Are you thinking of starting a new business in Las Vegas? Choosing the right legal structure for your business can be crucial to your long-term success, and the structure you pick can have some serious legal consequences – including taxation, control, and administrative requirements. Additionally, failing to legally form a business at all could expose you and your assets to personal liability for incidents related to your business.
When so much is at stake, you need an experienced Las Vegas estate planning attorney who is well-versed in Nevada business law. The team at Taylor & Leonard Law has more than a decade of experience successfully guiding clients in Las Vegas through the business formation process. Give us a call today at (702) 982-0880 to learn more about your legal options and let us help you decide which business structure is right for you.
Why Choose Us at Taylor & Leonard Law?
Starting a business is not easy, and the legal complexities of business formation add even more stress to the situation. You must consider all the repercussions of your decision, such as how you and your business will be taxed and how much control you will be able to retain over the business. During this busy and stressful time, you need an attorney who can quickly understand your requirements and give you sound legal advice on the proper business entity for your situation. Clients in Las Vegas trust Taylor & Leonard Law because:
- We have a deep understanding of Nevada business law and know how to use the law to your advantage
- We will take the time to understand your needs and develop a personalized plan of action
- Our unique and efficient representation strategy allows us to maintain affordable pricing
When the time comes for you to form a business, call Taylor & Leonard Law, and let us put our experience to work for you.
Why You Need a Las Vegas Business Formation Attorney
The process of selecting the right business structure for your business can be complicated. There are many factors that must be considered and explored when making this decision. Choosing the wrong type of business entity could require you to pay higher taxes or limit your long-term growth potential. When making such an important decision, you need the help of an experienced attorney who fully understands the implications of the business formation process. A business formation attorney can:
- Give you solid legal guidance on choosing the right business entity for your situation
- Create all business formation documents and file them with the proper authorities
- Help you understand the ongoing administrative requirements for keeping your business in compliance with Nevada law
- Develop a comprehensive asset protection plan to shield your personal assets from business liability
Forming a business without the help of a knowledgeable attorney could put you in an unfortunate legal situation in the future. Make sure you get the help you need to properly establish your business according to Nevada law.
Common Business Entities Used for Businesses in Nevada
When the time comes to start your business, you have several options of business entity structures to choose from. Each entity has some advantages, although there are also potential drawbacks to each. Choosing the right entity must be done through a complete assessment of your personal situation. Some of the most common business entities used in Nevada include:
- Sole proprietorship: This structure is the easiest business entity to form, and it is often a good choice for single-owner businesses. This structure requires very little overhead and administrative duties. However, a sole proprietorship does not provide any personal liability protection, so you would be leaving yourself open to potential lawsuits or other claims from the business.
- Limited Liability Company (LLC): The LLC is one of the most popular choices for individuals starting a new business. By using an LLC, the owners get the benefit of pass-through taxation and limited liability protection from business risk. This means that your personal assets are generally safeguarded from the creditors of the business as long as the LLC is properly established and maintained.
- Corporation (C-Corp or S-Corp): Corporations offer the strongest liability protection of all the business entity options. A C-Corp must pay corporate taxes, so this means that the owner must pay both corporate taxes and personal taxes on money made by the business. An S-Corp can help alleviate some of this tax burden because it provides pass-through taxation.
- Partnership: A partnership is similar to a sole proprietorship, but this structure is used when there are two or more owners of the business. Partnerships typically provide pass-through taxation, although they do not provide robust liability protection for the partners.
Beyond choosing the right business entity, proper paperwork must be filed with the Nevada Secretary of State in most cases. Additionally, your new business will require a Nevada business license.
When Do I Need to Legally Form a New Business Entity?
Ideally, your new business entity should be formed prior to beginning your business operations. If you start your business before officially choosing and creating the business entity, you may be operating as a sole proprietorship by default. This may be exposing you to personal liability for the actions of the business, and it could also lead to additional tax issues.
Contact a Las Vegas Business Formation Attorney Now
Before you start your business, contact the experienced team at Taylor & Leonard Law. Let us use our strong knowledge of Nevada business law to guide you through every step of forming your legal business entity. We want to help you get your business started while protecting your personal interests, so call us today to schedule a free consultation with a Las Vegas business formation attorney.