Frequently Asked Questions About Nevada Business Law
Our experienced Las Vegas attorneys answer frequently asked questions
There are many complexities involved in starting and running a Nevada business. As experienced business lawyers at O’Reilly Law Group, LLC, located in Las Vegas, we provide clear, detailed answers to all types of questions from business clients, including:
- What is the best business entity for me?
- What is the difference between a corporate lawyer and a business lawyer?
- My business partner breached our contract. What steps should I take?
- How can I avoid business disputes?
- How often should the shareholders for a corporation meet?
The most common types of legal business entities include sole proprietorships, partnerships, limited liability companies and corporations. The best legal entity for you depends upon your individual situation, the type of business you have and your goals for your business and its growth. There are benefits and drawbacks to each type of entity involving taxation, liability and other concerns. For example, if you plan to work from home and not hire employees, a sole proprietorship may be best for you. It is simple and relatively inexpensive to form. If you are planning for large business growth, you may wish to incorporate now, or in the future. Every business is unique, and determining the right legal entity for you involves defining what your goals are and possibly consulting with a small business lawyer for experienced guidance.
In basic terms, business lawyers advise business owners in formations, contractual requirements and the day-to-day legal challenges associated with operating a business. Corporate lawyers may provide outside legal services to corporations or may be employed in-house to support leadership in all aspects of running a corporation, such as establishing bylaws, maintaining compliance with government regulations, conducting shareholders’ meetings, navigating mergers and acquisitions and litigating disputes.
If you believe your business partner breached your contract, you should first have the contract carefully reviewed by a knowledgeable attorney who can outline your enforcement options. You might contact your business partner about the breach to see if you can reach an agreement to remedy it. A trained mediator may be able to assist in this situation. If you cannot reach a resolution, then the next step to consider is seeking a legal remedy through arbitration or litigation.
You can help avoid internal business disputes by having clear documents in place that define and outline the responsibilities, expectations, processes and procedures for operating your business. Additionally, by having well-written and enforceable contracts and agreements with partners, employees, vendors, suppliers and others whom you do business with, you can avoid disputes that lead to protracted and potentially expensive legal battles.
How often shareholders for a corporation must meet is governed by state law. In Nevada, shareholder meetings are required to be held annually, although they can be held more often if desired.