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Why Nevada is a great state in which to start a business

On Behalf of | Jul 5, 2023 | Business Law

Starting a business requires careful planning, including the selection of the right location. All too often, entrepreneurs prioritize immediate proximity to their current location over the best location possible given their business model. Sometimes, those wanting to start a successful business need to move or start a business elsewhere and manage it remotely for the most part.

Every state has unique benefits and hassles to offer an aspiring entrepreneur. Nevada is among the best locations in the country for those wanting to start a new business and hoping to do so without investing and losing a large amount of money. What sets Nevada apart?

A business-friendly government

State policies have a major influence on how profitable a business is and how easy it is to start an organization. Nevada prides itself on being business-friendly. The state makes it easy to start a new company in terms of regulatory and insurance requirements. It also has a very business-friendly set of tax regulations, including a lack of corporate tax, personal income tax and inventory tax. Finally, the state has minimal business regulations, meaning that there are more opportunities in more fields.

The cost of operating may be lower in Nevada

A favorable tax system and greater ease when starting a business are far from the only concerns entrepreneurs will have. They need roads, facilities and workers as well. Nevada offers a very well-developed state infrastructure without passing a massive cost on to residents and businesses. Entrepreneurs will find low-cost transportation available through multiple airports and numerous cost-effective commercial properties in most major markets across the state. When looking at the cost of utilities, Nevada is competitive with others in the region, meaning that it may be more affordable to operate in Nevada than in other markets like California.

Additionally, the proximity to other states with strong economies makes it easy for businesses in Nevada to provide goods and materials to others quickly and cost-effectively. As a final note, Nevada sees over 56 million tourists annually, which means it is an excellent state for entrepreneurs dreaming of a service adjacent business.

Especially if a new business owner is from another state or has never attempted to start a new business before in Nevada, partnering with a lawyer in Nevada can make a major difference during the startup process. Recognizing that Nevada might be the right location for a new business is potentially the first step toward a successful new endeavor for an aspiring entrepreneur.

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