Nevada Business Formation Attorneys
Helping Entrepreneurs Start Their Businesses in Reno & Las Vegas
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.
Choosing the Right Business Entity for Your Needs
When starting a new business, one of the most important decisions you will make is choosing the right business entity. The type of entity you select will have a significant impact on your business's legal and financial aspects, including taxation, liability, and ownership structure. At Flynn | Giudici PLLC, our experienced business formation attorneys in Reno, NV can guide you through the process and help you make an informed decision.
Here are some common business entities to consider:
- Sole Proprietorship: This is the simplest form of business entity, where the business is owned and operated by one individual. However, the owner has unlimited personal liability for the business's debts and obligations.
- Partnership: A partnership is formed when two or more individuals agree to share the profits and losses of a business. Each partner has personal liability for the partnership's debts.
- Limited Liability Company (LLC): An LLC provides the limited liability protection of a corporation while offering the flexibility of a partnership. It allows for pass-through taxation and separates personal and business assets.
- Corporation: A corporation is a separate legal entity from its owners, known as shareholders. It provides limited liability protection, but is subject to double taxation unless it qualifies for S Corporation status.
Our attorneys will carefully assess your business goals, risk tolerance, and long-term plans to help you determine the most suitable entity for your needs. We will explain the advantages and disadvantages of each option and assist you in filing the necessary paperwork to legally form your business.
Don't leave the formation of your business to chance. Contact Flynn | Giudici PLLC today to schedule a consultation with our knowledgeable business formation attorneys.
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