NV Business Facts
Nevada has no state corporate income tax, nor does it impose any fees on corporate shares. It also doesn’t require personal income tax or franchise income tax for corporations or LLCs. Nevada is known as “The Silver State,” after its state metal. The nickname dates back to the silver rush in the region during the 1800s, when silver was so plentiful, prospectors simply shoveled it off the ground.
Nevada has more mountain ranges than any other state in the US, at over 300. It also has more hot springs than any other state. Nevada is the seventh-largest state, and nearly 85% of its land is owned by the federal government.
The Silver State is also known for Hoover Dam – the largest public works project ever undertaken on American soil, and one with greater structural volume than even the largest of the Great Pyramids.
Nevada’s largest industry is tourism and gaming, owing largely to the hotels and casinos in Las Vegas. Logistics is a close second, with manufacturing, mining, and aerospace also occupying chief positions.
Major Companies in Nevada
It’s no surprise that many of Nevada’s top businesses are in the tourism and gaming industry. Some of the larger corporations include MGM Resorts International, Caesars Entertainment, Las Vegas Sands, Johnson Electric
Wynn Resorts, AMERCO, Boyd Gaming and International Game Technology.
Nevada Startup Environment
Although Nevada is primarily known for gambling, the low cost of business, large incentives, extensive transportation network, and ample clean energy resources make Nevada an excellent place to headquarter any business. However, the state has seen particularly explosive growth in the energy sector, and may, according to Fortune, soon be to energy tech what Silicon Valley is to Internet and software startups.
There are 3 basic options: a DBA, a Corporation or an LLC. Click here to learn more about business entities.
Picking a business name is easier said than done – many legal and business problems can arise from picking the wrong name (you can always change it later but the less times you have to do that, the better). In Step 3 we’ll show you how to search for the name in Nevada, but we highly recommend you do the following before searching Nevada state databases:
Tip: search misspellings, plurals, variations of spelling, sound-alikes and other versions of your chosen name to be sure it’s not already registered.
Each state has its own requirements for registering a business. Now that you’ve chosen a business structure and picked your name, here are the requirements to register your business in Nevada.
Notes about Incorporation and forming an LLC in Nevada
DBAs in Nevada are filed with the county. You’ll want to contact your local County Recorder to find out exactly what forms to submit and what they’re submission process is. You can find the local county recorder’s office by searching “YOURCOUNTY county recorder”.
Sure, you could do all the steps above or you could spend 5-10 minutes on our order form and let us take care of it while you work on more important things.
Your EIN is like your Social Security Number for your company. It’s required for Corporations and LLC’s and optional for DBA’s (if you don’t have any employees, then it’s required). However, if you are a DBA and don’t obtain an EIN you will be forced to use your Social Security Number on many documents so it’s typically recommended you obtain the EIN to prevent identity theft.
TIP: We will obtain your EIN for you if you we form your company.
To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit. To open the account simply call your chosen bank and inquire on the steps to open a business bank account. Typically you’ll need a) your filed paperwork b) your EIN c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).
TIP: Our business formation service includes a free banking resolution for your use.
Setup your Accounting and Record-keeping system and learn about the taxes your new company is responsible for paying.
Company documents generally are required to be kept for 3 years, including: a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments or changes to the company. All Tax and Corporate Filings should be kept for at least 3 years. View our “Accounting & Financial Management” section for help with setting up an accounting system and purchasing accounting software.
Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
The State of Nevada uses Silverflume, a one-stop portal where you can register your business with all the necessary divisions and obtain the necessary documents.
Tip: We work with a company that can obtain and prepare business licenses and permits for you. Click here to learn more.
If you intend to hire yourself or others as a full or part-time employee of your company, then you may have to register with the appropriate State Agencies or obtain Workers Compensation Insurance or Unemployment Insurance (or both). View our “Employees & Payroll” section for help with hiring employees and processing payroll.
There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. This can cover everything from product liability to company vehicles. A decent policy can run as little as $300/year and offers a great extra level of protection. Click here to view our preferred provider of business insurance online.
Prepare the business as if someone needed to take it over and run it for you. This means have a method to process orders, pay bills, pay employees, pay taxes, maintain your permits, etc. Basically, try to make the operational aspect of the business as automated and efficient as possible so you can concentrate on growing your business. View our “Manage Your Company” section for help with systemizing and automating your business.
Now that you’ve set-up the company for success, you need to get the word out. Create a marketing plan for your products and services that targets your ideal customer. View our “Marketing & Sales” section for help for more information.
All businesses operating out of Nevada must obtain a state business license from the Secretary of State, which must be renewed annually. The fee for licensing and renewal is $200 for DBAs and LLCs, and $500 for Corporations.
DBA: In most counties, your DBA should be valid for 5 years (unless you change your name or other information listed on the FBN), at which point it will require renewal. Check with your county clerk for more information.
LLC: Nevada LLCs are required to file an annual report listing their officers, directors, and registered agent. This report, known as an ‘annual list,’ is due by the end of the first month after the LLC’s Articles of Organization were filed. The filing fee is $350. Nevada does not require LLCs to pay an annual tax.
Corporation: All businesses incorporated in Nevada must also file an annual report, listing their officers, directors, and registered agent – the filing fee is $650.
Franchise Taxes: Nevada does not require its businesses to pay a franchise tax.
Nevada State Capitol Building
101 North Carson Street, Suite 3
Carson City, NV 89701
1550 College Parkway, Suite 115
Carson City, NV 89706
Top 10 Nevada Startup Resources:
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