As the end of the year approaches, certain business tasks need to be taken care of to ensure you enter the new year smoothly and legally. From business license renewal to gathering proper financial documents to verify payroll, there are various tasks to complete. While this list can be used as a guide for those in Nevada, it is not exhaustive. Consult a Nevada business lawyer, like the qualified professionals at The Law Office of Corey Beck, for further questions and necessary filings.
Each year, businesses must renew their licenses to maintain the legal status of their operations. For a state of Nevada business license, your filing should include the application for renewal, any updated information regarding your business, and a paid renewal fee. The due date of the business license renewal request filing and the list of officers and members is dependent upon the business’s anniversary date. The filings must be submitted by the last day of the business’s anniversary month or the last day of the month it was first registered in Nevada. File through SilverFlume, Nevada’s Business Portal.
Local business licenses also require renewal, usually on an annual or semi-annual basis depending on the area. In Las Vegas, businesses file this annually in conjunction with their federal business license. Some counties, including Clark County, provide mail notification that a license requires renewal 30 days before it’s due.
Along with your Nevada business license renewal, the Nevada Secretary of State Filings requires a yearly list of officers and members of active businesses in the state. LLCs and Corporations alike must file their list annually.
Another item to check is that your business is complying with all Nevada taxes. While the state does not have corporate or personal income tax, the Modified Business Tax (MBT) and Commerce Tax apply. For the MBT, returns must be filed by the final day of January, April, July, and October. Preparing your business at the end of the year for the upcoming January return allows you to know everything is in place for a solid beginning to the year. The Commerce Tax is applicable to businesses with a gross revenue over $4 million in a single fiscal year.
Our final task for this checklist is to verify your payroll and ensure your order of financial documents is proper. Federal form Form 941 is done quarterly, Form 940 is done annually, and W-2/1099 forms are due January 31st. Before their due dates arrive, check to ensure your documents are where they should be and complete so filings are done in time. Verifying payroll can likely be completed through a company utilized for distributing pay stubs.
Have questions regarding what you should be completing and filing before the end of the year? Contact us at The Law Office of Corey Beck in Las Vegas for lawyers you can rely on year-round.
