It is crucial to understand the full extent of your financial liability and obligations before signing a personal guarantee. A personal guarantee holds you personally responsible for the debts of a business or entity, meaning that if the business defaults,...
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Business Law
Requesting Collateral for Business Transactions
You’ve probably had to provide collateral for loans in the past, but did you know you can request collateral as a seller in a transaction as well? Similar to a loan, the seller can request a type of security on a sale if the transaction involves a debt. We’ll...
Different Types of Trademarking
Protecting your intellectual property should be one of your top priorities when starting a business. It provides your company with security and a competitive advantage. We've gone over a few intellectual property matters to consider as a new business owner in a...
Starting an LLC as an Independent Contractor (1099) in Nevada
A company may pay employees and independent contractors alike for labor, but an independent contractor is self-employed and not subject to the control or supervision of a company that hires them. Independent contractors may agree to work for multiple people or...
Things to Know Before Starting a Nonprofit in Nevada
Starting a nonprofit is a great way to help a community. Because a nonprofit organization’s purpose is to assist the public, they can be granted tax-exempt status by the IRS. This type of classification must be requested prior to the nonprofit operating with a...
Member Managed Vs. Manager Managed LLC
There are many decisions to be made when forming a Nevada LLC. One is deciding whether to operate as a member managed or manager managed LLC. This information is submitted to the Nevada Secretary of State during the formation of the LLC and thus the LLC will be expected to operate accordingly.
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...
Do You Need a Nondisparagement Clause?
Nondisparagement clauses have gained popularity due to the many outlets consumers have available to leave reviews about businesses. The internet has made it much easier for customers and consumers to voice their opinions about businesses, both positive and negative....
Partnership Representative Clauses and Why You Need One
The Tax Equity and Fiscal Responsibility Act (TEFRA) once governed the auditing process for LLCs that are taxed as partnerships. Previously, the IRS could not hold the LLC responsible for federal income tax deficiencies, only the members of the LLC were liable. TEFRA...
4 Things Before You Sign a Commercial Lease
Signing a commercial lease as a business owner should not be taken lightly. A business owners' biggest expense may be a store-front or office space when they are first starting out. Like any contract, it may be too late to make any changes to a commercial lease once...
