Business Law Attorney in Las Vegas
Anybody who starts up a business is taking a risk, especially when that business is in the form of a sole proprietorship. In the event that a sole proprietorship is unable to pay its debts, all of that business owner’s personal assets can be seized by creditors. If that same person formed a corporation before starting up a business, his or her personal liability becomes highly limited.
A corporation is a legal entity that is separate and apart from its owner or owners. A business law attorney in Las Vegas from the Dobberstein Law Group will be invaluable in helping you incorporate. If a lawsuit is brought against the corporation, and a judgment is taken against it, personal assets remain protected.
Once your business is incorporated, it can continue to live on after any changes in ownership or your death. This fact is of particular importance to family businesses. The company can live for generations. Incorporating also gives the business increased credibility for investors and lenders.
Simple transfer of ownership
Shares of corporations are represented by stock certificates. Transfer of ownership of those shares is simple. If you wish to transfer ownership of shares, you need only endorse the back of your stock certificates that you have agreed to transfer. No actual transfer of title to the corporation is needed.
The owner of a sole proprietorship will be required to pay a self-employment tax. You won’t be required to pay that tax after incorporating. It saves a significant sum of money for a small business. Corporate directors are able to deduct more expenses too. Even client entertainment and business travel mileage on their vehicles are deductible.
We’ll work with you from the beginning on the incorporation of your business. Contact a business law attorney in Las Vegas from the Dobberstein Law Group with your questions about incorporating your business. Setting up a corporation might be the right choice for you.