
Whether you are in the startup phase, or whether you just have an idea you might want to turn into a business one day, you should know, there are two types of permits that you might need: general and privilege. General licenses (for businesses offering general services, sales, and professional services) are approved and issued administratively by the city of Las Vegas Business Licensing Office. Privilege licenses (such as alcohol or gambling) require a background check and city council approval.
Step one – Register a Fictitious Firm Name
While it may seem like an easy job to do, it is actually not. You have to take a lot of things under a consideration. For example, if you are planning on taking your business worldwide, you probably don’t want Nevada or Las Vegas in your name, because you want to expand. Also if you are planning on selling your company down the road, you probably don’t want to use your name. You should think about your trademark and logo. The name can be changed (and it’s a bit expensive), but trademark can’t.
No matter which name you choose, make sure no one else has it because state agencies (Nevada Secretary of State and the Nevada Board of Contractors) require a unique name and will reject filing for a name that is too close to one already registered with them. Here you can find some additional and helpful information when filing for the fictitious firm name.
Step two – Decide on a Business Address
You’ll need an address for all the paperwork you fill out to launch your business. It’s much faster to have this address from the start, and then change it down the road if needed. You should also make sure that your office is actually in the Las Vegas, and that it doesn’t fall under other jurisdiction. Check the Address Locator before submitting an application, because fees are not refundable.
Step three – Obtain EIN Number
Employer Identification Number is like your business’ social security number. You can get it for free on IRS website. You’ll receive a letter of confirmation from the IRS a few weeks after filing. In some cases, you can operate without EIN, by using your own social security number. But, it puts you at risk for identity theft, so it’s not a great idea.
Step four – Nevada State Business License
Before you get a local business permit, you must obtain a Nevada License. This can also be completed online at the Nevada Secretary of State’s Office. You should consult with an attorney as to the best choice of entity for your business (whether it’s an LLC, a corporation, or a limited partnership). Maintaining an entity costs a few hundred dollars a year, but without a separate entity, you will personally be on the hook for all of the firm’s debts and obligations.
Step five – Register with the Nevada Department of Taxation
The permission you need depends on whether you’re a retailer, a service provider, or something else. Also, it is important to know that the local business license office will require a copy of your receipt. Here you can find all the information you need.
Step six – Apply for Your City Business Licenses
The lines that separate Las Vegas from other jurisdictions make no logical sense, and that could become a problem. Be sure which license you need, check the Jurisdiction Locator. It’s very important that you remain consistent with your business name, you will need it while filling out this forms. Don’t forget that it’s your entity that’s applying for the business license, not you! You must list the entire name of your business on all official documents. The price of your business permission varies with the jurisdiction and the kind of business it is, but ones that require background checks are usually far more costly.
Most of this tasks you can do online. It shouldn’t be too hard to do, having all the data in mind. The only thing you will need now is patience. You have done the hardest part. Just think about being your own boss. It can be your second business in the beginning and end up being much more profitable than you expected. This big dream of yours can become your reality, no matter what type of franchise you are interested in. You had a vision, and you were empowered to accomplish it. In the end, you will be able to say “I did it!”. Don’t be afraid to take the leap and throw the dice!