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Introduction to Nevada Domestication

Date: 11/04/2020 | Category: | Author: Martin Pouzar

Introduction to Nevada Domestication

There are times when business owners and entrepreneurs have formed their business in one state and want to shift it entirely to another state. There is a process for shifting a business from the formation state to another state and this is known as changing company domicile or domestication. If you are thinking of opting for Nevada domestication then this article will provide you with valuable insights into domestication and how you can move a business to Nevada, and how this process is different from that of foreign registration.

Nevada Domestication

When businesses grow their past strategies and methods may not fit their present needs or future goals. This is when a business has to make an informed decision. Some businesses choose to expand or shift the business to another state and such a decision can often be motivated by several reasons right from tax benefits to state infrastructure. There are different ways to change the state of business formation like dissolving existing business and forming a new one or opting to form a foreign entity. There is a third option and it is known as domestication. One of the popular moves is Nevada domestication as the state provides tax shelter and a favorable business environment.

What is Nevada domestication?

Most business owners have the notion that in order to move a business to Nevada they will have to either dissolve their existing business or opt for foreign qualification but there is a more attractive and better alternative – domestication. Domestication is basically a process that involves the “transfer” of an existing business entity from its domicile state to a new state or jurisdiction. If you are planning to relocate your business from anywhere in the US to the state of Nevada, you will have to undergo the process of Nevada domestication.

You can opt for Nevada domestication LLC or a business corporation process depending on the type of business you have formed in your home state. The popularity of domesticating is largely due to the fact that it offers several benefits like the ability to keep and maintain the same company structure as well as keeping the same tax ID (EIN). If you have a corporation in your domicile state then through the Nevada domestication corporation process, you will be able to not only maintain the same corporation in a new state but also keep your existing business bank account and line of credit.

Why move your business to Nevada?

Nevada has a strong and vibrant economy and it is home to the largest entertainment industry in the world. There are several reasons why business owners find Nevada domestication an attractive proposition. One of the top reasons why entrepreneurs prefer to move their business to Nevada is tax benefits and incentives. When it comes to business and other taxes, Nevada State does not collect:

  • Individual or corporate income tax
  • Franchise tax
  • Inventory tax
  • Estate tax
  • Unitary Tax
  • A Minimal Employer Payroll Tax of just 0.63 percent

If you move your business to Nevada then there are several other benefits that you can enjoy. Some of the benefits are:

  • Nevada has close proximity to California and the West Coast markets and this leads to reduced storage or shipping cost
  • The state offers highly competitive utility rates especially for commercial businesses
  • Nevada does not require businesses to share their list of company-held assets, which will be highly beneficial for a Nevada domestication LLC or corporation
  • The state has a Catalyst Fund, which has been created solely to fund businesses relocating or domesticating to Nevada
  • Nevada State has several incentive programs for small businesses including the Silver State Works program. Post Nevada domestication, you can earn almost $2,000 for every state-qualified employee that you employ.

Domestication vs. Foreign Registration

If you are planning to expand or relocate your business to another state you can either choose Nevada domestication or opt for a foreign registration. Some entrepreneurs prefer foreign registration while some business owners want to simply relocate or move their business to Nevada. What would be your choice? In order to understand which will work better for you, it is important to identify the difference between registering your business as a foreign entity and moving your business to Nevada.

What is the difference between domestication and foreign registration?

If you already have an existing business and you are looking at Nevada as a prospective state for expanding or operating this business, there are two options. You can opt for foreign registration or choose Nevada domestication but there are certain important aspects to consider as they will help you make an informed decision. So, let us look at the difference between domestication and foreign registration.

  • Basic business difference: If you are planning to move your business to Nevada from any other state then it is considered to be domestication. If you are planning to expand your business in Nevada and also operate in the domicile state then you will require foreign registration.
  • Formation process: If you have opted for Nevada domestication then you will have to file the “Articles of Domestication” along with the filing fee. It is important to note that when you opt for domestication, you can form an LLC in Nevada as well as business corporations. If you want to register as a foreign company then your business will go through a foreign qualification process and you will be required to provide a certificate of good standing from the domicile state.
  • Filing Requirements: When you form a Nevada domestication LLC or corporation, you will be the owner of a single business and hence you will have to file for a state business license, taxes, and initial reports for the domesticated business. If you form a foreign business then you will have to fulfill the requirements for each state – the domicile state and the foreign state.

Moving Business to Nevada

If you are thinking of moving your business to Nevada then it is important to understand how the Nevada domestication process works and what documents or filings are required from your end. The Nevada Domestication Corporation and LLC processes are quite similar. Let’s look at the process of each type of business.

How to move your LLC to Nevada?

If you already have formed a limited-liability company in another state and are planning to move your business to Nevada then domesticating your LLC in the state is one of the best options. It is fairly easy to relocate your business in Nevada although you will have to check in advance if your state allows Nevada domestication of LLC e.g., Arizona and Texas allow businesses to domesticate to Nevada but New York and North Carolina don’t. The process of domestication of a limited-liability company is as follows:

  • Your limited liability company needs to be authorized for Nevada domestication. Check with the Secretary of State of the domicile state to ascertain if this is possible.
  • If it is allowed then the first step to move your business to Nevada is to obtain a certificate of good standing from your home state
  • Your business will be considered a foreign entity and you need to file Articles of Domestication with Nevada Secretary of State pursuant to NRS 92A.270 for Nevada domestication of LLC.
  • Hire a reputable registered agent in Nevada for service of process as it is mandatory in the state
  • You will have to apply for a business license in Nevada and also change state of operation with the IRS
  • You need to dissolve your existing LLC in the home state as a part of the Nevada domestication of LLC process

We can help you to move your LLC to Nevada!

How to move your Corporation to Nevada?

Nevada is one of the several states that allow domestication of a foreign entity. If you have incorporated in any state and want to proceed with Nevada domestication of corporation then there is a process for the same. Domestication will require state approval and the process is easier than conversion or foreign qualification. It is important to ensure that the board of directors as well as shareholders of the said corporation has approved Nevada domestication. The process of domestication of a business corporation is as follows:

  • Your business corporation needs to be authorized for Nevada domestication. You need to check with the Secretary of State of the domicile state to ascertain if this is possible.
  • If Nevada domestication of corporations is allowed then the first step is to obtain a certificate of good standing from your home state. You will also be required to submit the charter documents of the existing corporation
  • The next step in the Nevada domestication of corporation process is to file Articles of Domestication with Nevada Secretary of State pursuant to NRS 92A.270. You will have to dissolve the corporation in the domicile state to proceed with Nevada domestication.
  • It is mandatory in Nevada to hire and maintain a reputable registered agent for service of process
  • You will have to apply for business license in Nevada and also provide IRS with the new state incorporation information for tax purposes

We can help you to move your LLC to Nevada!

Ready to move your Business to Nevada

Nevada has a strong economy and offers domestic or foreign business owners a favorable tax climate. The state also offers affordable commercial properties so that when entrepreneurs move their businesses to Nevada they can benefit from low startups costs. If you are thinking of Nevada domestication of LLC or a corporation then IncParadise can provide meaningful assistance.

IncParadise is one of the most reputable registered agents with a presence in all 50 states including Nevada. We can help you to move your LLC or Corporation to Nevada as well as assist with the process of foreign qualification. We have a dedicated team of expert incorporation specialists and have assisted in formation of more than 5,000 businesses across the US. We also offer a wide range of business related additional services to support the formation, maintenance, and operation of each and every business.

Are you thinking of moving your business to Nevada?

