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How to Start a Business in Las Vegas


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How to Start a Business in Las Vegas

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How to Start a Business in Las Vegas

  1. 1. How to Start a Business Bongiovi Law Firm
  2. 2. Decisions, Decisions, Decisions Ideally, you should have some idea of: ● Exit Strategy ● Growth/Expansion Plans ● Eventual Partners In other words, you’ll make the biggest decisions when you have the least amount of information.
  3. 3. The Importance of a Business Plan It’s your blueprint. It reveals weaknesses in your business so you can plan better. It’s crucial if you need money. It’s a living document and should be revisited at least annually. You wouldn’t build a house without a blueprint; why would you build a business without a business plan?
  4. 4. Step 1: Choosing a Name ● Make sure no one else has it ○ Public records ○ ○ Google search ○ Can’t be “confusingly similar” ● Take growth plans into account ○ Geographical reference? “Trophies of Las Vegas” ○ One owner? “Joe’s Mobile Detailing” ● FFN (DBA) needed? ○ Only if you’re operating under a name NOT registered with the state
  5. 5. To Trademark or Not to Trademark? ● First requirement: Must actually be used in commerce ● Can establish common law rights in the name ● Trademarking ( ○ Provides an official date you established rights in the name ○ Can reduce the time and expense in fighting infringers ○ Lengthy process - 1 year + ● Take growth plans into account ○ Must choose categories of goods/services ○ If trademarking logo/design, must reaffirm use every six years
  6. 6. Step 2: Establish a Business Address ● Choose wisely - changing is expensive and time-consuming ● Renting a physical office is like inviting people to a wedding ○ Base rent + CAMs + insurance + utilities + furniture/equipment + staff ● Home address? ○ If you don’t own, you’ll need owner’s permission ○ Even if you do, check CC&Rs ○ Will be public record ● Best of both worlds: Virtual Office ○ Physical location, but no physical space ○ Grow into the services
  7. 7. Step 3: Form Your Entity ● Operating as a sole proprietor? Not recommended for most. ○ Still need $200 annual state business license ● LLC or Corporation? ○ Corporation = high maintenance ○ LLC = limited liability of a corporation + tax flexibility of a partnership ● Register with the Nevada Secretary of State ○ SilverFlume ○ Obtain state business license ■ Changes to exemption rules
  8. 8. State Business Registration Exemption ● Nonprofits ● Motion Pictures ● Insurance Companies ● Real Estate Rentals (4 or fewer dwellings) ● Home Based Businesses ○ Were your net earnings from this business less than 66 2/3 of the Nevada Average Annual Wage in the preceding calendar year (about $27,000 in 2010)? ○ Do you own, rent, or lease any real property other than your personal residence in the furtherance of this business? You still need the exemption form to proceed with licensing process.
  9. 9. Step 4: Get your EIN Number ● Employer Identification Number ● From the IRS ● Like a social security number for your business ● MAY NOT use a PO box At this point, you have all you need to open a bank account and start negotiating contracts, like lease agreements for your business.
  10. 10. Step 5: Register with the NV Dept. of Taxation ● Sales Tax Permit ○ If you sell tangible goods, you’ll collect sales tax from your customers and remit that to the state. ● Consumer Use Tax Permit ○ If you don’t sell tangible goods, then anytime you purchase something that’s consumed in your business (office supplies, equipment) without paying sales tax, you’ll calculate what you would have paid and remit that to the state.
  11. 11. Step 6: Apply for Local License(s) ● How many licenses do you need and from where? ○ For each business activity ○ In each jurisdiction in which you’re “transacting” business ● Tips and Tricks ○ Is your license regulated/restricted? ○ Your entity is the applicant ○ DBA/FFN needed before this step ○ Purpose description can mean big fees (ex: photographer) ○ Home occupation permit needed; also, check CC&Rs
  12. 12. Penalties ● State Business Registration ○ Can’t legally transact business ○ $100 fee ○ Can’t obtain local licenses ● Local Licenses ○ “Reinspection fees, civil fines or criminal misdemeanor citation(s) that can result in fines up to $1,000/day or 6 months in jail.”
  13. 13. Bobby Misko Bongiovi Law Firm 2620 Regatta Drive, Suite 102 Las Vegas, NV 89128 (702) 485-1200 Instagram: @corporateconsigliere