Business Formation

The Nevada Secretary of State has contracted with a technology company to create a $4.5 million online portal that offers "one-stop shopping" to the business community.  When complete, this website promises to allow companies to conduct nearly all state and local government business through the Secretary of State's site (www.nvsos.gov).  Currently, to open a business in Las Vegas, one must contact several different offices located all o...

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By popular demand, here is the checklist for starting a business in Las Vegas, Henderson, North Las Vegas, Boulder City and Clark County. 1.  Choose a name. Start with my article Naming Your Business.  Make sure no one else has it.  When you've chosen a name, move on to step 2. 2.  Figure out your business address. Whether you use your home address, a virtual office, or an actual office, you'll need a business address for ...

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When naming your business, it's important to check the public records to be sure there isn't any other business already using the name.   I received a call today from a client who wanted to use the plural version of a name already in use for the exact same business.  In support of his using the name, he said that the city business license bureau was willing to issue him a license.  Licensing bureaus are only too happy to take you...

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An insurance agent in one of my networking groups recently explained why one insurance company in particular can consistently offer much lower rates than his competition.  By allowing customers to choose their own coverage, no agent of the company is involved and the customer assumes all responsibility for choosing his liability coverage.  Are you confident that you'd choose the right coverage for your property given your geographic are...

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I recently attended a luncheon where Nevada's Secretary of State Ross Miller spoke about why Nevada has become an attractive state in which to incorporate. Chief among them is the low tax climate.  Nevada has no state personal income tax; in fact, it's prohibited by our constitution.  Nevada similarly doesn't charge income tax on domestic or foreign corporations.  We also don't have an estate tax or a franchise tax, which can ...

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Yes.  The End. Just kidding.   The IRS, business license bureaus, taxation departments, and sometimes secretary of state offices require an identifying number for your business.  Without an EIN, your social security number is used, which causes identity theft concerns.  Also, obtaining an EIN is another way to distance yourself from your business in the interest of keeping your corporate veil intact. The IRS provides a quic...

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Last week I met with a small business owner whose registered agent had access to her business bank accounts.  A short investigation revealed this particular registered agent had formed dozens of corporations and named himself secretary, giving him access to the bank accounts.  We quickly dissolved the corporation and reformed an LLC with no one but the business owner having access to the company's money. Registered agents are requ...

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No, it doesn't involve a safety pin or have anything to do with a wedding.  This is one of those often-used yet rarely-explained phrases that every small business owner should understand.   If formed and managed properly, corporations and LLCs are treated as legal entities separate from their owners.  This is why we business lawyers are constantly nagging sole proprietors to form a legal entity.  Doing so allows the busi...

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