Forming a Business in Nebraska – Starting a business in Nebraska has a rich history dating back to the state’s early days. Nebraska’s first industries were centered around agriculture, with many pioneers starting farms and homesteads to provide for themselves and their families. As the state grew, so did the types of businesses being formed, including railroads, manufacturing, and trade.
Forming a Business in Nebraska: A Step-by-Step Guide
In the early 20th century, Nebraska became a hub for meatpacking and processing, with companies like Hormel and Cargill establishing themselves in the state. This led to an increase in job opportunities and economic growth. This movement spurred the creation of several smaller businesses that supported these larger industries. Headquartered in Omaha, Nebraska, Berkshire Hathaway continues to be one of the most successful and influential companies in the world.
Today, Nebraska’s business landscape is diverse and includes everything from high-tech startups to traditional mom-and-pop shops. With a supportive business community, access to funding and resources, and a low cost of living, Nebraska continues to attract entrepreneurs and businesses looking to grow and thrive.
Guide to Forming a Business in Nebraska
Nebraska is a state with a rich history of entrepreneurship, from its agricultural roots to its thriving tech industry today. If you’re interested in starting your own business in Nebraska, you’ll be happy to know that the process is relatively straightforward with proper advice. Here’s a step-by-step guide to forming a business in Nebraska.
Step 1: Choose a Business Structure
The first step in forming a business in Nebraska is to decide on a business structure. The most common types of business structures are sole proprietorships, general partnerships, limited liability companies (LLCs), and corporations. Each has its own advantages and disadvantages, so it’s important to research each one carefully before making a decision.
Sole proprietorships and partnerships are the simplest and easiest business structures to form. However, they also offer the least amount of protection for your personal assets. LLCs and corporations, on the other hand, offer more protection but require more paperwork and fees to form.
Step 2: Choose a Name
Once you’ve decided on a business structure, the next step is to choose a name for your business entity. Your business name must be unique and not already in use by another business in Nebraska. You can check the availability of your desired business name on the Nebraska Secretary of State website. Corporation and Business Search>>
Step 3: Register Your Business
After you’ve chosen a name, you’ll need to register your business with the Nebraska Secretary of State. You can register online, by mail, or in person. The registration fee varies depending on the type of business structure you choose.
Step 4: Obtain an EIN
An Employer Identification Number (EIN) is a unique nine-digit number that identifies your business for tax purposes. You’ll need an EIN if you plan to hire employees or if you plan to form a corporation or limited liability company (LLC). You can obtain an EIN from the Internal Revenue Service (IRS) website.
Apply for an Employer Identification Number (EIN) Online>>
Step 5: Obtain any Necessary Licenses and Permits
Depending on the nature of your business, you may need to obtain additional licenses and permits from the state of Nebraska or your local government. For example, if you plan to open a restaurant, you’ll need to obtain a food service permit. You can find more information about licensing and permits on the Nebraska Department of Economic Development website.
Step 6: Open a Business Bank Account
Once you’ve registered your business and obtained any necessary licenses and permits, it’s time to open a business bank account. This will help you keep your personal and business finances separate and make it easier to track your business expenses.
Step 7: Obtain Business Insurance
Business insurance is important to protect your business and your personal assets from liability. There are several types of business insurance you may need, including general liability insurance, professional liability insurance, and workers’ compensation insurance.
Talk to an insurance agent to determine what types of insurance are necessary for your business.
Step 8: Hire Employees (if necessary)
If you plan to hire employees, you’ll need to register with the Nebraska Department of Labor and obtain any necessary workers’ compensation insurance. You’ll also need to follow state and federal employment laws, such as minimum wage and overtime regulations.
Step 9: Comply with Ongoing Reporting and Tax Requirements
Once your business is up and running, you’ll need to comply with ongoing reporting and tax requirements. This includes filing annual reports with the Nebraska Secretary of State and paying state and federal taxes. It’s important to keep accurate records and stay up-to-date on any changes to tax laws and regulations.
Forming a business in Nebraska is a relatively simple process, but it does require careful planning and attention to detail. By following these steps and consulting with professionals when necessary, you can start a successful business in Nebraska and contribute to the state’s success stories!
Consult Horgan Law Firm, P.L.L.C. in Omaha To Start Your Next Business
We would love to help you get your business formed in Nebraska. Please don’t hesitate to contact us with any questions or to schedule a consultation. An early business analysis by an Omaha business attorney at Horgan Law Firm can pay for itself many times over. Contact Horgan Law Firm, P.L.L.C. in Omaha, NE today to schedule a consultation.
Learn more: New Business Information – Nebraska Secretary of State
Horgan Law Firm, P.L.L.C. | Omaha, NE
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