Business Friendly States: Nevada in Profile
While Nevada may be best-known as the gambling capital of the country, there are many other reasons that make this state a great place for businesses. Las Vegas also offers a lot of different opportunities for business owners. In fact, there are a number of great cities in the state of Nevada, and each is unique and different.
Tax and Business Incentives in Nevada
The two main reasons companies look for new states to do business in are for the tax savings and for business incentives. The first group of people are trying to find a place to open up a brand new company. The second group is looking for a place to relocate an existing company. The best way to begin making this decision is to carefully analyze your options.
One of the main factors that appeals to business owners is the taxes in Nevada, and you may find that the state offers some of the best tax incentives around. In Nevada, there are no corporate taxes. If you open up a corporation and meet certain guidelines, you may never have to pay any corporate taxes at all. Businesses could save a lot of money in this case.
In addition to this, you will not have to pay other types of taxes either. Nevada does not have personal income taxes, franchise taxes, or even inventory taxes. There are several other types that you will also be exempt from too, if you decide to open your business in Nevada.
If you are interested in learning about the incentives that relate to employees, the first place to start is by researching a program called the Silver State Works Initiative. This program is designed to encourage companies to hire more employees. Qualifying companies will receive up to $2,000 in reimbursements for each employee hired. This program has helped many companies expand, and this has increased the number of jobs available in this state.
Employment Incentives in Nevada
In addition to this, there are programs that offer reimbursement incentives for employee training. Nevada values people, and this state has proved this by offering so many different incentives for this particular purpose. To find out if your company qualifies for these programs or others, you will need to look carefully at the guidelines and requirements to see if you are eligible.
The variety of various tax abatements is another huge drawing point for businesses in Nevada. One of these is a sales tax abatement on purchases of capital equipment. The sales tax rate in 2014 is 6.85%, but there are many programs that will help you avoid paying this tax on company purchases. You may be required to spend over $100,000 to qualify. Incentives and abatements are also available for recycling companies, and for companies that incorporate recycling into their processes.
Registering as a new company in Nevada
As with all states, there are procedures you need to follow to start a new company. One of these includes getting an EIN, Employer Identification Number, from the IRS. Others may require filing for permits and licenses. The things your company will need are dependent upon the type of company you have, and certain industries may have more regulations than others.