I started a business so what do I do next to make sure I’m in compliance with Federal, State and Local regulations?
- First of all, you have to decide on an entity structure for your business. Those include: Sole-Proprietor, Corporation (Regular or Sub S), Partnership or Limited Liability Company. Each choice has various pros and cons and choosing the right structure can make a big difference in your tax benefits, personal liability and reporting requirements.
- If you are going to have employees you must apply for a Federal Employers Identification Number (EIN) and submit weekly or monthly payroll tax payments depending on the payroll dollar volume.
- Apply for a business license with the State of Nevada, city, and county for your type of business.
- Apply for a state tax identification number for sales tax reporting and state employment tax payments.
- Request from all businesses and non employee individuals that you pay for goods or services a W-9 form showing their name and federal identification number for Form 1099 reporting.
- Establish an accounting system to keep records of income and expenses in accordance with IRS and state regulations.
- File a Declaration of personal property with the Clark County Assessor’s office.
- The above list covers most of the requirements, but depending on the type of business activities, other items may be needed.
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