Starting an Entertainment business in Nevada

Date: 10/13/2020 | Category: | Author: Martin Pouzar

Starting an Entertainment business in Nevada

Entertainment, Tourism, and Gaming are the three top tier and core revenue generating industries in Nevada. These industries are also considered to be dominant employers as well as anchor industries for several other sectors. The entertainment environment in the state is diverse and rich and helps in making the overall economy robust. You can start an entertainment business in Nevada as it has a promising future and several opportunities in the various segments within the industry.

Introduction to Entertainment business

The media and entertainment (M&E) industry in the U.S. is considered to be the largest in the world. It encompasses a third of the global media and entertainment industry valued at $717 billion. Your entertainment business ideas can become a reality if you have in-depth understanding of how to start a business in Nevada. Where will you derive the information from? We have created this guide to ensure your queries pertaining to the entertainment industry and business formation in Nevada are answered.

Entertainment industry in Nevada

The entertainment industry in the silver state is vast and vibrant and presents several opportunities for first time business owners to start an entertainment business in Nevada. This industry comprises several segments like gaming and casinos, motion pictures, streaming content, radio, television programs and commercials, broadcast, fine arts, music and audio recordings, video games, recreation, and several ancillary services and products. Your entertainment business ideas can become completely operational based on the fact that the market is rapidly evolving with new innovative entertainment options are being made available and accessible to visitors and local customers.

Entertainment industry in Nevada & its growth potential

Why do entrepreneurs prefer to start an entertainment business in Nevada? It is because the state has a strong infrastructure and extremely business friendly climate. The state is also home to Las Vegas, also known as the gaming capital of the world! A report by Las Vegas Convention & Visitors Authority (LVCVA) revealed that 42 million tourists visited Southern Nevada in 2019 and the direct visitor spending was estimated at $34.5 billion. The existing entertainment business ideas revolve around mostly the gaming sector and visitors driving this sector.

Entertainment is considered as one of the massive base industries in Nevada that have been attracting visitors from across the country and the world. This is the right platform for implementing your entertainment business ideas as the industry is constantly evolving by making new as well as diversified offerings like Area 15, which is the world’s first immersive playground and entertainment complex. The Area 15 project is a big step in the entertainment industry especially in the city of Las Vegas, where gaming has been the primary source for the entertainment industry for decades. This is the age of the innovation economy and if you start a business in Nevada then you will be able to leverage the existing and new entertainment infrastructure.

The U.S. media and entertainment (M&E) industry is considered by experts to be highly growth oriented and is forecasted to grow to approximately $825 billion by 2023. The Nevada entertainment industry including the gaming sector and the art and cultural shows is expected to undergo innovation that will spiral its growth even further skywards. You can start a business in Nevada in the entertainment industry as experts believe that the future of the entertainment industry will lie in innovation and immersive leisure.

Top trends in the media and entertainment industry

You may start a business in Nevada in any sector of the entertainment industry but it is important to understand the current trends as the knowledge will help in shaping the future of your business growth and expansion plans. One of the new frontiers in this industry is the Immersive Entertainment Segment, which was valued at an excess of $4.5 billion while the theme park entertainment segment was valued at $45.2 billion. So, let us take a look at the top trends in the media and entertainment industry in the US and Nevada.

  • Immersive entertainment is the new buzzword! – Immersive entertainment has risen from the convergence of various art forms, education, and experiential entertainment. Entrepreneurs are creating their entertainment business ideas around this segment. Whether it is Disney experimenting with Star Wars stories through theme park expansions or Meow Wolf’s immersive art experiences, this is definitely the newest trend that you can consider when starting a business in Nevada.
  • The Event Promotion segment is becoming more technology driven – You can start a business in Nevada in this segment as the industry has a proven success record and there is always a continued demand for different types of live entertainment. The estimated revenue generated from this segment since 2015 is $35.1 billion. The event promotion segment of the entertainment industry is responsible for producing, managing, and advertising a wide variety of live events as well as performances, like sporting events, concerts, and public appearances. If your entertainment business start up costs is within budget then you can invest in some of the following trends:
    • Breakout sessions during conferences to create personalization for attendees
    • Event apps that provide data-driven activity suggestions based on profiles and networks of attendees
    • Use of venue management technology that provides live availability status, instant request for proposal(RFP), 3D virtual tours, and customizable packages among others
  • Casino gaming segment is undergoing several changes – This is another profitable sector where you can start an entertainment business in Nevada. There are two types of casino gaming businesses existing in Nevada and they are non-hotel casinos and casino hotels. The casino gaming sector of the entertainment industry generated revenues of $8.76 billion in 2019. The gaming industry over the last decade has undergone numerous transformations due to innovation and new entertainment business ideas. Some of the new trends in this industry include:
    • Acceptance of Cryptocurrencies on online platforms
    • The use of bitcoin and other digital currencies are becoming popular as they help maintain security and anonymity
    • VR based gaming is on the rise
    • Upgrading of existing slot machines to give players a new and fresh experience
    • Experimentation with new table games

Steps to start an entertainment business in Nevada

If you are planning to start an entertainment business in Nevada then it is important to understand that there will be several aspects that you will need to consider depending on the business activity. It can be quite a tricky business to operate especially with different legalities involved. Hence, business planning is extremely crucial prior to starting operations and this includes taking into account entertainment business start up costs. Let’s take a look at all the steps you will be required to follow in order to set up your new business smoothly.

Prepare a business plan for your entertainment business

A business plan is the most crucial part as it will provide you with an insight into how you can start a business in Nevada and answer queries related to entertainment business start up costs especially on equipment, licenses, permits, staff, and others. The entertainment industry business plan will vary according to the type of activity. For example, a strategic plan for a non-hotel casino will be different from that of an event management company. At the same time, there are certain aspects that will remain the same for all types of business plans. A robust business plan should incorporate the following:

  • Objective: This is one of the most important sections and it will provide your investors or customers with an insight into the primary and secondary objectives of the business.
  • Executive Summary: This section of your business plan will include entertainment business ideas and a concise description of the business activity along with market analysis proving the sustainability of your idea.
  • Target Market/Audience: If you are planning to start an entertainment business in Nevada then you need to identify your target audience based on business activity and geographic location.
  • Industry Analysis: This is not a mandatory section for all types of entertainment businesses but some businesses like a casino or live concert may require it. This section helps in identifying the relative market or a niche within the entertainment industry that your business will target.
  • Competition: This is an important aspect of any robust business plan as it will identify the existing and expected competition in the market and ways to deal with it. When you start a business in Nevada, competition will play a key role in helping your determine your brand and marketing strategy and USP (Unique Selling Proposition)
  • Marketing Plan: If you start an entertainment business in Nevada, you will need a marketing plan. A strong marketing plan should take into consideration the four P’s, which are Price, Product, Place, and Promotion.
  • Operations Plan: Depending on the type of entertainment business ideas or activity, you will need to prepare a detailed operation plan. This plan will outline short-term and long-term business goals and how you are planning to meet those goals.
  • Financial Plan: This is one of the most critical areas of any business plan and will help you in determining the entertainment business start up costs. This section will also help you to identify possible avenues from where you can derive funds including state government grants, source funding options and bank loans.

Choose a business entity

You can start an entertainment business in Nevada as a partnership firm or as an LLC. There are several different types of business entities to choose from. When you are choosing an entity there are certain aspects that can provide more clarity like understanding the tax structure for each entity, the possible tax benefits, liability protection, and asset protection among others. The structure of a business entity will also determine entertainment business start-up costs as a proprietorship firm will have lower startup costs as compared to a business corporation.

