IMPORTANCE OF ENTITY PROTECTION – LIMITED PERSONAL LIABILITY
TYPES OF PROTECTION AND THE IMPORTANCE OF YOUR NEVADA BUSINESS LAWYER
Limited Liability Companies (LLC) (continued)
LLCs are advantageous for numerous reasons. First, an LLC can elect to be taxed as a sole proprietor, partnership, S corporation or C corporation, providing much needed flexibility to different businesses. Second, members of an LLC are generally protected from personal liability for acts and debts of the LLC, unless they specifically agree to undertake such liability through the Operating Agreement. Third, LLCs are “pass-through” entities for taxation purposes, i.e. the LLC members, rather than the LLC itself, pay income tax on the LLC’s income, thus avoiding the double taxation issue seen with C-Corporations. Fourth, LLCs in Nevada are treated as entities separate from their members, maintaining perpetual existence. Fifth, membership interests can be separated and assigned, providing the assignee with membership benefits without transferring an actual membership interest. Prior to making any decision regarding the formation of an LLC 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.
Monday, August 30, 2010
Wednesday, August 25, 2010
WHAT FILINGS ARE REQUIRED FOR A NEVADA LLC?
IMPORTANCE OF ENTITY PROTECTION – LIMITED PERSONAL LIABILITY
TYPES OF PROTECTION AND THE IMPORTANCE OF YOUR NEVADA BUSINESS LAWYER
Limited Liability Companies (LLC) (continued)
In Nevada, Articles of Organization must be filed with the Secretary of State to form an LLC. The Articles must set forth the name of the LLC, the name and address of each of its members, and the name and address of one or more of the managers (if any). The relative rights of the members and managers, as well as the other operating provisions for the LLC, are set forth in the Operating Agreement, which need not be filed with the Secretary of State, thus maintaining the internal privacy of the organization. Prior to making any decision regarding the formation of an LLC 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 PROTECTION AND THE IMPORTANCE OF YOUR NEVADA BUSINESS LAWYER
Limited Liability Companies (LLC) (continued)
In Nevada, Articles of Organization must be filed with the Secretary of State to form an LLC. The Articles must set forth the name of the LLC, the name and address of each of its members, and the name and address of one or more of the managers (if any). The relative rights of the members and managers, as well as the other operating provisions for the LLC, are set forth in the Operating Agreement, which need not be filed with the Secretary of State, thus maintaining the internal privacy of the organization. Prior to making any decision regarding the formation of an LLC 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.
Monday, August 23, 2010
WHO RUNS A NEVADA LLC?
IMPORTANCE OF ENTITY PROTECTION – LIMITED PERSONAL LIABILITY
TYPES OF PROTECTION AND THE IMPORTANCE OF YOUR NEVADA BUSINESS LAWYER
Limited Liability Companies (LLC) (continued)
LLCs are governed through a contract, known as an Operating Agreement, between and among the LLC members. LLCs may be managed by their members according to the members' proportionate ownership interests; however, more common agreements provide for a manager or board of managers to oversee the day-to-day operations of the LLC. These managers are elected or appointed by members in the LLC and may also be removed by the very same members if the Operating Agreement provides such a function. A well-drafted Operating Agreement ensures members' interests are protected; appropriately limits the authority of Managers and provides for the ongoing health of the entity. Prior to making any decision regarding the formation of an LLC 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 PROTECTION AND THE IMPORTANCE OF YOUR NEVADA BUSINESS LAWYER
Limited Liability Companies (LLC) (continued)
LLCs are governed through a contract, known as an Operating Agreement, between and among the LLC members. LLCs may be managed by their members according to the members' proportionate ownership interests; however, more common agreements provide for a manager or board of managers to oversee the day-to-day operations of the LLC. These managers are elected or appointed by members in the LLC and may also be removed by the very same members if the Operating Agreement provides such a function. A well-drafted Operating Agreement ensures members' interests are protected; appropriately limits the authority of Managers and provides for the ongoing health of the entity. Prior to making any decision regarding the formation of an LLC 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.
Friday, August 20, 2010
WHAT IS A NEVADA LLC?
IMPORTANCE OF ENTITY PROTECTION – LIMITED PERSONAL LIABILITY
TYPES OF PROTECTION AND THE IMPORTANCE OF YOUR NEVADA BUSINESS LAWYER
Limited Liability Companies (LLC)
A limited liability company (LLC) is a legal form of business entity that provides limited liability to its owners. It is a combination business entity maintaining certain characteristics of both corporations and partnerships. However, it is often more flexible than a corporation and is an excellent tool for companies with a single owner.
Members of an LLC are the owners of the LLC in the same vein as shareholders are owners of a corporation or partners of a partnership. These owners hold membership interests in the LLC entitling them to a right to receive distributions of capital from the LLC and retain proportionate rights over the LLC based on their membership interests. Prior to making any decision regarding the formation of an LLC 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 PROTECTION AND THE IMPORTANCE OF YOUR NEVADA BUSINESS LAWYER
Limited Liability Companies (LLC)
A limited liability company (LLC) is a legal form of business entity that provides limited liability to its owners. It is a combination business entity maintaining certain characteristics of both corporations and partnerships. However, it is often more flexible than a corporation and is an excellent tool for companies with a single owner.
Members of an LLC are the owners of the LLC in the same vein as shareholders are owners of a corporation or partners of a partnership. These owners hold membership interests in the LLC entitling them to a right to receive distributions of capital from the LLC and retain proportionate rights over the LLC based on their membership interests. Prior to making any decision regarding the formation of an LLC 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.
Wednesday, August 4, 2010
NEVADA CORPORATIONS ARE ALLOWED A PERPETUAL EXISTENCE
TYPES OF PROTECTION AND THE IMPORTANCE OF YOUR NEVADA BUSINESS LAWYER
Corporations (continued)
Yet another advantage to the corporate structure is that the corporation can exist perpetually. This allows for stability and accumulation of capital creating investment in projects of larger sizes and accumulation of corporate assets of greater value, leading to greater value for shareholders. This perpetual lifetime feature indicates the boundless potential duration of a corporation’s existence, and its coterminous accumulation of wealth. 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.
Corporations (continued)
Yet another advantage to the corporate structure is that the corporation can exist perpetually. This allows for stability and accumulation of capital creating investment in projects of larger sizes and accumulation of corporate assets of greater value, leading to greater value for shareholders. This perpetual lifetime feature indicates the boundless potential duration of a corporation’s existence, and its coterminous accumulation of wealth. 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.
Monday, August 2, 2010
INCORPORATING IN NEVADA
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. Nevada does not require the identity of the corporation's shareholders to be publicly disclosed.
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 and the ease with which a corporation can be formed in Nevada is one of the many reasons for Nevada's popularity as a corporate domicile. 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.
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. Nevada does not require the identity of the corporation's shareholders to be publicly disclosed.
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 and the ease with which a corporation can be formed in Nevada is one of the many reasons for Nevada's popularity as a corporate domicile. 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.
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