Monday, April 5, 2010

The Importance of Registering Your Business Entity with the State

The Importance of Registering Your Business Entity with the State

Prior to the introduction and passage of Senate Bill No. 350 (SB350) a fine for local and national businesses conducting business in Nevada without licensure from the Secretary of State was $500. However, this new legislation dramatically increases the fine imposed under Nevada law if a business fails to register. The bill increases from $500 to a minimum of $1,000 and a maximum of $10,000 the fine imposed on business entities that transact business in this State without registering with the Secretary of State or otherwise qualifying to do business in this State.
In addition to the fine impose, the district attorney or attorney general may recover the cost of a proceeding to recover the fine if they prevail. Businesses must ensure that they are in compliance with local regulations, and any state regulations relating to their business. Finding local counsel or a global business lawyer is one way to protect your company from the potential hardships this new legislation may impose.
Disclaimer: This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. If you have questions or need specific advice relating to the matters contained herein, please contact Lovaas & Lehtinen, P.C.

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