Nevada and California Business Formation Attorneys
Helping Entrepreneurs Start Their Businesses
When you have a great idea for a business, you need to form the proper entity that enables you to work toward your goals, protect your interests, and set you up for success. If you are a new entrepreneur or a first-time business owner, you will need to understand the distinguishing factors of each type of business entity. It is also important to learn how your choice of business entity will influence your operations, impact your liability, and interact with local, state, and federal laws.
Our Nevada and California business formation lawyers at Flynn Giudici have a thorough understanding of business law and are prepared to help get your venture off the ground. We can assess your enterprise’s short- and long-term goals and advise on what entity type will help you achieve them. No idea is too large or complex for us to handle. Our team can guide you through each step of the organizational process and provide any other legal services you need to get started.
The Importance of Forming a Business Entity
If your business idea is relatively small in scope or only involves your investment in or cooperation with existing ventures, you may wonder if it even makes sense to create a formal entity. While it is true that you can typically conduct transactions or make investments informally as an individual or partner, failing to establish a formal entity can severely restrict your business’s ability to grow and expose you to significant liability.
There are legal responsibilities for business operations run without formal organization. As just one small example, sole proprietorships involve an individual conducting business without any formal organization protecting them. Should your business be the subject of legal action, you can—depending on the circumstances—be personally liable. To avoid this scenario, it often makes financial and legal sense to formally organize your business and structure it in a way that separates your business’s liabilities from your personal liabilities.
Entity types vary widely in their organizational structure, protections, and requirements. Deciding which entity type makes sense for your business will depend on both you and—to the extent you have any—your partners’ personal preferences and short- and long-term goals. This choice is critical, as it will form the foundation of your company. Consider how you envision your company to be run in the day-to-day, how conflicts should be resolved, and how you might facilitate a sale or exit somewhere down the road.
Some important factors you should consider when forming a business entity include:
- Leadership structure. Some entity types will require active management with fiscal responsibilities to shareholders, while others allow for more passive involvement.
- Liability protections. One of the most significant advantages to a formal business entity is some level of individual, personal protection from financial losses and litigation. The extent of this protection varies by entity type.
- Tax efficiency. There can be significant financial implications to the entity type you select, but it is generally more efficient to be taxed through an entity than to be taxed personally. Our lawyers have advanced tax degrees (LLMs) and can help you better understand the relevant tax implications.
Experience with Cannabis as it Relates to Business Law
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Licensed to Practice in Nevada & California
Consultations to Evaluate Your Business Needs
Limited Liability Companies in Nevada and California
A limited liability company, or LLC, can be an effective choice for startups and first-time business owners. They offer much of the same freedom and flexibility of a sole or general partnership while still conferring many of the organizational and liability benefits of a corporation.
Corporations in Nevada and California
Forming a corporation requires a thorough understanding of the relevant laws and potential implications to your business. They are among the most complex business entities and come in numerous subcategories, each with their own set of tax, leadership, and liability structures.
Generally speaking, corporations have more rigid, formal organization and fiscal responsibilities to shareholders, which necessitates the filing of “articles of incorporation” and the creation of bylaws that form the framework of the corporation. Needless to say, corporations often require extensive maintenance, with corporate governance being heavily regulated at the state and federal level.
Commitment, Vision, and Responsibility
Creating a formal business entity—like a corporation or an LLC—generates a legal relationship between the entity itself and the individuals charged with investing or operating the entity. As such, establishing a formal business entity requires commitment, vision, and responsibility. Shareholders, officers, members, and board members alike generally receive some level of liability protection for actions taken by the corporation, and taxes generally are “passed” through the entity to the individual or taxed at the entity level versus any individual participant.
It is thus critical to understand the immediate and long-term implications of forming any business entity, especially if you are hoping to exit the venture or sell your stake in the company in the future. Our team can walk you through the myriad legal effects of forming o.
Launch Your Business with Confidence
Whether you are a fresh entrepreneur looking to start your first enterprise or a seasoned business owner, our Las Vegas business formation lawyers at Flynn Giudici are prepared to offer you the tools to take your venture from idea to exit. We can help evaluate the scope and specifics of your project and assess what entity type will be best suited to accomplish your goals. Our team can guide you through the formal entity formation process. We support businesses of all types and varieties, including organizations in the evolving cannabis industry. Once your business is up and running, we can continue to support you in all areas of business law, including mergers and acquisitions and issues of corporate governance. We are invested in your long-term success and are committed to meeting all of your enterprise’s legal needs.
Schedule a consultation with our Las Vegas business formation lawyer to learn how our firm can help you successfully form and launch your business. Call (775) 200-9682 or contact us online to get started.