Setup your business legally

One of the first steps towards setting up a new business in Nevada is identifying a business name and reserving it. You will have to create a checklist of entertainment business name ideas and then ensure the chosen name is available by searching the Nevada SOS database. If your chosen name is available then you can start a business in Nevada by completing a formation or incorporation form. The form along with the prescribed fee has to be submitted with the office of Nevada Secretary of State. You may find the process perplexing as there is a lot of information that is required in the new business registration application. Alternatively, you can submit your application through IncParadise. We can help you to register your business in Nevada with ease. We are expert incorporation specialists and one of the top registered agents in the state with experience in helping more than 10,000 businesses to register.

Incorporate your entertainment business in Nevada!

Get necessary business licenses and permits

One of the primary requirements that you will need to fulfill before you can start a business in Nevada is obtaining a state business license. It is mandatory for all types of businesses to apply for and obtain this license although you may also be required to apply for local or city business licenses and permits.

Let’s look at an example: if you were to start a casino gaming company then apart from the state business license, you may also have to apply for a non-restricted gaming license in Nevada. Similarly, if you are running an arcade with 25 or more gaming machines then you will have to get approvals from the planning and fire department and then apply for an Arcade license. This license will be renewed annually and some businesses may even require multiple licenses or permits depending on the type of business activity. The fee for a business license or permit will be a part of your entertainment business start up costs.

As you can see from the above example, license and permits are determined solely by the business activity. If you start a business in Nevada, you may require multiple licenses or permits. It may be difficult at times to identify what licenses your business really requires and hence we have created the business license research service, which will address all your licensing requirements.

Register for taxes

One of the important requirements of starting a new business is obtaining a tax ID. Although Nevada doesn’t have corporate or personal taxes you will still be required to apply for an Employer Identification Number (EIN), which is issued by the IRS. If you start a business in Nevada there may be other returns that your business may have to file like the commerce tax, modified business tax (MBT), and payroll tax. It is also important to know that not all types of business tax will be applicable to your entity. You can find more information on your tax requirements with the Department of Taxation for the state of Nevada.

Market your business

It is important to build your brand revolving around entertainment business ideas and this can be effectively done by using multiple methods of marketing. It is important to have a strong marketing strategy that will not only focus on highlighting your brand but also target long-term customer retention. There are several different ways to market your brand or business and they can be categorized under online marketing and offline channels like print media. When you start an entertainment business in Nevada, you will find the following ways of marketing your brand as the most effective.

  • Create a website
  • Have a strong presence on social media websites
  • Create a blog and link it with your website and social media platforms
  • Encourage social media contests
  • Starting your own business or entertainment industry podcast
  • Consider organic social marketing to attract targeted audience
  • Issue press releases whenever or wherever necessary

How does IncParadise help you?

It may seem like a difficult process to start a business in Nevada but with the help of IncParadise, you will be able to register your entertainment business and begin operations quickly. We have a team of professionals who have knowledge and experience in new business incorporation and can answer any query that you may have pertaining to business formation. We are one of the top registered agents in the country and due to the varied nature of different entities we have created a wide range of business specific services. You can use any of our additional services based on your immediate requirements.

IncParadise can help you start your Nevada business today!

Start a franchise business in Las Vegas, Nevada

Date: | Category: | Author: Martin Pouzar

Start a franchise business in Las Vegas, Nevada

Owning a franchise business in Nevada will make you your own boss and there are several advantages like access to capital, high speed of growth, better-quality management, improved operational quality and risk reduction among many others. You can set up a franchise business model or follow the models used by existing successful businesses. The modern day market is home to thousands of franchises that are operational across a variety of industries. Owning a franchise is one of the best ways to start a business in Nevada.

Introduction to starting a franchise business in Las Vegas, Nevada

Nevada is considered as one of the best states for startups and Las Vegas is home to some of the top businesses in the tourism & hospitality industry. There is a saying that “Las Vegas is always open for new businesses” and offers a business climate that is perfect to start a franchise business in Las Vegas. There is also the low tax burden in Nevada, which acts as a cushion for startups. If you have franchise business ideas then this guide will help you understand the benefits of starting a franchise and provide you with an insight into how to choose a franchisor, signing up a franchise agreement, and launching your franchise business.

Franchise Business in Las Vegas

There are several aspects of franchising that makes it such an interesting, attractive, and successful business option. Today there are several low cost franchise opportunities to choose from especially in Las Vegas, Nevada although there are certain factors that play a key role in the success of a franchise. A successful franchise business in Nevada is one that chooses the right business model and operates in a market with lower degrees of penetration. There are several other factors that determine the overall success including a strong business strategy and creating a positive brand experience for prospective Las Vegas customers

What is a franchise business?

A franchise business in Nevada is a type of business where the owners also known as “franchisors” have sold the rights of their business name, logo, and model or strategy to third party business owners or operators also known as “franchisees”. The whole idea behind the concept of franchising is to enable business expansion. The franchise business model works on its ability to be implemented by several others and this includes intellectual property, procedures and know-how, and branded products or services. Let’s look at an example:

Normally, the franchisor will sign a Franchise Agreement with the third party business or franchisee who may be required to use specific uniforms carrying the brand logo or name, following business methods, and delivering the products or services offered by that particular brand.

There are primarily two basic types of franchises and the franchise business model is different for each type. If you are planning to start franchise business in Las Vegas then the types of franchises are:

  • Business format franchise: This is the most common type of franchise opportunity and its objective is to facilitate the expansion of the franchiser’s business. The fast-food industry is the perfect example of a business format franchise. If you choose this type of franchise business in Nevada then you will receive the following:
    • The license to use the principal trademark or brand name and logo of the franchisor
    • You will have access to the system and standards necessary to operate the said business including staff training programs, instructions and support towards using point-of-sale (POS) systems and other key functionalities.
  • Single Unit and Multi Unit Franchise: The single unit franchise is considered to be the bedrock of the franchise business but now with the changing times, the multi-unit franchise is gaining momentum in popularity and has increased in influence, power, and volume. If you are planning to start a franchise business in Las Vegas as a proprietorship then a single unit or single operator franchise would be perfect but if the business is going to be an LLC or corporation then a multi-unit franchise is recommended.

These are the most common types of franchise businesses in Nevada that you can operate although over the years, categories have expanded and franchise business ideas are being explored in Manufacturing franchises, Management franchises, Investment franchises, Business to Business franchises, Conversion franchising, and Product distribution franchising among others.

Benefits of opening a franchise business in Las Vegas

There are over 759,200 franchise establishments in the United States and modern day franchising has its roots in the US. Franchise businesses account for 3 percent of the US GDP and employ approximately 9.1 million people. You can start a franchise business in Las Vegas, Nevada as the state offers an excellent business environment especially for startups. You can benefit from several low cost franchise opportunities in a variety of industries with the most popular being retail, food, coffee, vending and ATM, restaurant, pet, fitness, and sports among others. There are several benefits of starting in Las Vegas and some of them are:

  • Economy on the overdrive: Las Vegas has one of the strongest economies in Nevada with the primary industries being tourism, gaming and conventions, retail, and restaurant. The city of Vegas almost never sleeps and this is one of the reasons why franchise businesses in Nevada are so promising. A report by the International Franchise Association (IFA) has also predicted that franchise growth in Nevada including Las Vegas will be one of the fastest in the nation. If you have franchise business ideas then Las Vegas is definitely the place to turn ideas into reality.
  • Low or No Taxes: Las Vegas not only offers low cost franchise opportunities but has a friendly tax climate. The low or no tax environment is good for any type of franchise business in Nevada. Some of the taxes exempted are:
    • Personal income tax
    • Business income tax
    • Franchise tax
    • Gift tax
    • A limited tax
  • No Franchise registration: There are many entrepreneurs who prefer to start franchise business in Las Vegas because Nevada is a non-registration state for franchises. This simply means that there are no state laws for regulating or registration of a franchise.

