IMPORTANCE OF ENTITY PROTECTION – LIMITED PERSONAL LIABILITY-TYPES OF PROTECTION

IMPORTANCE OF ENTITY PROTECTION – LIMITED PERSONAL LIABILITY

TYPES OF PROTECTION AND THE IMPORTANCE OF YOUR NEVADA BUSINESS LAWYER

Corporations (continued)

Yet another advantage to the corporate structure is that the assets and structure of the corporation exist perpetually. This allows for stability and accumulation of capital creating investment in projects of larger sizes and corporate assets. This perpetual lifetime feature indicates the boundless potential duration of a corporation’s existence, and its coterminous accumulation of wealth and power. Prior to making any decision to incorporate in Nevada we highly recommend that you contact a Nevada business lawyer to ensure that your rights are protected and that the entity you choose best suits your business goals.


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.

TYPES OF DISCOVERY - REQUESTS FOR ADMISSION

TYPES OF DISCOVERY - REQUESTS FOR ADMISSION

Requests for Admission

One party may serve on another party a written request for admission of the truth of any discoverable matter. If a party fails to admit the truth of any matter requested for admission, and the party making the request proves the truth of the matter at trial, the court may require the party who refused to admit to pay reasonable expenses sustained by the movant (or the party making the request) in proving the matter. When a party admits to a certain matter that matter is (generally) conclusively established at trial.

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.

IMPORTANCE OF ENTITY PROTECTION – LIMITED PERSONAL LIABILITY-TYPES OF PROTECTION

IMPORTANCE OF ENTITY PROTECTION – LIMITED PERSONAL LIABILITY

TYPES OF PROTECTION AND THE IMPORTANCE OF YOUR NEVADA BUSINESS LAWYER

Corporation (continued)

Another reason is that shareholders of a corporation have limited liability for a corporation’s debts and obligations. As such, their potential losses cannot exceed the amount which they contributed to the corporation by way of dues or payment for shares. This limited liability allows corporations to aggregate their costs for the primary benefit of shareholders, which makes for an increase in the number of willing shareholders and amounts they are likely to invest. Prior to making any decision regarding incorporation we highly recommend that you contact a Nevada business lawyer to ensure that your rights are protected and that the entity you choose best suits your business goals.


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.

IMPORTANCE OF ENTITY PROTECTION – LIMITED PERSONAL LIABILITY-TYPES OF PROTECTION

IMPORTANCE OF ENTITY PROTECTION – LIMITED PERSONAL LIABILITY

TYPES OF PROTECTION AND THE IMPORTANCE OF YOUR NEVADA BUSINESS LAWYER

Corporations (continued)


In order to incorporate in Nevada a firm, or its shareholders must submit its articles of incorporation with the Secretary of State. The articles of incorporation establish the general nature of the corporation, the amount of stock it is authorized to issue, and the names and addresses of its directors.

Most corporations are registered as either a stock or non-stock corporation. Stock corporations sell stock to generate capital and are usually for-profit. Non-stock corporations do not have stockholders, but may have members with voting rights in the corporation. In addition, corporations can take the form of for-profit or non-profit, publicly traded, privately held, closely held, or closed altogether. The wide variety of ways in which a corporation can be instituted is just one of the major reasons for their popularity as a Nevada business entity. Prior to making any decision regarding incorporation we highly recommend that you contact a Nevada business lawyer to ensure that your rights are protected and that the entity you choose best suits your business goals.


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.

TYPES OF DISCOVERY -REQUESTS FOR PRODUCTION OF DOCUMENTS OR PROPERTY

TYPES OF DISCOVERY -REQUESTS FOR PRODUCTION OF DOCUMENTS OR PROPERTY

Requests to Produce Documents or Property

A party may require any other party to produce documents and things. Thus, any papers, photos, or objects that are relevant to the subject matter of the case may be obtained from any party to the case. The caveat to this rule dictates that a party may be required to produce only those documents or other things which are in his/her possession, custody or control.


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.

IMPORTANCE OF ENTITY PROTECTION – LIMITED PERSONAL LIABILITY-TYPES OF PROTECTION

IMPORTANCE OF ENTITY PROTECTION – LIMITED PERSONAL LIABILITY

TYPES OF PROTECTION AND THE IMPORTANCE OF YOUR NEVADA BUSINESS LAWYER

Corporations

A corporation is a legal entity separate from the individuals that form it. The defining feature of a corporation is its legal independence from the people who create it. If a corporation fails, or dissolves, shareholders (in general) only lose their investment, and employees their jobs, but neither will be further liable for the debts owing to a corporation’s creditors, unless they made an agreement to be personally liable.

Corporations require a special legal framework that grants a given corporation legal personality. As such, corporations have the ability to sign binding contracts, pay taxes in a capacity separate from shareholders, and own property. In addition, a corporation’s legal personality grants creditors priority over corporate assets upon liquidation (or insolvency) and corporate assets cannot be withdrawn by shareholders, nor can assets of the firm be removed by creditors of a shareholder. Prior to making any decision regarding incorporation we highly recommend that you contact a Nevada business lawyer to ensure that your rights are protected and that the entity you choose best suits your business goals.


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.

IMPORTANCE OF ENTITY PROTECTION-LIMITED PERSONAL LIABILITY-WHY IS IT IMPORTANT?

