Business planning involves choosing the right legal structure for your venture and ensuring proper corporate formalities are followed. A Las Vegas business planning attorney can help you form an LLC, draft buy-sell agreements, and protect your business assets from personal liability.
What business structure should you choose?
While opening a new business can be daunting, choosing an entity structure should not be. Though an LLC is suitable for most active ventures and passive investments, making the best choice depends on a combination of factors that are unique to every situation.
Common business structures include:
- Sole Proprietorship — Simplest structure, but offers no liability protection
- Partnership — Shared ownership, but partners are personally liable for business debts
- LLC (Limited Liability Company) — Combines liability protection with tax flexibility
- Corporation — More formal structure with strongest liability protection
What happens after you form your business?
The work does not end when the choice is made. Appropriate tax treatment must be chosen, formal filing needs to take place, and thorough corporate maintenance and formalities must be followed. Having an attorney advise you on these most crucial of decisions can help prevent mistakes in the short term and ensure wise business planning in the long-term.
Do you need a buy-sell agreement?
A buy-sell agreement protects business owners when a partner dies, becomes disabled, or wants to exit the business. Without one, surviving partners may be forced into business with a deceased partner's heirs or face costly disputes.
How can you protect your business assets?
Nevada offers strong asset protection through:
- Charging order protection — Creditors can only receive distributions, not seize ownership
- Multi-entity structures — Separate high-risk activities from valuable assets
- Parent-subsidiary arrangements — Isolate liability between related businesses
Give me a call and we can decide together whether formalizing is worth the expense and discuss whether a buy-sell agreement should be part of your partnership. We can also investigate how employing a tiered parent-subsidiary arrangement or committing and leasing assets using multiple LLCs can be beneficial.
Related services
- Asset Protection — Protect personal assets from business liabilities
- Family Limited Partnerships & LLCs — Entity-based wealth transfer
- Estate Planning — Integrate business succession into your estate plan