All successful business ventures begin with a vision.
Each year, over 600,000 ambitious Americans lay the framework for a business startup, whether their companies will remain a corner boutique on Main Street or go on to become a major corporation on Wall Street.
Incorporating (or registering) your startup with the government can provide legal and financial protections against frivolous lawsuits and potentially millions in payouts.
Establishing a Nevada corporation can prove to be an excellent financial endeavor for small businesses looking to broaden their scale. On top of protecting you — the business owner — from lawsuits targeting your personal assets, incorporation can also build your reputation locally and boost your revenue through stock sales.
However, with several types of corporations choose from, each boasting unique benefits, pursuing incorporation can be complicated. The most common legal entities for incorporated businesses are:
Some business owners will idealize the immense asset protections of launching a C-Corp, while the owner of a non-profit organization has far fewer incorporation options. A professional legal expert is often best suited to weigh your business’s financial structure, size, and goals and recommend your ideal legal entity for today and in the future.
The lengthy incorporation process begins with completing the necessary paperwork. The first step is creating a company name that is both unique and abides by Nevada’s state standards. Choosing the same — or a similar — name to another Las Vegas business can trigger a trademark infringement lawsuit later down the road. Like many states, Nevada offers an online search tool to verify the availability of your venture’s preferred name.
The next step of incorporation is perhaps the most tedious of all. All Las Vegas business owners must submit completed articles of incorporation with the State of Nevada. This brief document will require you to clarify your business’s foundations, including your business’s physical location and who will serve your company’s board of directors. Filing the articles of incorporation with the Secretary of State in Nevada could cost you $75 or more in fees.
The third step is the final roadblock standing between your business and incorporation. Applying for a federal employer identification number (FEIN) will officially establish your newfound corporation with the Internal Revenue Service (IRS). Possessing a FEIN will ensure your business abides by all federal business regulations while also enabling you to open a bank account in your corporation’s name.
Scattered between these three crucial steps are small steppingstones that are easy to overlook, such as adopting bylaws, appointing a board of directors, and developing a shareholder’s agreement. Haphazardly completing this process can ultimately weaken the incorporation benefits. For that reason, many business owners hire a legal team to handle the process’s inner workings.
While a necessary process to earn the legal and tax protections of being a corporation, the incorporation process can be quite overwhelming. The legal implications of accidental errors and the seemingly endless stream of complex documents can be confusing or costly to the layperson. For example:
Every business owner’s worst nightmare is receiving a rejection letter from the local government or learning they’re a defendant in an upcoming civil suit. When every dollar and sheet of paperwork can blockade incorporation, choosing a team of highly-skilled business lawyers can ensure the process runs smoothly.
Cutting corners and taking shortcuts as a small business owner will surely catch up to you eventually, and it could wind up costing you millions. Enlisting the help of an incorporation attorney can help you:
Select the right legal entity that matches your business’s structure
Draft and complete the State of Nevada’s mandatory incorporation paperwork (i.e., Articles of incorporation and bylaws)
Ensure all fees are up-to-date and paid for
Guarantee your business meets local, state, and federal regulations
Turn your startup vision into a large-scale corporation
Develop a business plan as a new incorporation
Understand the legal aspects of running a business
There are thousands of thriving businesses in Las Vegas, and across the State of Nevada. By working with a law firm trained in business and incorporation law, you can take the initial steps to ensure that you join the ranks of the most successful Las Vegas businesses.
At Rosenblum Law Offices in Las Vegas, our goal is to be a reliable helping hand as you launch your business to new heights. Our team has over three decades of combined experience in nearly every facet of the litigation process and a wide range of specialties, from divorce and adoptions to theft crimes and child abuse.
Spanning more than 2,000 cases since establishing Rosenblum Law, our firm prides itself on our relentless client advocacy and willingness to put your needs above all else. Whether you’re looking to choose between an S-Corp and C-Corp, begin drafting your articles of incorporation, or apply for a FEIN, we can guide you through the process and reduce the headaches that generally come along with incorporation.
We would be happy to hear from you to get your business off on the right foot. Give us a call at (702) 433-2889 or fill out our online contact form. Incorporating your business doesn’t have to be a hassle, and we are looking forward to working with a local business owner like yourself!