Craig's Corner - Wealth Planning Insights

Tuesday, December 31, 2013

Nevada Voted Number Two State for Entrepreneurs

Opportunities Abound for Business Startups in Las Vegas and Throughout Our State

In a state that has certainly seen its share of economic challenges in the past few years, the results of the Small Business and Entrepreneurship Council’s annual small business state policy ranking survey came as welcomed news. On December 12, the SBE Council’s “Small Business Policy Index 2013: Ranking the States on Policy Measures and Costs Impacting Small Business and Entrepreneurship"survey listed Nevada as the second-most entrepreneur-friendly state. Areas in which Nevada ranked especially high included:

  • Individual capital gains tax rates
  • Individual dividend and interest tax rates
  • Corporate tax rates (number one)
  • Corporate capital gains tax rates (number one)
  • Wireless taxes
  • Number of state and local employees per capital (number one)
  • State and local revenue from the federal government as a share of total revenue (number one)

According to SBE Council president and CEO Karen Kerrigan, top-ranking states in the survey are “streamlining government and lifting burdens like excessive taxation and regulation. They are passing responsible budgets and … living within their means.” Poorly ranked states, on the other hand, hamper small businesses and use them as “piggy banks” to fund unnecessary and unaffordable spending.

Though Nevada makes it comparatively easy to open and run a small business, numerous challenges nonetheless remain when considering and operating a startup in any jurisdiction. These challenges include:

  • Deciding which business entity type to choose (subchapter C-corporation, subchapter S-corporation, limited liability company [LLC] or partnership [including an LLP]
  • The handling of company stock
  • The drafting of shareholder, membership and partnership agreements, service contracts, property-related agreements and commercial leases
  • The selling of your startup or the purchase of another business. Challenges can include structuring the transaction, negotiating terms and conducting due diligence.

Stone Law Offices, Ltd. of Las Vegas has provided business law and business planning legal services since 1993 and has assisted hundreds of business owners in the areas of business formation, business transfers and tax planning. To discuss your Nevada business law questions with an experienced attorney, contact our Las Vegas office by calling 702-998-0444.

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S. Craig Stone II of Stone Law Offices, Ltd. serves clients throughout Clark County, Southern NV, Las Vegas, Henderson, Boulder City, North Las Vegas, Summerlin, Carson City, Reno, Washoe County, and Nye County. Also serving clients with asset protection nationwide.

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