Steps to consider when starting a franchise business in Las Vegas

A franchise business in Nevada will provide several benefits to the seller as well as the buyer. Depending on the type of franchise business model you plan to implement, the primary benefit will be the ability to expand a brand that already has a market value. Since a franchise business does not require extensive marketing and brand development, you will be able to save cost and focus more on operations to ensure higher business growth. There are certain steps that you should consider when starting a franchise business in Las Vegas. The important steps are:

Research the businesses for franchise

There is a wide variety of low cost franchise opportunities available in Las Vegas but you need to conduct research in several areas, for instance, the business model that will work for you or the franchise brand that you want to focus on. Once you have created a checklist of franchise businesses you are interested in, the next step would be to conduct in-depth research on such businesses. There are certain aspects to consider when conducting research like:

  • The brand name and how strong the brand is
  • The success rate or growth of the brand in franchise market
  • Local market share and profitability
  • What is being provided by the franchisor like staff training, business model, equipment etc.

Once you have conducted this research, you can ask other franchisees of their experience and get information regarding what to expect when you start a franchise business in Las Vegas.

Make sure of business finance

If you are planning to start a franchise business in Las Vegas then finance is necessary. You may require financial assistance although it is recommended to check with the franchisor first as some of them offer a variety of business assistance programs including financing. You can also opt for low cost franchise opportunities or approach a financial institutions like banks to facilitate a commercial loan. It is important to know that a bank loan will be available depending on your credit worthiness. The last option is to apply for a SBA loan for small businesses.

Reach out to the chosen franchisor

Once you have identified the specific franchise business in Nevada that you want to start, it is time to reach out to the chosen franchisor. It is important to understand that first impression matters for both the franchisor and the franchise applicant. Some franchisors have online forms using which you can apply although this is also a way by which franchisors can disqualify prospective franchisees if the form has not been filled correctly. Some franchisors may require you to submit an application and post submission you may be called for an interview. There are certain areas or topics that you need to cover during your meeting like provision for training, equipment, etc.

Sign the franchise agreement

The franchise agreement is essential prior to starting a franchise business in Nevada. It is basically a legal document that exists between you (the franchisee) and the franchisor. This is a legal binding agreement although Nevada does not have any laws specific to franchising. The franchise agreement contains in detail the expectation of the franchisor in terms of business operations, use of franchise business model, training and ongoing support, duration of the franchise agreement, franchisor’s royalty structure, cancellation policies, and renewal rights among others. It is also highly recommended to have a franchise attorney review the agreement prior to signing it.

Choose a business structure and form for your business

There are a variety of business structures that you can choose from depending on the type of franchise business model you choose. You can start a proprietorship business but if you want to employ staff and take advantage of Nevada tax exemptions then you can set it up as a corporation or a limited liability company (LLC). Once you have decided on the business structure, IncParadise can help you form your franchise business in Nevada so that you can make it operational. IncParadise is one of the top incorporation specialists in Nevada and has provided assistance to over 10,000 new businesses in key areas of business formation and maintenance.

Start your new franchise business in Nevada with IncParadise!

Prepare to launch your franchise business

Once you have applied for business formation and the necessary business licenses or permits to start a franchise business in Las Vegas; it is time to make it operational. It is important to know that most franchisors provide the assistance required for making a business launch successful like providing promotional material and new launch deals etc. Apart from what the franchisor offers, you can also implement your own ideas like leaving business cards or fliers at local malls, supermarkets and other places of high visibility. You can also provide great deals during the launch day to attract a good crowd because first impressions do matter!

How can IncParadise help you?

It may seem like a difficult proposition to start a franchise business in Las Vegas but with the help of IncParadise, you will be able to form your new business with ease. We have a team of experienced professionals who have been providing assistance to small businesses in the form of sharing of knowledge pertaining to specific types of businesses and also through services that will help you make your business operational quickly. We are here to ensure your franchise business ideas come to life and our wide range of additional business services will ensure your business conforms to all Nevada state requirements.

Incorporate your franchise business in Nevada today!

Starting a Finance Business in Nevada

Date: | Category: | Author: Martin Pouzar

Starting a Finance Business in Nevada

If you are someone who wants to provide a workable solution to the financial problems faced by individuals and businesses then starting a small business in Nevada in finance will be perfect. There are different types of finance businesses that you can set up depending on the audience you are planning to cater to. Your services can vary from consumer credit counseling services to making available a line of credit to any individual or business. You will have to complete the finance business registration in Nevada in order to make your business operational.

Introduction to a finance business

Whether an entrepreneur is starting a home-based business or a company offering products and services; they will require some form of finance to ensure the business is sustainable. How do entrepreneurs arrange finances? Entrepreneurs can opt for debt financing or choose mezzanine capital options but in a layman’s language they need a loan. When you start a finance business in Nevada, you will be able to help entrepreneurs and business owners to get the finance they need. There are several aspects of starting such a business like acquiring knowledge regarding finance business models, choosing an entity, and business registration among others. This guide will provide the information necessary to start up finance business ideas and make them operational.

Finance Company Models

If you are planning to start a finance business in Nevada then it will be an integral part of the U.S. finance industry, which is considered the largest as well as the most liquid sector in the world. In fact, the financial services industry is also the largest industry in the world in terms of equity market capitalization and helps in facilitating and financing not only other businesses but also the export of goods manufactured in the nation. If you have any start up finance business ideas then it is important to understand the different finance company models as this will help you in making an informed choice. There are three important types of finance company models and they are:

Consumer credit

The consumer credit model or system is one of the most commonly followed by first time entrepreneurs starting a finance business in Nevada. This model in its simplest sense allows consumers or other businesses to borrow money or incur a debt also known as consumer debt. When a consumer has credit they are able to buy or invest in assets or goods without the need to make upfront cash payment. This type of credit model is hence an essential aspect of any finance business plan.

Consumer credit can be classified under two broad categories and they are:

  • Closed-end Credit – This is a form of consumer credit that is normally used by a business or individual for a specific purpose. The credit is of a specific amount, and has to be paid back in a specific time period. When you start a finance business in Nevada, this form of consumer credit will be the most opted for among your prospective customers. Each payment for this type of credit is usually of equal amount. Some of the most common examples of this type of credit are automobile loans and mortgage loans. This type of finance business plan will require an agreement between the lender and the consumer, which will list the terms of repayment along with the payment amount, number of payments, and the cost of the credit.
  • Open-end Credit – An Open-end credit is also known as revolving credit and it is basically a pre-approved loan between the borrower and a financial institution. This pre-approved loan amount will be mentioned in an agreement and this is considered a good option for the borrower as they are in control of how much they borrow. Traditionally, an open-end credit exists in one of two forms: a credit card or a loan. You can start a small business in Nevada offering open-end credit.

