BUSINESS FORMATION IN LAS VEGAS, NV
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BUSINESS FORMATION IN LAS VEGAS, NV
Raich Law can provide expert legal assistance with your new business venture. Whether you need guidance in choosing the appropriate business entity form or need direction to get your new sole proprietorship, partnership, corporation, or limited liability company (LLC), we would love to help. We will work to ensure that all legal bases are covered, including drafting and filing of all required legal documents, and help you position your new business for success.
In order to take optimal advantage of all of your business opportunities, your company needs experienced and timely legal advice from the knowledgeable business attorneys at Raich Law. Hiring an experienced attorney at the start of your business venture will save you time, effort, and money in the long run. We can provide knowledgeable guidance at formation to help you avoid hazards that can be detrimental to your operation and deplete your financial resources.
CHOOSING THE APPROPRIATE ENTITY FOR YOUR NEVADA BUSINESS
The most important first step in forming your business is choosing the appropriate business entity. It’s important to consider a variety of factors, including ownership, how capital will be raised, liability exposure, the mission of the organization, tax planning, and overhead expenses. Raich Law can review your business goals for all of these considerations and more before helping you move forward in your venture.
Nevada state law provides for a variety of entities, including:
- Sole proprietorship: this is the simplest business form to create and maintain. However, a sole proprietorship also provides the least amount of liability protection for the owner. Company earnings are reported on the owner’s personal income tax return.
- Corporation: a corporation is a wholly separate legal entity. It provides owners with good liability protection and shareholders are generally only liable to the extent of their investment in the company. However, the regulatory requirements are greater than a sole proprietorship. Corporations are required to file specific forms with the state. They are also required to pay taxes to the state and federal government.
- Partnership: a partnership structure allows income to “pass through” the company to partners in proportion to their share. These partners are required to report the income on their personal tax returns. In a general partnership, there is no liability protection. Creditors may be permitted to pursue the personal assets of the partners. In a limited partnership, the general partner maintains control of the business and assumes all liability, while in a limited liability partnership, the partners retain some liability protection.
- Limited liability company: an LLC is the most common form of small business entities. LLCs provide the liability protection of a corporation, but have the tax benefits of a partnership.
- Professional entities: licensed professionals may also form entities, such as professional associations (PA), professional corporations (PC) and professional limited liability companies (PLLC).
- Nonprofit corporation: this is a company that is founded to support a charitable purpose or for the public good. A nonprofit corporation is able to receive tax-exempt status from the IRS.
Building your business on a solid foundation requires planning and expertise. Raich Law can help you find the right solutions for your new business and assist you with a variety of essential tasks, including:
- Educating you regarding the many business organization forms available to your new business (sole proprietorship, partnership, corporation, limited liability company, etc.)
- Helping you understand all tax and business liability, management, and start-up costs that pertain to each business organization form
- Drafting all required documents, including partnership agreements for new partnerships, articles of incorporation and bylaws for corporations, and articles of organization and operating agreements for LLCs
- Drafting and filing all required government registration documents with the Secretary of State
- Helping you obtain an Employer Identification Numbers (EIN) from the IRS
- Drafting all tax forms necessary for your new sole proprietorship, partnership, corporation, or LLC to begin operating
- Governance documents
- Regulatory compliance
- Insurance coverage referrals
- Securing all necessary business start-up permits and licenses from local, state, and federal government.
- Employee handbooks
- Intellectual property protection
It’s wise to get legal advice from the start, rather than waiting until there is a problem such as being sued or becoming party to a lawsuit. To establish your business on a solid foundation, contact us at firstname.lastname@example.org or call our offices at (702) 758-4240 to schedule a consultation.