Business Formation

10 10, 2017

Why It’s Better to Form a Company in Nevada

By |October 10th, 2017|Categories: blog, Business Formation, Business Law|Tags: |0 Comments

Starting your own business and then running that company can be one of the most rewarding, but difficult tasks of your entire life. There are so many factors to consider! Not only that, but you'll need to spend time, money, and energy working towards keeping your business afloat. Though forming a company may initially lead to more stress, eventually you'll be on the fast track to success. Because forming a company brings so much stress, it's important to find the best areas to actually start your business. Forming a company in Nevada, for example, is a much better decision that beginning a company in other states. Here are a few reasons why it's better to form a company in Nevada. No state income tax Having to report and pay an income tax for a new company can make it more difficult to get off the ground. Just when you gain some momentum, as a business, and start seeing some actual revenue, you'll have to fork over a percentage to the state where you are incorporated, if that state requires companies to pay an income tax. In Nevada, however, new business owners don't have to worry about that. Including Nevada, there are seven U.S. states that currently don't have an income tax. The other six states are Florida, Alaska, South Dakota, Wyoming, Texas, and Washington. Single member Limited Liability Companies are protected Business entities that fall within the classification of “single member limited liability company” are extremely popular, but aren't protected in every single state the same as multi-member liability companies. Nevada, however, protects new company owners who create a single member LLC. IN fact, in Nevada, single business owners are treated [...]

18 09, 2017

Starting a Business? Make Sure You Have These 5 Documents to Avoid Legal Trouble

By |September 18th, 2017|Categories: blog, Business Formation, Contract Law|Tags: , |0 Comments

Commercial business law can be extremely complicated for even the savviest businessperson. Commercial law, legal contracts, and business litigation… it can all feel quite overwhelming. Luckily, there are quality business attorneys who are available to help you maneuver through the various commercial business laws. Whether you’re involved in a legal conflict or not, it’s important that your company is equipped with the necessary documentation and legally enforceable contracts. Without having your contracts in order, your business could be at risk for serious financial penalties or lawsuits. Here are a few essential documents you should have to avoid commercial business law disputes. A list of your company’s bylaws Although you don’t need to keep your company’s bylaws filed with your state or federal government, it’s best to keep a written record of them at your main office and at your attorney’s office.  Without well written and understood bylaws, simple ambiguous situations could lead to legal issues or major disputes between the owners of the company. With a thorough review of your company’s Bylaws, however, your company attorney can guide you through its governing rules in order to avoid disputes due to misunderstandings. Workers’ compensation contracts While it’s not enforced across the country, the majority of states require companies to have some form of workers’ compensation available. Roughly 74% of states currently require all businesses to provide workers’ comp. You should make sure that you are offering legitimate workers’ comp and have the correct documentation.  Otherwise, your company can be subject to liability towards both the state and your employees. Privacy policy outlined on the Internet This isn’t necessarily required by law either, but it’s still a best practice for business owners to have policies for their [...]

17 04, 2017

Starting a New Business? Why You Need a Las Vegas Business Lawyer

By |April 17th, 2017|Categories: blog, Business Formation, Business Lawyer|Tags: |0 Comments

4 Reasons You’ll Need a Business Lawyer Business lawyers and legal advice are not just a good idea, they are essential components of any business plan for the legalities and laws concerning your industry. With so many legal matters, lawyers can potentially save a company time, money, and resources while providing the extra boost of confidence every business owner needs. Not considering a business lawyer may turn into a costly mistake and an error which could have easily been avoided with a bit of research. They increase the value of the business and help protect their clients from legal implications so they can operate a fruitful and flourishing organization. Following State and Federal Compliance procedures are also an important aspect a business owner may overlook due to the vast majority of laws. A business lawyer will help ensure no law is overlooked and all business is conducted up to State and Federal standards. Responsibilities of a Business Lawyer Helps handle various business transactions legally and ethically Assists with liability claims Advises the client concerning the prosecution or defense of lawsuits Educates the client on their legal rights and obligations Analyzes possible outcomes for potential cases Evaluates any findings and develops accurate and pointed legal strategies Benefits of a Business Lawyer Here are four reasons why a business lawyer and legal advice are essential to protect you, your clients, and your employees. Help Determine the Business Structure Every firm or business starts from the ground up and there are often questions concerning the structure of the business. A business can choose to be a sole proprietorship, partnership, limited liability company, corporation, or nonprofit. An experienced lawyer can help navigate the business owner through all these options [...]

30 04, 2016

Top 10 Things Business Owners Need to Know About Entering Into Business Contracts

By |April 30th, 2016|Categories: blog, Business Formation, Business Law|Tags: , |Comments Off on Top 10 Things Business Owners Need to Know About Entering Into Business Contracts

[column width="1/1" last="true" title="" title_type="single" animation="none" implicit="true"] Litigation may be the only recourse for some business owners, as it often results when someone enters into a contract without fully examining what they are signing. At Tony M. May P.C., we see all types of businesses dealing with a variety of issues stemming from poorly written contracts, to those that signed contracts without actually understanding what they agreed to. If you are in the process of entering into a business contract, here are the top ten things you need to know beforehand to help protect you and your assets: All business contracts should be in writing. Oral agreements can be binding, but they are difficult to enforce in court. A written agreement is less risky and it clearly defines each party’s rights and obligations. Define each party’s rights and obligations. Defining the rights and obligations of both parties eliminates confusion, and makes it easier to plead your case in court as it has been clearly defined in the contract. Use clear language. Use clear language and terminology that you understand, so that you will be able to clearly determine your rights and obligations under the contract. Create short, clear sentences, with numbered paragraph headings to show a reader what is in the contract. Identify each party correctly. The contract should identify the accurate legal names of the parties involved. This is so they can determine their obligations to be performed under the contract, which includes using the full legal names of the corporations and/or LLCs that are parties to the contract. Include clear definitions of rights and obligations. The contract document must include all of the rights and obligations for each party member in the contract. [...]

29 01, 2016

Which Business Entity Should I Declare?

By |January 29th, 2016|Categories: blog, Business Formation|Tags: |Comments Off on Which Business Entity Should I Declare?

[column width="1/1" last="true" title="" title_type="single" animation="none" implicit="true"] When you have your own business, it can be a challenge in determining what type of business entity to declare. There are so many different options out there. Which option is the best for you and your business? Would it be best to declare it as a sole proprietorship? Or perhaps a Limited Liability Company (LLC) would be better in representing your business. In this article, we will break down the options with which types of business entities there are to declare, so you can better determine what will best benefit you and your business. Sole Proprietorship A sole proprietorship is a business where the owner is personally and solely liable for any legal responsibilities. This means that the business isn’t separate from the personal standings of the owner when it comes to any legal issues that may arise, such as a lawsuit. The business owner can claim their own business losses and profits on their annual personal tax returns. A sole proprietorship can be easy to form and operate for the business owner. No state filing is needed for a sole proprietorship. Partnerships A partnership is similar to a sole proprietorship, but there are shared aspects of the business. They are also easy to form and operate. Each partner in the business can claim their profits and losses on their own personal tax returns. No state filing is needed for a partnership. Limited Liability Companies (LLC) The business has an independent legal structure away from the personal legal liabilities of the owner(s). There is a separation between the assets of the business, and the owner. There aren’t any limitations in the number of owners, and there are [...]