Las Vegas Business Formation Attorneys Provide Strong Legal Support
Nevada firm works to help startups launch successfully
Starting a new business venture is exciting and challenging. Working with the right lawyers can help set you up for a successful launch. At O’Reilly Law Group in Las Vegas, we are seasoned attorneys and longtime small business owners ourselves, so we can give you the information you need to make smart choices from the very beginning.
Lawyers advise on factors to consider when choosing a business entity
The first step in building your business is to establish a legal entity. Nevada offers several options, including the following:
- Sole proprietorship or general partnership — Though you do not need to file formation documents for a general partnership or sole proprietorship, you are required to obtain a business license or notice of exemption. These legal entities are simple to create, but expose their owners to personal liability.
- Limited partnership — When two or more parties establish a limited partnership, the general partner is personally responsible for debts that the business accrues along with the day-to-day operations. However, one or more limited partners are protected from actions that could threaten their personal assets.
- Limited liability companies and Series LLCs — Many startups choose the limited liability company (LLC) structure, because they aren’t subject to corporation taxes but the owners’ personal assets are protected. These companies must be registered with the Nevada Secretary of State. Unlike many other states, Nevada also allows Series LLCs, which enable owners to create several divisions within their company. By doing so, you can protect one part of your business from liabilities that affect another.
- Corporations — Often, businesses that operate on a larger scale choose to incorporate, creating a distinct legal entity that can be taxed and is held accountable for all business judgments and debts. Owners of smaller operations can usually opt for S corporation status, where income is reported on the owners’ personal return. However, when a company reaches a certain size, it must be classified as a C corporation, which is taxed separately.
- Nonprofit organizations — We assist clients who seek to establish legal nonprofit organizations and advise them of the requirements necessary to maintain their tax status.
Business entities that register with the State of Nevada must list a registered agent for the entity. This person or company is authorized to accept the service of legal documents on behalf of the business.
Once you’ve made an informed decision regarding a legal entity, our firm works quickly to prepare and file the necessary documents.
Legal advisers assist new companies with contracts and other matters
Establishing the proper legal entity is a crucial step for any startup, but there are many other steps you can take if you want to give your new business a strong foundation. We can help you formulate appropriate bylaws, internal governance documents and agreements that define the relationship between shareholders or partners. You cannot anticipate what events will affect your company, but setting clear, authoritative rules will help you address whatever comes along. After reviewing the details of your business, you can rely on us for sound guidance on operating, franchising and licensing agreements.
What to know when you’re buying or selling a business
If you’re looking to acquire a business or have decided to sell the company you own, our attorneys offer the legal counsel you need to complete the deal successfully. We handle due diligence matters for buyers and perform thorough research to help sellers secure the payment they deserve. Should there be any regulatory or permitting concerns, our firm also advises on those issues so you can avert unpleasant surprises after the transaction is closed.
Contact a thorough attorney about forming a business in Nevada
O’Reilly Law Group assists clients throughout Nevada with all types of business formation matters. For a consultation, please call 702-382-2500 or contact us online. Our office is in Las Vegas.