Business license in NV?

[Oliver Martin]

Here's another newbie question. If I have 5 rental properties in Las Vegas but I make less than 66 2/3% of the average annual wage, do I need a business license? Also, could someone explain the 66 2/3 % of the average annual wage rule for the business license exemption? I'm close to getting my 5th rental and wanted to make sure I am following the law. Here's the link where I got this from. http://nvsos.gov/index.aspx?page=273#383. Thanks in advance.

[Christopher Brainard]

Hi @Oliver Martin

First, let me suggest that you consult a tax/business attorney, they will be able to let you know if you need a license or not and I'm not qualified to give you legal advice. 

My understanding of the rule is that you need to have more taxable income than 66.6%, which is something like 28k, to be required to have a state business license. Now, if you're properties are in Las Vegas proper, I believe you're going to need a city business license from Las Vegas, which requires a state business license, and I don't recall any minimum income threshold for a license. I believe the license requirements for rental properties are based on the location of the rental unit itself. 

Anyhow, its a couple hundred for each business license. If you're serious about real estate and planning to expand your portfolio, I'd pick both up so there are no potential problems down the line. 

-Christopher