Business credit

Entrepreneurs starting a small business in Nevada will at some point in time require capital to meet their business expenses. This is where business credit can help towards ensuring start-up finance business ideas are sustainable in the long-term. There are different types of business credit that you can offer as a finance business. The most common forms of business credit or loans are:

  • Line-of-credit loans: This type of loan is considered by many to be an extremely useful type of business loan especially for small business owners. You can start a finance business in Nevada offering line-of-credit loans as this is a short-term loan, which will extend the cash available in the checking account of any business to the maximum limit as mentioned in the loan contract. The business that borrows this type of loan will have to pay interest on the actual amount borrowed in advance. This type of business credit is quite common in any finance business plan.
  • Installment loans: This is another form of business credit that you can offer when you start a finance business in Nevada. As the name suggests, this type of loan is generally paid back through equal monthly payments that cover both principal amount and interest. The payback term for this type of business credit is generally correlated to its use.
  • Secured and unsecured loans: These are two types of business credits and an unsecured loan is not issued to everyone or by every lending institution. An unsecured loan doesn’t require collateral and hence is issued on the premise that a small business in Nevada has the assets to pay it back or is known to the lender. A secure loan on the other hand will require some form of collateral.

Real estate credit

If a small business in Nevada is investing in real estate then there are a number of financing options that they can consider. These options can vary from home equity loans to conventional mortgages, commercial loans, and owner financing among others. It is also important to understand that the finance business plan for a real estate developer will be different as they may require loans to fund each cycle of a real estate project.

Different types of funding are used at each stage of the life cycle of real estate project finance. Utilizing real estate line of credit options is important to the success or failure of a project. The primary benefit that a small business in Nevada has from this type of credit is that they can apply for and receive cash as well as credit within a short period of time. Some of the primary benefits of a real estate credit line include:

  • There are no upfront fees
  • There is no requirement for specific documentation
  • No appraisal is required
  • Real estate companies will not require any collateral to borrow
  • There are no restrictions on use

Steps to start a finance company in Nevada

There are two types of financial companies that are quite popular when it comes to starting up finance business ideas. The first type of company is one that offers financial services like financial planning and the other type of business is one which provides startup capital and loan to individuals and businesses. If you are planning to start a finance business in Nevada then you will need to complete some preparatory steps. The following steps will enable you identify your requirements towards starting a new business.

Prepare a plan for your finance company

When you start a finance business in Nevada or a micro-lending company then the first step is to ensure you have everything covered under a business plan. A business plan should be comprehensive and include vital information regarding your proposed business like startup costs, services offered, market analysis, competition, and projected revenue among others. Ideally your finance business plan should include the following:

  • Executive Summary: This is the most important section of your finance business plan as it will contain the mission statement, primary and secondary objectives and information pertaining to your small business in Nevada. As a startup business, you will also have to explain how your expertise or experience will enable the growth and success of the company.
  • Company Description: Since you are planning to start a finance business in Nevada, this section will provide an insight into the nature of the said business. This section will also mention the intended market or target audience; whether you will be focusing on offering business credit, consumer credit, or real estate credit or any two or all of the credit options.
  • SWOT Analysis: This is an important section of your finance business plan that will include an in-depth risk and strength analysis of your business. It is never easy to be a startup or start a finance business in Nevada due to competition and other market factors. In order to understand the sustainability of your startup, an analysis of SWOT (Strength, Weakness, Opportunities, and Threats) will be helpful in the long-term.
  • Market analysis: It is always recommended to launch a new startup or small business in Nevada after completing a market analysis. There are several factors that will play a crucial role in your business decision making like the target audience, existing competition, and the different types of loans or credit that are more popular among your target audience.
  • Financial projection: When you start a finance business in Nevada, one of the most important areas to cover in the plan is the startup costs and projected finances. This section of your finance business plan will be based on your market analysis. It is often recommended to discuss source of revenue, expected income, and projected profit for a period of five (5) years.

Choose a business entity

In order to start a finance business in Nevada you need to choose the type of business entity. Nevada offers a variety of options including Limited-Liability Company, Corporations (Profit and Nonprofit), S Corporation, Limited-Liability Partnership, Limited Partnership, Limited-Liability Limited Partnership, Sole Proprietor, and General Partnership. Each of these forms of business has their own advantages. For example, an LLC provides asset protection while S Corporations offers pass-through taxation. Depending on your requirements you can choose the form of business that will have maximum benefits in the future. It is important to remember that you can apply for finance business registration only after you have chosen the type of entity.

Register your business

The step after choosing a business structure is to identify and reserve your business name with the office of Nevada Secretary of State. It is important to understand that without a proper name in accordance to the Nevada Revised Statutes, finance business registration will not take place. Secondly, the new business registration process and forms will vary according to the type of entity chosen. You will be required to provide business information, personal information, and management information in the registration application.

Yes, it is a long documentation process just to start a finance business in Nevada and even the smallest mistake can make Nevada SOS reject an application for finance business registration. This is where IncParadise can provide you with high end incorporation services and also answer any business formation queries you may have. We are one of the top incorporation specialists in the country and offer specialized business formation services to make the process easier.

Start a finance business in Nevada today!

Get required business licenses and permits

One of the foremost requirements towards making your small business in Nevada operational is applying for and obtaining a business license. Every business requires a mandatory state business license issued by the office of the Nevada Secretary of State. You may also require local city or county licenses and permits depending on where your business is located and the primary business activity. Business licensing and other related information for startup finance business ideas and companies are provided by the State of Nevada, Department of Business & Industry.

There is another important aspect to consider, which is that your business may require two or more licenses and permits especially if it is a financial institution or company. Sometimes, it may be difficult to determine which licenses are required specifically for your small business in Nevada. In order to help you identify your licensing requirements, we have created a business license research service, which will show you what licenses are required based on the type of finance business activity. This will help you file the right license application and obtain all necessary finance business related licenses and permits in Nevada.

Open a bank account for your business

A robust finance business plan is incomplete without a banking account. If you plan to start a finance business in Nevada then it is important to open a business bank account, which will be separate from your personal account. This will help you in the long-term as some of the benefits are:

  • You will be able to maintain your financial books with ease
  • There will be accurate bookkeeping as personal and business earnings and expenditure will remain separate
  • Filing tax returns will be easier and smooth
  • Having a business bank account will help you get loans and other credit instruments like a credit card

Get business insurance

Whether you start a small business in Nevada or a home-based business, it is always beneficial to have business insurance as it will help in covering any cost associated with liability claims and property damage. If you are starting a small business then the most common insurance applicable is the business owner’s policy (BOP). This type of insurance is popular because it combines business liability, company or commercial property, and company income insurance in a single policy. The primary objective of a BOP is to protect the physical location of your company along with business assets. You can apply for business insurance prior to or post finance business registration. Some of the other important business insurance options include:

  • General liability coverage
  • Commercial Property Insurance
  • Business Income Insurance
  • Workers’ compensation coverage
  • Data Breach Insurance
  • Commercial auto coverage
  • Professional Liability Insurance

Market your business

One of the important drivers of business success is a strong and targeted marketing strategy. If you start a finance business in Nevada then your marketing strategy should revolve around the financial services or products that you want your customers to benefit from. Here are some of the most effective marketing strategies for any start up finance business ideas that you may have.

  • You need to get personal with your target audience and relate to them
  • Your marketing messages should address the simple needs of your target audience
  • Your marketing and branding strategy should try to establish trust with your prospective customers
  • Use your content towards educating prospective customers regarding their financial well-being. This can be done through website, blogs etc
  • You should optimize your existing web or brand copy, digital workflows, and content assets
  • Use artificial intelligence as a part of your marketing strategy to attract new customers and improve existing customer satisfaction
  • Use social media platforms to deliver consistent branding messages

How can IncParadise help you?

The finance industry is one of the strongest and promising industries of the future. You can start a finance business in Nevada and promote a variety of financial services or offer financial assets, debts, loans, and other products. You can make your business operational only after you have gone through the process of finance business registration and this process can be quite demanding. We at IncParadise specialize in new business formation and can help you start up finance business ideas in Nevada.

