A series LLC is a limited liability company with one or more internal divisions. Each division of a series LLC may have separate business activities, objectives, liabilities, assets, members, and even managers. Each series of the limited liability company is protected from the liabilities of the other divisions and even from the LLC itself. The flexibility of a series LLC is convenient for those looking to form a single legal entity that is composed of separate distinct asset portfolios and/or ownership structures.
Nevada Series LLCs
What to Include in a Non-Compete Agreement
A non-compete agreement aids businesses in protecting sensitive information. A well written non-compete agreement can protect a business' interests in many scenarios. This information can range between a wide variety of business aspects which include strategies, financial info, specialized training, clientele - you name it. These types of agreements are important for any business that employs people who are subject to sensitive information. We've discussed the most recent changes to Nevada non-compete agreements in a previous blog (Is Your Nevada Non-Compete Agreement Still Valid?) and today we'll go into more detail as to what you would want in a non-compete agreement as a business owner.
Changes to Nevada Commerce Tax Filings
The filing requirement for Commerce Tax has been changed. If the Nevada gross revenue of your business from July 1, 2018 through June 30, 2019 was $4,000,000 or less, your business is no longer required to file a Commerce Tax return and your Commerce Tax Account will be automatically closed, effective June 30, 2019.
Merger and Acquisition Archetypes
There are many ways to help your business's bottom line. One of the fastest ways to achieve this goal, if done correctly, is through mergers and acquisitions. You've probably heard of the term before, and have a general understanding of what happens to companies when this occurs, but what exactly happens when a company merges with another or is acquired? The answer to that depends on the goals of the businesses involved. In this blog, we'll cover the options you have to consider as it relates to structuring your business entity for a merger or acquisition.
Operating Agreements for a Nevada LLC
We've mentioned operating agreements in a few blogs, and we thought we'd go over it in more detail in this entry. What is an operating agreement and why does my LLC need one? An operating agreement is a key document for an LLC with a sound legal foundation. An agreement that is acceptable to all managing members of the LLC, even if you are a sole member of the LLC, will help your business run as it was intended. Well written operating agreements should give the LLC members peace of mind. We'll map out the basics of a good operating agreement below.
Moving Your Business Entity To Nevada
Moving Your Business Entity To Nevada
Holiday Parties: The Legal Side
Company holiday parties are a customary and traditional way for employers to show appreciation to their hard-working, loyal employees. It's also a great way to boost company morale and create a better work environment. However, there are instances where the best of intentions can backfire and create big complications! As fun as company holiday parties may be for everyone, it can be a breeding ground for legal issues. Unfortunately, it can even lead to some of those loyal employees losing their jobs. There are many potential party pitfalls to consider. In this blog, we'll cover the more common minor mishaps as well as major ones.
Privilege Licensing in Nevada
Congratulations on securing your State License from the Nevada Secretary of State. So, what now? Can you legally conduct business? Well, more often than not, your business will be required to have a local license at the county or city level. Depending on the operation of your business, you may be required to secure what's called a "privilege license" in Nevada.
Forming a Nonprofit Business
Classifying as a nonprofit organization has always been a popular choice for Nevada business owners when deciding on the classification of their new business entity. Not all businesses can be classified as a nonprofit or 501(c)(3), however. To qualify for 501(c)(3) status, an entity must be formed for charitable, educational, literary, religious, or scientific purposes. A 501(c)(3), as many people know, is eligible for federal and state tax exemptions - and thus drives the popularity of the classification. In this blog, we will go over things to keep in mind if you're thinking of forming a nonprofit organization.
Understanding Your Commercial Lease Agreement
Earlier in the year, we talked about things to consider before signing your commercial lease. However, we didn't dive into understanding your lease or cover the common mistakes business owners make before signing their lease. As you read this, keep in mind that a lease between a landlord and tenant can supersede certain sections of Nevada law to the extent of any conflict. Since a lease can have an enormous influence on your business, we thought it would be best to follow up on this topic. In this blog, we'll discuss the key points you'll want to keep track of as you review your commercial lease.
