As the calamity continues to change and governments around the world organize to solve the immediate threat, the long-term strategic impacts of COVID-19 also require analysis and strategic planning. All businesses, regardless of size, should prepare for the long-term impacts of COVID-19 in the workplace. In addition to the immediate effects on their operations, it is equally important to make sure they are prepared for a possible economic downturn in these moments. Confronting legal needs can seem like a daunting task at this time, but it's always best to start protecting your business before it's too late. There are several key legal documents that are essential and will need to be analyzed before you get back to business operations.
Nevada is already a great place to work and set up shop without having to worry about burdensome taxation. However, the right tax deduction or access to capital can help a business lower its tax liability and/or help with its bottom line. Nevada provides a range of incentives and access to capital to help qualifying companies make the decision to do business in Nevada.
The filing requirement for Commerce Tax has been changed. If the Nevada gross revenue of your business from July 1, 2018 through June 30, 2019 was $4,000,000 or less, your business is no longer required to file a Commerce Tax return and your Commerce Tax Account will be automatically closed, effective June 30, 2019.
Classifying as a nonprofit organization has always been a popular choice for Nevada business owners when deciding on the classification of their new business entity. Not all businesses can be classified as a nonprofit or 501(c)(3), however. To qualify for 501(c)(3) status, an entity must be formed for charitable, educational, literary, religious, or scientific purposes. A 501(c)(3), as many people know, is eligible for federal and state tax exemptions - and thus drives the popularity of the classification. In this blog, we will go over things to keep in mind if you're thinking of forming a nonprofit organization.
There are many things at the top of every business owner's mind when they launch their company. This may include raising capital, revenue, sales, marketing, getting clients and customers - and rightfully so. There would be no company to manage without revenue. However, intellectual property is among the last things that a start up thinks about and it shouldn't be.
Starting a new business can be an exciting process. When you are ready to do so, it is important that you choose the best legal entity structure within which your business will operate. Some people make the mistake of simply opening a business without taking the time to go through the business formation process. If you do so, you run the risk of exposing yourself to the potential reach of creditors. Each of the types of business structures provides different levels of protection, different tax impacts, and different reporting requirements.