IncParadise is one of the top registered agents in the state and we have provided assistance to over 10,000 new businesses in key areas of incorporation and annual maintenance. We understand that a business has several requirements that they need to fulfill to be compliant with the Nevada statutes and hence we also provide a varied range of additional services that your business can benefit from.

IncParadise can help you start a Nevada finance business today!

Starting a Hospitality business in Nevada

Date: | Category: | Author: Martin Pouzar

Starting a Hospitality business in Nevada

Hospitality and tourism are two of the most consumption-oriented industries in Nevada. They are considered to be major economic engines with the hospitality industry being the largest business sector in the state. The hospitality industry is actually a collection of several businesses that cater to providing a large variety of services to customers. Since there are several niche areas within the hospitality industry you can start a hospitality business in Nevada of your choice.

Introduction to Hospitality business

Hospitality business is not a single stand-alone business area but an umbrella that covers several other businesses and multi-specialties. A tourism business in Nevada is an integral part of the industry and so is lodging and accommodation. At the heart of this industry are tourists that visit the state of Nevada for leisure, gaming, to attend conferences, or simply sight-seeing. The tourism industry is hence the largest sector within the hospitality industry. If you have hospitality business ideas then this new business guide will provide you with information pertaining to starting a hospitality business in Nevada.

Hospitality and Tourism Industry in Nevada

The hospitality industry, which includes the tourism industry, is one of the most successful sectors of the Nevada economy. The industry is home to several types and sizes of businesses and you can also be a part of this industry too. You can start a hospitality business in Nevada in the tourism industry, which has been responsible for delivering a state economic impact of $67.6 billion. You can also explore hospitality business ideas in other equally growth oriented and profitable sectors like restaurants, lodging, recreation, sports, events, and health.

A report by the Nevada Commission on Tourism industry reveals the following facts:

  • The average expenditure in non-gaming & gaming trips per overnight visitor was $666 in Las Vegas and $522 in Reno-Tahoe territory.
  • The average daily expenditure in non-gaming & gaming trips per overnight visitor was $198 in Las Vegas and $158 in Reno-Tahoe territory.
  • In Las Vegas, 27.9% of the tourists were on a vacation, 16.4% for gaming, and 11.8% for entertainment.

If you have any hospitality business ideas then this is the place to start your new business in Nevada.

Four major sectors of hospitality industry

If you are planning to start a hospitality business in Nevada then you need to possess knowledge regarding the major sectors of this industry. In reality, the industry consists of several minor and major sectors but there are four sectors that are the most important part of this multi-billion Dollar industry. Let us take a look at what those sectors are.

Food and Beverages

The first and foremost of the sectors is the food and beverages sector because food is something that everyone needs. Hospitality business ideas in the food and beverage sector don’t necessarily translate into starting a restaurant but it could be a takeaway or an ice cream shop. In order to start a hospitality business in Nevada, you need to consider the following target categories in the food and beverage (F&B) industry:

  • Fine dining restaurant
  • Organic and natural foods
  • Specialty and gourmet stores
  • Functional foods
  • Processed foods
  • Dairy Products
  • Beverages
  • Food services
  • Micro-Brewery
  • International Food Retail
  • Bakery
  • Restaurant Supply

The food and beverage sector of the hospitality industry is an essential sector of the US and Nevada economy. The revenue generated from the Food & Beverages sector is projected to surpass US$15,000 million by 2020 with projected sales for restaurants at $899 billion.

Travel and tourism

The travel and tourism industry is one of the largest industries that has a billion dollar impact on the US and Nevada economy. The state of Nevada attracts millions of visitors each year with Las Vegas receiving 42.52 million tourists in 2019. As a result, the Nevada travel and tourism industry generated a state economic impact of $67.6 billion. The rapid growth of this industry is one of the many reasons why entrepreneurs opt to start tourism business in Nevada. The travel and tourism industry offers several important services, which are:

  • Outdoor recreation activities
  • Airline travel or tickets
  • Car rentals
  • Cruise lines
  • Hotel accommodation
  • Travel insurance
  • Bureau de change or currency exchange
  • Different forms of tourism like adventure tourism, medical tourism, eco-tourism, leisure tourism, and health tourism among others.

Lodging

Lodging refers to any accommodation that can be utilized for a specific period to leisure, sleep or rest. Lodging can vary from hotels to camp grounds, youth hostels, motels and casino hotels. You can start a hospitality business in Nevada in the lodging industry as gaming and conferences bring a lot of visitors to Las Vegas and other cities. It is not surprising that casino owners and operators in Nevada maintained in excess of $63 billion in fixed assets in 2018. The visitor volume in the Silver State was 56 million with hotel occupancy rates being 83.4%. Las Vegas itself provides 147,000 guestrooms to visitors and there is always space and opportunity for hospitality business ideas in the lodging industry.

Recreation

Recreation is considered as an activity of leisure; where-in people relax or rest. The objective of recreational activities is to provide enjoyment, adventure, pleasure, or amusement. If you start a tourism business in Nevada then you can offer several types of recreational activities to your customers. The Silver State has plenty of opportunities for recreation other than casinos and these include:

  • Exploring North and South Lake Tahoe
  • Hiking to Red Rock National Conservation Area,
  • Trekking in the Mt. Charleston Wilderness Area
  • Cycle through Valley of Fire Scenic Byway
  • Snowshoeing the Spring Mountains National Recreation Area
  • Skiing over the Nevada-California state line
  • Backcountry fly fishing
  • Off-roading in the Jarbidge Wilderness Area

Steps to start a hospitality business in Nevada

The importance of the hospitality industry lies in the fact that it is the driving force behind the promising Southern Nevada economy. The Nevada tourism sector within the industry generates $10.3 billion in tax revenues while visitor spending has increased since 2013 by almost 18%. If you have been planning to start a hospitality business in Nevada then you can benefit from the many opportunities but first you need to form a business and be compliant with state requirements. Here is a step-by-step guide to starting your new business in the state.

Prepare a business plan for your hospitality business

One of the key hospitality business requirements is to create a strong and sustainable business plan. Traditionally, a business plan may serve a variety of purposes but the primary importance lies in helping business owners make informed decisions. Whether you are starting a tourism business in Nevada or focusing on lodging or F&B, creating a robust business plan will allow you to identify the major components that will drive your business. It is important to understand that a hospitality industry business plan will vary according to the type of business you plan to undertake. For example, a travel agency plan will be different from a hotel plan. There will be some similar components of any hospitality industry business plan and they are:

  • Executive Summary
  • Business Description
  • Services Offered
  • Market Analysis & Competition
  • Employees
  • Infrastructure planning & Design
  • Location
  • Market and Target Audience
  • Marketing
  • Financial Analysis

Source Funding

You may have several hospitality business ideas but starting a new business can be quite an expensive affair depending on the type of business. Let us look at an example to understand the initial expenses. If you are planning to start a tourism business in Nevada or a travel agency then the startup costs may vary depending on the selection of a franchise agency or a non-franchise agency. You will need to factor in certain fixed costs like staff, equipment including laptops or computers, internet connections, certifications and membership like members of ASTA etc. This is where considering source funding can be quite crucial towards mitigating startup costs.

There are basically two types of source funding options available to help start a tourism business in Nevada and they are equity financing and debt financing. Equity financing is applicable to large businesses as it is a way by which you can raise fresh capital. This is possible through selling of shares of your company to the public, financial institutions, or institutional investors. Debt funding or debt financing is different and is a type of source fund that benefits small startups and medium sized enterprises. This type of funding is more like a loan where-in, the lender, an investor, or a venture capital firm will lend you money at a specific rate of interest, for a certain period and will keep company assets as security.

