My business does not make a profit. Am I not allowed the 002 exemption?
Just because your business “does not make a profit,” does not mean it is a “nonprofit” entity that qualifies for the 002 exemption. Corporations, Limited Liability Companies, Limited Partnerships, Limited Liability Partnerships, Limited Liability Partnerships, Limited Liability Limited Partnerships and Business Trusts are considered “for-profit” entities regardless of whether or not they actually make a profit. A nonprofit entity is an entity formed or qualified pursuant to NRS Chapter 82, or NRS Chapter 81 nonprofit entity or an unincorporated nonprofit association with a current 501(C) status.