Everything You Need to Know Before Starting a Business in Las Vegas
Starting a business in Las Vegas is a great idea but, like all new businesses, requires much planning. See how to plan for a successful business here.
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You thought about it for years and now it’s time to go start your business! Where better to bet on yourself as a business person than Las Vegas!
Las Vegas draws new businesses like a moth to a flame. According to the 2012 Survey of business owners, Las Vegas is home to 55,856 companies. With so many visitors coming to spend so much money, it’s easy to see why companies choose to have a piece of that pie.
Before you pull the trigger, do you know what the first steps are when starting a business in Las Vegas? Do you know which licenses you’ll need?
Don’t worry! We have gathered all the important information you need to get started. Keep reading our quick guide to learn everything you’ll need to know to plan for a successful business.
Choosing the Name Is the First Step to Starting a Business in Las Vegas
One of the first and most important steps to opening a new business is choosing the name of the business. The name of your business is important because your name could be the difference between success and failure.
Your business name should at least hint toward the product or service you provide. You don’t want to call your gardening business “Monkeys and More”.
Another thing to keep in mind is that you want to grab the customer’s attention, so they do not take their business to the catchier business down the road.
While we’re talking about other companies’ business names, double and triple-check that no other business goes by that name already. If not, you will end up in a very expensive litigation nightmare. Do yourself a favor and make sure your business name is 100% original.
The ABC’s of DBA Names
If you had your heart set on a business name that is already taken, you can apply for a “doing business as” (DBA) name. A DBA is a name you will call your business while using a different name for your business licenses and tax filings.
This way, you can put up signage and call your business “Carol’s Cakes” while operating as CSC, LLC when dealing with legal matters. Be sure not to get these mixed up on paperwork though, it will cause you headaches later.
What Is Your Business Address?
Do you already have a place for your business to set up shop? If not, you can always start with your home address as a business address until you can move to a larger facility.
Keep in mind that it is outrageous how expensive it is to change your business address. You want to stay in one location for a while so you aren’t throwing away money on address registration. Some businesses can even use a P.O. Box as their legal address.
Check with your local city licensing bureau to see what their regulations are before you start your registration paperwork. Some cities don’t allow businesses to use a P.O. box or mail store box at all.
Register with the Tax Department
Before you can apply for any business licenses, you need to register with the Nevada Department of Taxation. There are a couple of tax permits to choose from, so check with your tax specialist to find out which one you need.
If you are unsure at all about how your taxes will work, refer to your Taxpayer Information Packet. Everything you need to know about your business’ tax responsibilities.
Make It Official and Get Your State and City Licenses
Any company who wants to do business in Las Vegas needs a Nevada state business license, as well as city licenses based on your jurisdiction and business type. If you get caught without the proper licenses, your business will fail before it ever gets off the ground.
Some of these licenses come with a hefty price tag depending on where you are and what your business is. The state license alone is $200. If you find yourself strapped for cash right before you open for business, consider taking out same day loans for those last-minute unexpected expenses.
Be sure you put down the business name when applying for your licenses instead of your personal name. Getting some documents in one name and others with another name will lead to a lengthy process of sorting out the situation before you file taxes.
Get Your Employer Identification Number
Every person in the United States has a Social Security Number (SSN) they can use as national identity and file taxes every year. Businesses get a similar number, but it’s called an Employer Identification Number (EIN).
Do not under any circumstances use your personal SSN for your business number. Registering for an EIN is free and easy to do online on the IRS website. After registration, you’ll get a letter from the IRS confirming your EIN and asking if you wish to change the type of business you are for tax purposes (such as S-corp).
Time to Roll the Dice and Take a Gamble
Any time you start a business, it’s risky! But, no greatness was ever achieved by not taking risks. Starting a business in Las Vegas is no different.
People spend outrageous amounts of money in Las Vegas, so there is plenty of business out there for new businesses to take advantage of. What happens in Vegas, stays in Vegas, but we hope your business grows well beyond Las Vegas city limits!
We hope you enjoyed reading this article and that you learned a thing or two about starting your business in amazing Las Vegas. For more up to date news about Las Vegas casinos and clubs, state and local news, sports news, and much more check out the rest of our Articles today!