Talk about Employees being a pain in the ass and how to plan for having them.
Types of Leases. Like vacations.
Talk about General Partnerships first by creating a fake one with audience member. Then dismiss, and talk about LLP’s and how they are limited. LLC is king!
You have selected Exemption 003, "Person who operates a business from his or her home." This means: A natural person who individually operates a business and performs ALL essential functions EXCLUSIVELY from his or her personal residence or a married couple who jointly operate a business and perform all essential business functions exclusively from their personal residence in this State if no part of the personal residence is held to the general public for use in furtherance of that business that would require the posting of a business license in accordance with a county or municipal ordinance.
Photographer: when application did not specify that no darkroom (and associated chemicals) would be used bc operation was all digital, license fees were a fraction of what they were
How to Start a Business in Las Vegas
How to Start a Business
Bongiovi Law Firm
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.
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?
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
To Trademark or Not to Trademark?
● First requirement: Must actually be used in commerce
● Can establish common law rights in the name
● Trademarking (USPTO.gov)
○ Provides an official date you established rights in the
○ Can reduce the time and expense in fighting
○ Lengthy process - 1 year +
● Take growth plans into account
○ Must choose categories of goods/services
○ If trademarking logo/design, must reaffirm use every
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
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
○ Obtain state business license
■ Changes to exemption rules
State Business Registration Exemption
● 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.
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.
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.
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
● 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.”
Bongiovi Law Firm
2620 Regatta Drive, Suite 102
Las Vegas, NV 89128