If you are operating a business in the state of Nevada and find yourself in a situation where you need to change your business structure, you may be unsure of exactly what steps need to be taken. In this article, we will explain how to change your business structure, as well as the ways an experienced business attorney can help you and ensure the steps are completed quickly and thoroughly.

Decide on a New Business Structure

The first and most important step in the process is finding out what is not working in your current structure, as well as what other structure you can use to eliminate these problems. For example, you may have started a sole proprietorship, but later on find that you would prefer to be able to take advantage of the tax and liability benefits of an LLC. Perhaps you began as a partnership, but your partner has now left the company and you would prefer to organize as a sole proprietor. There are many reasons to decide to change your business structure and working with an experienced attorney can be helpful in making these decisions.

Prepare a New Business Plan

When you are changing your business structure, you will need to update or even redo your business plan. This also applies to any contracts, agreements, or written rules that guide your business. Each type of business structure has its own rules and requirements, so it is a good idea to get help from a legal expert who can explain what you need to do. Working with a lawyer at this stage can save you time and make sure you’re not doing unnecessary work.

Registering Your New Business and Close the Old One

To change your business structure, you essentially have to start a new business and dissolve the old one. This includes transferring or applying for a new Business License. While certain business structures, such as an LLC, will have the steps for dissolving a business outlined in their operating agreement, other business forms will have different requirements. In certain cases this process will also require you to transfer business assets either to yourself, or to the new business formation. If your business has employees you will also need a new Employer Identification Number (EIN).

Other Considerations to be Made During Registration and Dissolution:

1. 1. Taxes: Changing your business structure can affect your taxes, you may have different reporting requirements, as well as a different tax identification number for your business.
   2. Rules: Different business structures have different regulations imposed by governments and other authorities. Ensure that you remain in compliance by speaking with an attorney who can advise you on any changes you may face.
   3. Employees: If you have employees, consider how the change will affect them. You might need to update contracts, benefits, and how you pay them.
   4. Register your DBA (Doing Business As): If you will be operating your new business structure under a name different than your own, you will need to file for a fictitious name certificate or DBA. 

Contact Raich Law Today to See How We Can Help!

If you are considering changing the structure of your business, it is always advised that you consult with an experienced business attorney who has you and your business’ best interests at heart. Raich Law Firm is a Full Service Business Law Firm in Las Vegas, Nevada that is available to serve all of your business law needs. Our team of experienced and seasoned attorneys can help. Once you are connected to the Raich Law attorneys, your issue will be in the hands of individuals who have years in the industry and have seen most situations countless times. Having representation that knows the ins and outs of the business law industry is an invaluable tool to ensure your best interests are in mind every step of the way.