IMPORTANCE OF ENTITY PROTECTION-LIMITED PERSONAL LIABILITY

WHY IS IT IMPORTANT?

Types of Protection and the Importance of Your Nevada Business Lawyer

There are many options for organization of small, medium and large sized businesses. However, the main options are sole proprietorship, general partnership, limited partnership (LP), limited liability company (LLC), and corporations. The discussion below explains the difference between each option while explaining the corresponding pros and cons. Prior to making any decision regarding entity protection we highly recommend that you contact a Nevada business lawyer to ensure that your rights are protected and that the entity you choose best suits your business goals.

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.

TYPES OF DISCOVERY - INTERROGATORIES

TYPES OF DISCOVERY - INTERROGATORIES

Interrogatories

Interrogatories are a formal set of written questions to be answered in writing by the person to whom they are addressed. They allow for clarification of certain matters of evidence and help determine in advance what facts will be presented at trial and the scope of a party’s claims or defenses. Answers to interrogatories are made under oath by a party, usually after close consultation with his/her attorney. Interrogatories must be answered by the party to whom they are addressed, thus a litigant’s counsel may not answer the question. The attorney may instead object to the question and state his reasons for the objection.

As with depositions, there are limits to the number of interrogatories that a litigant can propound. In Nevada, interrogatories are limited to 40 per person, unless the parties agree otherwise.


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.

IMPORTANCE OF ENTITY PROTECTION-LIMITED PERSONAL LIABILITY-WHY IS IT IMPORTANT?

IMPORTANCE OF ENTITY PROTECTION-LIMITED PERSONAL LIABILITY

WHY IS IT IMPORTANT?

By lessening the risk of potential liability a business entity is able to focus on the more important aspects of there business. In addition, entity protection comes in varied forms, each with the intent to lend itself to your specific needs. This flexibility will allow your business to grow and become more competitive in an increasingly competitive global market. There are also significant tax advantages to entity protection.

Although the discussion below may indicate that entity formation is relatively simple, it would be a mistake to form an entity without first consulting a Nevada business attorney because selecting the right entity that provides your business with the most liability and asset protection can be complex. The varied forms of protection are discussed below.


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.

IMPORTANCE OF ENTITY PROTECTION - LIMITED PERSONAL LIABILITY

IMPORTANCE OF ENTITY PROTECTION - LIMITED PERSONAL LIABILITY

Introduction and the Importance of Your Nevada Business Lawyer

Entity protection is important because it significantly limits one’s exposure to personal liability (especially in Corporations, Limited Liability Companies, and Limited Partnerships). In general, shareholders in a corporation, members of an LLC, and limited partners in a limited partnership are shielded from personal liability for the debts and obligations of the entity, which is legally treated as a separate “person.” This provides that unless there is misconduct, the owner’s own possessions are protected by law, if the business does not succeed. Prior to making any decision regarding entity protection we highly recommend that you contact a Nevada business lawyer to ensure that your rights are protected and that you choose the entity that best suits your business goals.

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.

TYPES OF DISCOVERY - DEPOSITIONS

TYPES OF DISCOVERY - DEPOSITIONS

Depositions

A deposition is witness testimony given under oath and recorded for use in court at a later date. Along with parties to a suit, any non-party with relevant information may be deposed. If the person’s testimony is demanded of a party, then notice may be given to that person’s attorney. If the witness is not a party to the lawsuit, then a subpoena must be served on him/her if he/she is reluctant to testify in the matter. The person being questioned (deponent) is given notice of the time and place where the deposition is to be held (generally at the law firm which requested the deposition).

Since depositions are very costly and can be extremely cumbersome, Nevada limits their number to ten. However, there can be more than ten if both parties agree.


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.

THE IMPORTANCE OF BUSINESS ENTITY PROTECTION IN NEVADA

We will continue our series on the basics of civil litigation each Wednesday. Moving forward...

The Importance of Business Entity Protection in Nevada

Introduction and the Importance of Your Nevada Business Lawyer

This discussion seeks to inform entrepreneurs/business owners about the importance of entity protection. It will also discuss multiple types of protection that a business can adopt to lessen its liability. It is highly recommended that you consult with a Nevada business lawyer prior to forming an entity to ensure that you receive adequate protection for your business needs.

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.

Types of Discovery-Automatic Disclosures

Types of Discovery – Automatic Disclosures

In Nevada, discovery includes six main types, each of which will be discussed individually below: (1) automatic (initial) disclosures; (2) depositions; (3) interrogatories; (4) requests to produce documents or property; (5) requests for admissions of facts; and (6) requests for physical or mental examinations.

Automatic (initial) Disclosures

At the initial stage of discovery, a party must, even without the request of the other side disclose certain things. First, each party must disclose the name, address and phone number of each individual likely to have discoverable information that the party plans to use in its case. Second, a party must provide a copy, or at least a description of all documents and tangible things in that party’s possession that it plans to use in its case.

If a party declines to furnish certain documents or information based on a claim of attorney/client privilege or work product immunity, the party must make the claim expressly and provide a privilege log that describes the nature of the documents or information being withheld. That way the opposing party will be able to at least question the validity of the privilege or work product claim by analyzing the nature of the information.

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.