In a news release posted yesterday by the Nevada Secretary of State, “home-based business” LLCs that qualified for exemption from having to obtain a Nevada Business License, are no longer exempt. An approved-Regulation went into effect immediately, clarifying this and other exemptions. The legislative intent was for the home-based business exemption to apply to natural persons, not LLCs or corporations.
Effectively, all LLCs and corporations claiming the exemption on their annual list filing after March 8, 2012 will be rejected and must be corrected, i.e., acquire a state business license for $200 per year.
~Tina
[Special thanks to Gina Bongiovi, Esq. for blogging this news upon release.]
Tina Yan is a principal of Yan Kenyon. Her practice is small business-based, with an emphasis in real estate. A majority of her practice therefore includes business entity formation, maintenance and governance.