Choose the right business structure

You can start a hospitality business in Nevada right from your home depending on the sector you specialize in. The importance of hospitality industry business to choose the right business entity structure lies in the fact that each structure is associated with different advantages and disadvantages.

For example: If you form a limited-liability company in Nevada then you can benefit from limited personal liability and your personal assets like bank accounts and home will be protected. Similarly, other forms of businesses like S Corporation have their own set of advantages especially when it comes to taxation.

Register your business

Once you have determined the business structure, it is time to apply for the formation of the company. This is an important step as you will be required to submit formation documents with the office of the Nevada Secretary of State to start a hospitality business in Nevada. One of the important things to remember is that the formation documents and information enclosed with the documents will vary according to the business structure. The hospitality business requirements can be overwhelming especially if you are unaware of the extensive information required regarding the business. This is where IncParadise can help you with this process of registration in Nevada. We are an expert incorporation specialist as we have helped form new businesses in the state. We have knowledge of Nevada business laws, state regulations, various processes and documentation required to form a new business.

Form your new Nevada business in the Hospitality Industry

Get necessary licenses and permits

One of the foremost hospitality business requirements is that of a state business license issued by the office of the Nevada Secretary of State. This license is required for all types of businesses although the local city or county license types may vary according to the business activity. You may also require single or multiple licenses and permits and not knowing which licenses are required specifically can make the application process difficult. This is why we have created a business license research service that will help you to identify and apply for licenses as required by your business.

For example: if you plan to start a tourism business in Nevada then you will be required to apply for local zoning permits with the Department of Planning and if you are starting a home-based business then you may require a Home Occupation Permit. You may even require single or multiple licenses depending on where your business is located and the business activity.

Hire staff

The hospitality industry is completely dependent on human capital. If you start a hospitality business in Nevada; you will be required to hire a skilled workforce depending on the type of business activity. For instance, employees for a travel agency will have different skill sets as compared to employees for a hotel. There are different ways by which you can hire your staff and these include:

  • Using social media platforms like LinkedIn
  • The word of mouth concept still works very well
  • Through references of friends, family, and acquaintances
  • Through job portals and consultants
  • By placing classified newspaper advertisements

Brand and market your business

Branding is very important to the hospitality and tourism industry. Marketing and branding co-exist and their primary objective is to attract customers and retain them. Of course, the marketing and branding strategy will be different for different sectors like the branding of a hotel will be different from that of a fine dining restaurant. Some of the important ways to market your hospitality business or tourism business in Nevada include:

  • Create a website that offers relevant information regarding your business
  • Take advantage of social media platforms to drive traffic to your website
  • You can even create an independent blog to write about your business or share hospitality business ideas. Ensure it is linked with your website or social media pages
  • Create local awareness through business events to help establish a strong network
  • Offer a discounted service or discounted coupons for products
  • Participate in local conventions and trade shows

How can IncParadise help you?

There are unique opportunities to start a hospitality business in Nevada due to its increasing visitor statistics driven by a robust hospitality and tourism network. In order to start a hospitality business and make it operational, you will have to undergo an exhaustive submission process. You will also be required to ensure the business is compliant with all state and local regulations as well as hospitality business requirements. This is where IncParadise can help you by ensuring you are able to submit the right documents pertaining to Nevada new business registration or incorporation.

We at IncParadise have a team of experienced professionals who can not only help you start a hospitality business in Nevada but also answer any queries you may have. We are here to ensure your hospitality business ideas become a reality using our wide range of additional business services.

Incorporate your hospitality business in Nevada Today!

Starting a transport business in Nevada

Date: | Category: | Author: Martin Pouzar

Starting a transport business in Nevada

Transportation is a vital infrastructure that drives the growth of all types of businesses as well as the economy. It is one of the most competitive industries in the US today with foreign direct investment in the transportation and logistics industry totaling $1.5 billion in 2018. The biggest benefit that you can gain by starting a Nevada transportation business is that you can facilitate the flow of goods and cater to a variety of consumer needs. Your transportation business ideas can vary from providing a local taxi service to a more luxurious limousine service and you can even focus on trucking within the United States.

Introduction to transport business in Nevada

Transportation both public and private is vital to the growth of any city, business, and economy of a state and country on the whole. The principal role of modern day transport is to improve access between several locations within a city, state or country for the larger benefit of individuals and businesses. Transportation is an important contributor of the Nevada economy and the Nevada Department of Transportation (NDOT) is responsible for improving all current and future transportation needs of the state. If you are planning to start a transportation business in Nevada, this guide will help answer all your queries pertaining to starting a new business taking into account type of transportation business, transportation business plan, Choosing a business name, and getting a tax ID (EIN) among others.

Nevada Transportation Industry

There are several benefits to starting a Nevada transportation business. These include strong infrastructure, several types of business options, excellent business climate, favorable tax situation and small business incentives. Whether you want to establish a small moving business or a trucking company, you will need to know the exact transportation business requirements as this can assist with proper operation of your business.

Transportation industry and its major sectors

The location of the silver state is excellent when it comes to starting a Nevada transportation business. The transportation industry has come a long way in the last decade with new road construction projects taking place and there are some projects in the pipeline as well. The infrastructural projects like the I-15 North Corridor project under the Capital Transportation Improvement Projects and the US 95 Northwest Corridor Improvements Project are some of the ambitious projects that are focused on improving traffic conditions making transportation business ideas very feasible.

A strong road infrastructure has made it possible for entrepreneurs to start transportation businesses in Nevada. There are approximately 30 billion vehicle miles that are driven each year in the state of Nevada. There is 5,000 miles of state road across Nevada that includes 4,428 miles of rural highway, 718 miles of urban highway, and 2,195,379 passenger vehicles accessing the roads in the state. According to a report by Nevada Department of Transportation (NDOT) trucking businesses have covered 1.7 billion miles in 2018 while public and private vehicles have traveled approximately 27.1 billion miles. There is a plan to create an 11-state Western States Freight Coalition, so that all types of businesses including manufacturing can enjoy the benefit of fast transportation of goods and access to other states in the country. The American Transportation Research Institute has ranked Nevada as the 6th best in the country when it comes to freight infrastructure planning.

Nevada is also home to economic regions and trade corridors, which provide multidirectional access to local and national markets. These corridors provide several advantages to freight-related industries and businesses as a result, it is also beneficial for a Nevada transportation business including trucking companies. The two sectors that are connected to the transportation industry are Manufacturing and Logistics sectors. Some of the key industries linked to these sectors include natural resources, mining, gaming, tourism and construction. One of the key drivers of the Nevada economy is production of consumer durable as well as non-durable goods and they are moved across Nevada and to other states using road transportation. Logistics and operations sectors include distribution, logistics, transportation, and internet fulfillment operations. Nevada is definitely the right destination for a transportation business as there are plenty of opportunities for growth but at the same time it is important to ensure that you fulfill all transportation business requirements for smooth operation.

Steps to start a transportation business in Nevada

If you are planning to start a transportation business in Nevada then it is extremely important to first identify the possible types or categories of transportation that your business can focus on. In order to do so, you need to create a proper business plan so that your transportation business ideas can be implemented. There are several requirements specific to a transportation business that you need to fulfill. So, let us take a look at the steps that you need to follow to set up your transportation business.

