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Nevada is widely known as a gambling hub, so no wonder that the “vice” industry is at the core of the state economy. A less popular fact is that Nevada used to be the second national producer of silver after Alaska, hence the Silver State name.
The gambling and hospitality industries in Nevada are among the largest in the US, with the highest concentration in Las Vegas, Reno, and Henderson. Las Vegas boasts the biggest number of casinos in the nation, with an annual revenue of $6.4 billion.
Hispanics maintain 17.4% of SMEs and represent nearly 30% of the workforce in the state;
Other racial groups have a 21.9% share in Nevada SMEs and a 33.5% share of state employees.
NV Small Business Formation
A limited liability company structure is widely popular among those entrepreneurs in the state who choose a registered business form;
Nevada LLC is quite easy to form by filing the Articles of Organization with the state and a breeze to maintain, with a registered agent on your side;
The total cost of LLC filing in the state is $425 comprising of
$75 for the LLC statute filing;
$200 for the state business license;
$150 for the initial list of managers and managing members;
NV Tax Code has neither a personal income tax nor franchise tax, inheritance tax, and state income tax. In a combo with a lower cost of living in the state, these tax incentives attract new establishments to Nevada;
Nevada and Texas are two US states that offer the ultimate privacy to corporate owners since they don’t have info-sharing commitments with the Internal Revenue Service;
State business license or permit for corporations costs $500 in Nevada;
An NV seller’s permit enables entrepreneurs to skip sales tax payments when buying anything for resale;
Digital goods or services in NV are exempt from paying sales taxes. Yet, software sold online is taxable;
Non-limiting business management regulations in the state make it attractive for foreign investors and entrepreneurs from abroad.