There are many things to keep track of as a business owner. One of those is your business's current status with the State of Nevada. Keeping an eye on your standing with the state is simple but it's not uncommon for businesses to find themselves in default or revoked status. There are also business owners that find that their business has run its course and decide to dissolve the entity with the state. There is clearly a difference between dissolution and revocation. What are the differences and is it okay to let a business be revoked?
More than half of all new restaurants fail within the first year, and the statistics for other types of business aren't much higher. When you come up with a new business idea, you might spend years researching your idea and comparing other businesses before looking at funding or applying for loans. The most successful business owners plan for the unexpected problems that can pop up in the future.
The range of nonprofit organizations in Nevada is ever growing. It's no secret that nonprofits are eligible for a federal tax exempt status and this makes forming this type of entity popular with potential business owners. But the increasing popularity has also brought more dishonesty. In the current climate of nonprofits, with news stories of organizational corruption increasing, the Internal Revenue Service began to narrow its focus on the organizations and excess benefit transactions.
If you're a small business owner, you've most-likely considered entering a partnership at one point or another. From an outsider's perspective, joining a partnership can seem like a great use of resources, capital, and energy. However, most partnerships don't pan out the way partners would hope because many business partners enter a partnership for all of the wrong reasons. Some of these reasons include not having enough connections, shortage of financing, lack of skill set, or simply not wanting to operate alone. That being said, there are many variables that may come into play and derail a partnership as the business picks up.
A Nevada business license lawyer can ensure that a new startup begins operating with an appropriate license, but positioning a new business for success requires more than just the right license. The great value of a business lawyer is that he or she can help an entrepreneur solve potential problems before the entrepreneur begins to navigate the market.
When you are a business owner, you work hard to make ends meet and grow your business. The last thing you want to do is put all of your hard work at risk simply because you failed to do something right. One of the main components of any business is a business contract. As such, here are three mistakes you want to avoid with your business contract.