As many Americans know, whether or not you should start your own business heavily depends on the state you’re living in. How’s the economic situation in your state? Does it have beneficial business laws? Has it historically been good to small businesses?
All these questions – and more – need answering. If you’re living in Nevada, you’re in luck, because it’s actually a great place to start a business. In Nevada, small businesses employ more than 24 million people, with the annual employment growth of 2.6%.
Of course, starting a business in any state has its difficulties. If you fail to do things right, you’re risking wasting all of your money. That’s why we’re here to help you. Today, we’re going to take a look at what one needs to start a small business in the state of Nevada. Here’s how to do it…
Pick a Good Name for Your New Business
Before moving on, you need to pick a good name for your business. While this may not seem that important to some, it’s actually a big deal because it will affect a lot of things down the line. It will affect your ability to find a good domain name, market your business, and brand yourself.
You need something creative and memorable. Here are a few considerations for choosing a business name in Nevada:
- Pick a name that contains an alliteration
- Make sure that it explains what your business is about
- It should be easy to pronounce and consequently remember
- Your business name should have a positive connotation with customers
In an ideal situation, your business name should be available as a “.com” domain name. When coming up with name ideas, make sure to check the Nevada Business Name Search registry to see if someone has already taken the name.
Select the Right Business Entity
Next, you need to decide what type of legal structure your Nevada business should have. In most cases, people opt for Sole Proprietorships, Partnerships, and Limited Liability Companies. You can pick and choose between these and many more, depending on your personal situation.
Have you ever dealt with the legal aspect of running a business? If you haven’t, then you’ll probably need some help. The legal world isn’t generous for beginners in any state. To navigate it, you need all of the help you can get.
Therefore, it would be a good idea to contact a Northwest Registered Agent to help you deal with the situation. An experienced agent knows all of the nukes and crannies of the law and will allow you to focus on other aspects of starting a business, without worrying to death.
Register Your Business With the Secretary of State
We’re not done with talking about the law yet. You see, if you want to run a business in Nevada, you need to obtain a State Business Licence. Don’t worry, this won’t set you back a lot. A State Licence in Nevada only costs around $200.
Sole Proprietorships and Partnerships require some extra work. Besides the first and last name of the owner, these require you to register a Fictitious Firm Name, more commonly known as “Doing Business As” name or DBA for short.
You need to contact the County Clerk’s Office in order to apply for a DBA name.
Get an EIN Number for Your Business
Employer Identification Number or EIN for short is a number used by Nevada’s branch of the IRS in order to keep track of businesses for tax purposes. Your EIN number can be viewed as a social security number of your business.
You’ll later use this number to open a bank account, file your taxes, and get financing, among other things. The EIN number can be obtained in a number of different ways, including by fax, mail, and of course, online. The latter is the fastest option and takes only around 15 minutes.
Operate a Separate Bank Account for the Company
Finally, you need to open a bank account for your business. This is extremely important for two specific reasons:
- It will separate your personal and business assets
- Your finances and accounting will be a lot easier to manage
Although it’s legal it’s completely legal to have the same business and personal account in Nevada, it’s definitely not recommendable, since it will only lead to confusion and additional work for your accountant down the line.
As you might’ve noticed, we didn’t say a word about developing your product, doing market research, and other important aspects of creating a business. That’s because we wanted to address the universal aspects of creating a business.
Other things, like coming up with product ideas, manufacturing your product, and marketing it are aspects that you need to figure out on your own. These aspects depend on your business idea, target demographic, and many others. It’s not our duty to tell you how to do that.
By following the steps described above, you’ll be able to launch a company and start doing business in Nevada in no time. Follow our advice and good luck!