Choose type of Transportation Company

One of the most important aspects of any business is defining the type of business activity and when it comes to a Nevada transportation business, you need to determine the type of Transportation Company you want to operate. This will be largely dependent on which segment of the industry you want to cater to like other commercial businesses or individuals. The different classification of transportation businesses that you can incorporate and operate in the Nevada area are:

  • Private Transport: This is purely for use by individuals and is most commonly known as a cab or taxi service. These days, cab services can be basic services like Uber and luxurious services like limo service. This is a Nevada transportation business that is perfect for small businesses as well as independent contractors.
  • Business Transport: You can start a transportation business in Nevada targeting small, medium, and large businesses that need transportation of their personnel, time-sensitive and fragile items, and goods or merchandise among others. The transportation business ideas in this category can also include airport transfers, moving companies, courier delivery services etc.
  • Transport for Trucking Operations: Starting a trucking company requires big capital and an in-depth understanding of the trucking operations. There are also different types of transportation business requirements like commercial driver’s licenses (CDLs), USDOT number, motor carrier (MC) number, and Unified Carrier Registration (UCR) among others. This type of transportation is often categorized as transport and logistics business.
  • Specialty transportation: This type of Nevada transportation business can be a small or medium sized enterprise and focuses on transportation of specialized items. This is one of the popular modern day transportation business ideas and can be used for transporting a variety of things right from airplane parts to refrigerated perishables.

There are other types of transportation business ideas that you can opt for like livestock transportation, marine shipping, container transport, and senior services.

Prepare your business plan

The transportation and Logistics industry is considered to be a big game both in local or national markets as well as international markets. Today, things of daily usage are being shipped and delivered across Nevada and some of those things reach the consumer directly while others are sent to warehouses and stores. There is a lot of opportunity in this sector as you can choose what type of Nevada transportation business you want to operate. It is important though to prepare a strong business plan prior to starting the business as it will help in identifying all areas of your business including capital, funding, and operational aspects. Some of the aspects to consider in a transportation business plan include:

  • Executive Summary: This is the first section of any transportation business plan and should provide an insight of the business itself, goals and objectives, type of transportation service you plan to offer, and the customer segment being targeted.
  • Services: When you start a transportation business in Nevada, customers will vary according to the type of services you offer. This section of the business plan will indicate the variety of services you are able to provide. Let’s look at an example: if you opt for a public transport service then you can provide normal taxi services, luxurious taxi services, rent-a-car options, airport pick-up or drop, and even shuttle services.
  • Initial Capital and Funding: One of the foremost transportation business requirements is initial capital and in case you don’t have the required capital, the top options available for funding. This stage of your business plan will provide you with an insight into expenditures involved before you start a transportation business in Nevada. The expenditures could be towards registration of the business, leasing or buying vehicles, registration of vehicles, and staff. You can also benefit from small business grants offered by the local state government in Nevada.
  • Marketing: One of the final sections in your transportation business plan is marketing and promotions of your company. Depending on the type of business you will have a different customer base. Business transport may have an audience similar to private transport but the target audience for specialized transport will be completely different. Your marketing strategy should take into consideration these factors.

Choose name and right business structure

One of the important transportation business requirements is naming your business. The business name is also the brand and your customers will be able to identify your company with the name. The name has to be unique and distinguishable from any other name that exists in the state of Nevada. The Secretary of State has also issued a list of certain name restrictions that cannot be used. You can identify a list of names and then check for availability of that name with Nevada SOS. This is an important step because if the name is unavailable, you will not be able to reserve or register it. The name will also be dependent on the business structure for example; if you start a transportation business in Nevada as an LLC then the name will be “XYZ LLC”. Business structure is also important from several other perspectives like determining tax liability, asset protection, etc.

Form your business entity in Nevada

Whether you are starting a Nevada transportation business as an individual or with partners, there are several forms of businesses to choose from in the state of Nevada. Once you have chosen the desired business structure, you will need to register and form a new business by submitting relevant documents to the office of the Nevada Secretary of State. The process will require you to submit several forms and can be overwhelming, which is why IncParadise as one of the top incorporation specialists can assist you with the process. You can use our platform to form your business with ease and thus move onto the operation stage of the company.

Start a transportation business in Nevada today!

Get an EIN

The Employer Identification Number (EIN) also known as the Federal Tax Identification Number or Federal Employer Identification Number (FEIN) is one of the most important transportation business requirements. This is a nine-digit unique number that is assigned to businesses by the Internal Revenue Service (IRS) and is primarily used for tax reporting. You will have to apply for the EIN before you start a transportation business in Nevada and we at IncParadise can assist you with the process. We also have a team of professionals who can help answer any queries you may have pertaining to this Taxpayer Identification Number.

Get the necessary license and permits

When you start a transportation business in Nevada, you will need to apply for a business license or permit in order to operate in the state. The first requirement is a state business license for which you will need to apply with the office of the Nevada Secretary of State. The state business license has to be renewed annually. Apart from the state business license, you may require local permits in the county or city that your business is based in or operating from.

If you are planning to start a trucking company then this is a heavily regulated industry and in order to start operations, you may have to apply for different types of registrations like FMCSA operating authority or Standard Carrier Alpha Code (SCAC) from the National Motor Freight Traffic Association (NMFTA). Some of the transportation business requirements for operating a cab company in Nevada are driver licenses and a driver permit that is approved by the Taxicab Authority.

Depending on the type of Nevada transportation business, you may require a single or multiple licenses. One of the best ways to identify your licensing requirements is through our Business License Check services.

Open a bank account

An important requirement of any business including a Nevada transportation business is opening a business bank account. You may have a personal bank account but it is recommended not to mix business and personal earnings or expenditures as this may lead to confusion during annual tax filing. Opening a business bank account will be extremely helpful from a purely financial perspective and will necessitate the following:

  • It will be easier to maintain your books
  • It will ensure accurate bookkeeping as personal and business expenditure and earnings are separate
  • It will be easier to file taxes

Choose the right vehicle

Since you are planning to start a transportation business in Nevada, you need to choose the right type of vehicles based on several factors. Let’s look at an example to understand this – if your transportation business ideas revolve around starting a cab service then you will need to choose a vehicle that offers high fuel efficiency, less annual maintenance cost, sufficient passenger and foot space, and more boot space among others. Similarly, if you are starting a trucking company then the most commonly used trucks in logistics services worldwide include semi trailer trucks, tail lift trucks, jumbo trailer trucks, flatbed trucks, refrigerated trucks, and straight trucks. If you choose the right vehicle, it will not only help in providing high quality service but also help save money through higher fuel efficiency and lesser maintenance.

Hire employees

Whether you are starting a small Nevada transportation business or a medium sized transportation and logistics enterprise, this is a sector where employees can be quite the help. You can hire people to assist in several areas of operation like part-time drivers, subcontractors, bookkeepers, and an office manager among others. You can reach out to prospective candidates through advertisement in local and regional newspapers, online job sites like craigslist, and also word of mouth. It is important to consider the fact that hiring the right employees, especially those who fulfill your transportation business requirements can ensure business growth from a long-term perspective.

How can IncParadise help you?

There is no better time to start a transportation business in Nevada than now because the state is undergoing infrastructural development that will make its access to other states much better. You can also choose from a variety of transportation businesses depending on the capital available, the market you intend to target, and the location. In order to make your company operational you will have to fulfill several transportation business requirements that may be governed by Federal and state laws but the first step is registering your business.

IncParadise can assist you with the entire process of new business formation as we have the experience of assisting more than 10,000 businesses in fulfilling their state requirements and getting transportation business ideas into life. We have a team of experienced professionals who can help you to choose the best entity or business structure for your transportation company. As a part of our services, we ensure your Nevada transportation business is able to meet the annual compliances as required by the state.

Are you ready to form your Nevada transportation business?