Collecting a Debt in the United States

Collecting a Debt in the United States

In these trying economic times it is essential as a creditor that you paid on time and for the full amount. At Lovaas & Lehtinen, P.C. we have helped numerous clients collect debts due and owing to them, whether it be insurance companies or private individuals. This discussion will focus on specific debt collection practices in the United States, coupled with a brief discussion of those practices in Nevada.

Law Governing Debt Collection Practices in the United States:
Although each state has its own consumer protection laws many have implemented the Fair Debt Collection Practices Act (FDCA). This is a federal law that provides residents of all states with considerable rights and protections against abusive, unfair and deceptive debt collection practices by debt collectors.

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.

Foreign Companies and the LLC in Nevada (continued)

Foreign Companies and the LLC in Nevada (continued)
Conducting Your Business as an LLC:

An LLC is considered legally organized upon filing the articles of organization with the Secretary of State or upon some later date specified in the articles of organization and the required filing fees have been paid. However, an LLC must not transact or incur indebtedness, except that which is incidental to its organization or obtain subscription for contributions until the company is considered legally organized. With that being said, we encourage you to contact a Nevada business lawyer at the outset of LLC formation to ensure that all of the formalities have been satisfied, which in turn, gives your business the opportunity to hit the ground running.

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.

Foreign Companies and the LLC in Nevada (continued)

Foreign Companies and the LLC in Nevada (continued)

The Cost of Forming an LLC and the Importance of a Nevada Business Lawyer:
It only costs $75.00 to file your Articles of Organization with the Nevada Secretary of State ($125.00 if you request that your application be expedited). As such, the LLC has become a very popular device for businesses across the United States. Still, just because the process is relatively inexpensive and the forms readable does not mean you should avoid consulting with a Nevada business lawyer prior to forming.

A Nevada business lawyer can educate you on the different types of entity protection to ensure that an LLC is appropriate in your situation. A lawyer can also draft an optional document called an “operating agreement.” Most businesses view these as essential when forming an LLC because they specifically advise members of their duties, voting rights and what happens should a dispute arise. Absent an operating agreement, LLC members are left to seek relief in a court system that is already taxed with voluminous litigation. If you don’t want to leave your valuable management rights in the hands of a judge we highly recommend that you contact a Nevada business lawyer.

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.

Foreign Companies and the LLC in Nevada

Foreign Companies and the LLC in Nevada

At Lovaas & Lehtinen, P.C., we often form limited liability companies (LLCs) for many of our foreign clients. The first thing you must do when forming an LLC in Nevada is file what are called articles of organization with the Nevada Secretary of State’s Office. These articles outline the name of the LLC, the registered agent for the LLC (one who receives service of process), a dissolution date, and list the LLC members. You may be wondering just who exactly is a registered agent? Since LLCs are considered legally separate from the individuals that form them, the LLC must designate someone to receive service of process, or when the company has been sued. In general, this individual, sometimes referred to as a resident agent, is the company’s attorney or someone within the company who can handle the responsibility of accepting service on the company’s behalf. The required LLC forms can be found at the following website: http://sos.state.nv.us/business/forms/llc.asp.

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.

How a Foreign Company Can Set up a Corporation in Nevada (continued)

How a Foreign Company Can Set up a Corporation in Nevada (continued)
Conducting Business as a Corporation:

A corporation is considered legally organized upon filing the articles of incorporation with the Secretary of State or upon some later date specified in the articles of incorporation and the required filing fees have been paid. A corporation must not transact or incur indebtedness, except that which is incidental to its organization or obtain subscription for contributions until the corporation is considered legally incorporated. With that being said, we encourage you to contact a Nevada business lawyer at the outset of incorporation to ensure that all of the formalities have been satisfied, which in turn, gives your business the opportunity to hit the ground running.

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.

How a Foreign Company Can Set up a Corporation in Nevada (continued)

How a Foreign Company Can Set up a Corporation in Nevada (continued)

The Cost of Incorporation and the Importance of a Nevada Business Lawyer
As with many legal questions, the answer depends on the circumstances surrounding a given situation. The filing fees in Nevada are based on the number of shares the corporation is allowed to authorize, which are documented in the articles of incorporation. The filing fee could be as little as $75.00 or as much as $35,000 depending on the number of shares involved.

A Nevada business lawyer can educate you on the various kinds of entity protection to ensure that the corporate structure is right for you. In the event that incorporation is deemed appropriate an attorney can help you draft by-laws, or laws governing the corporation’s operation. These by-laws can define ownership rights, voting rights, and dispute resolution processes. In short, a Nevada business lawyer can partner with you, explain the differences between entities, and ensure that your corporate governance is well-documented and your assets significantly protected.

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.

How a Foreign Company Can Set up a Corporation in Nevada

How a Foreign Company Can Set up a Corporation in Nevada

At Lovaas & Lehtinen, P.C., we often incorporate the business of our foreign clients because the corporate model offers significant asset protection and potential for substantial revenue-making. This discussion briefly tackles the steps you must take in order to incorporate your business in Nevada.

There are multiple pieces of information requiring disclosure within the incorporating document called the Articles of Incorporation. In these articles you must state the name of the corporation, the number of shares it is allowed to issue, the corporation’s governing board, the corporation’s purpose, a listing of the incorporators, and a registered agent. Registered agents are individuals appointed by the corporation to receive service of process, or documents indicating that a suit has been brought against the entity.

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.