With the rising popularity of short-term rental investments, and the growing interest of the public to find hotel alternatives, the local government in Nevada decided to take a closer look into the short-term rental industry. It's no surprise that the local authorities have begun to crack down on rentals without proper documentation. It's not only the government questioning these rentals but the neighbors of these homes as well. If you're planning on converting property in Southern Nevada into a short-term rental listing then you'll want to make sure you protect your investment with the proper documentation.
When should my hobby become a business? It sounds like a simple question but there isn't a simple answer, unfortunately. Whether it's sewing, painting, cooking, or performing - any hobbyist and business owner should understand the IRS's rules for what qualifies as a business or a hobby. Whether your venture is a hobby or a business affects your tax liability. In addition to the tax implications, you should also consider your legal requirements and protection.
When you start a business, part of the requirements to operate the business involves getting you must get the proper licenses. Certain types of businesses require specialty licenses, such as a plumber, natural gas service, or electrician. Hair salons, nail salons, and other businesses also require specialty licenses. If you are unsure of the requirements for your type of business, a consultation with a Nevada business license lawyer may help to clear up any confusion.