Las Vegas LLC Lawyer
One of the most common pieces of advice given to new entrepreneurs is to set up a business entitity before they start selling their products or services. It’s good advice. Business entities give enterprises many advantages and legal protections that would otherwise be either very expensive or legally impractical.
Corporations, partnerships and limited liability companies are three of the most popular kinds of business entities. The limited liability company, or LLC, however, is fast becoming the entity type of choice, especially for new businesses. Even though there are numerous ways of setting up an LLC, it is always recommended you get professional legal advice. Here are some reasons why.
In most states, the management of an LLC can be structured in a wide variety of ways. Attorneys like those from a firm like Dobberstein Law Group will tell you management of the company is a legal matter that can have all kinds of unintended consequences if it isn’t properly addressed during the company’s initial formation. Ownership structure is a subject almost certainly best left to competent legal counsel.
For example, in California, a member with only one percent share of a company’s ownership can have 100% legal control of the LLC. This may be different in Nevada, which is why anyone planning to set up an LLC in Nevada would do well to get advice from a Las Vegas business law attorney.
While there are many things an LLC can do, there are several things it can’t. For example, LLCs cannot have foreign shareholders. Corporations can. There are a number of pitfalls shareholders in an LLC face they may not necessarily face if they are shareholders in a traditional corporation.
These complications only become more intricate if a company does business in multiple states. In order to understand the full range of obligations faced by an LLC and its owners, it is virtually imperative a competent legal professional be brought in to explain and document the decision-making process when it truly counts.
While it may seem quick and easy to fill out some forms on the web and announce you have established an LLC, the true ramifications of your decision require a lot more consideration. Legal advice isn’t free, to be sure, but it’s worth every penny.