Nevada Business Lawyer
A business is any entity engaged in for profit activity. While business law encompasses a myriad of legal specialties, its focus is on the formation, functioning, and wind down of businesses, as well as business transactions. Nevada business law attorneys counsel prospective entrepreneurs on choosing a legal entity, day-to-day functioning, buy-sell agreements, and the winding down of businesses.
A lawyer familiar with business law can also assist you in selecting the right type of business entity for your needs (i.e. limited liability company, corporation, partnership).
Day-to-day business functioning requires expertise of employment, tax, estate planning, immigration, intellectual property, and bankruptcy law. If you are or you aspire to be a business owner, it is likely in your best interests to work with a team of qualified Nevada attorneys. The composition of your legal team will be determined by the size of your business as well as your individual needs and goals.
Business FAQs
How do I set up a sole proprietorship? Be sure to check with your local authority (i.e. your township, borough, or city) and the Nevada Secretary of State to determine what license you need to operate your business. Setting up a sole proprietorship is relatively simple. However, even a business operated as a sole proprietorship needs good legal advice as there are always business licensing, asset protection, liability, employee, and estate planning issues involved.
Why would my business need a buy-sell agreement? Buy-sell agreements and good estate planning are needed so that your business can continue if you or another partner/member becomes incapacitated, dies, or just wants to move on. For example, your business purchases life insurance on your life which is used to pay your family for your share of the business when you die and the business continues.
How can I protect my personal assets from a business failure? A sole proprietorship and a general partnership offer no asset protection so good insurance is needed. Multi-member limited liability companies, limited liability partnerships and corporations offer a higher level of asset protection for your personal assets. There is some concern now that single member limited liability corporations no longer offer asset protection. Asset protection is definitely a conversation you should have with your Nevada business attorney. It is one of the main factors in determining which business entity is right for your business.
Do my partner and I need a partnership agreement? Legally, no partnership agreement is needed to create a partnership. All that is needed is your joint intention to create the partnership. However, as a practical matter, it is in your best interest to have a written partnership agreement regarding all aspects of your business such as responsibilities, costs, profits, management, and benefits. Your bank or financial institution will likely require a partnership agreement to open a checking account or provide a loan.
How do I register my business with Nevada’s Secretary of State? Nevada’s Secretary of State has a website with information on setting up and running Nevada businesses: http://nvsos.gov/
Business Glossary
Joint Venture Two or more businesses agree to enter into a business agreement (i.e. venture.) The terms of this agreement are incorporated into a joint venture agreement, including costs, profits, management, and benefits of the new venture.
Limited Liability Limited liability refers to a business situation wherein owners, partners or members’ liability is limited to the value of their interest in the company. In other words, so long as certain requirements regarding the company are met, the personal assets are protected from business debts.
Partnership A partnership consists of two or more individuals, organizations, or businesses joining together to conduct business.
Contract A contract is an enforceable agreement for consideration between two or more individuals, organizations or businesses.
DBA “DBA” stands for the phrase “doing business as” when using a fictitious business name.
General Partnership In a general partnership, all partners are, in some form, involved in the control and management of the business. All partners are personally liable for business losses and debts