Business Formation

By popular demand, here is the checklist for starting a business in Las Vegas, Henderson, North Las Vegas, Boulder City and Clark County. 1.  Choose a name. Start with my article Naming Your Business.  Make sure no one else has it.  When you've chosen a name, move on to step 2. 2.  Figure out your business address. Whether y...

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When naming your business, it's important to check the public records to be sure there isn't any other business already using the name.   I received a call today from a client who wanted to use the plural version of a name already in use for the exact same business.  In support of his using the name, he said that the city business licens...

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An insurance agent in one of my networking groups recently explained why one insurance company in particular can consistently offer much lower rates than his competition.  By allowing customers to choose their own coverage, no agent of the company is involved and the customer assumes all responsibility for choosing his liability coverage. ...

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I recently attended a luncheon where Nevada's Secretary of State Ross Miller spoke about why Nevada has become an attractive state in which to incorporate. Chief among them is the low tax climate.  Nevada has no state personal income tax; in fact, it's prohibited by our constitution.  Nevada similarly doesn't charge income tax on dom...

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Yes.  The End. Just kidding.   The IRS, business license bureaus, taxation departments, and sometimes secretary of state offices require an identifying number for your business.  Without an EIN, your social security number is used, which causes identity theft concerns.  Also, obtaining an EIN is another way to distance yoursel...

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Last week I met with a small business owner whose registered agent had access to her business bank accounts.  A short investigation revealed this particular registered agent had formed dozens of corporations and named himself secretary, giving him access to the bank accounts.  We quickly dissolved the corporation and reformed an LLC ...

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No, it doesn't involve a safety pin or have anything to do with a wedding.  This is one of those often-used yet rarely-explained phrases that every small business owner should understand.   If formed and managed properly, corporations and LLCs are treated as legal entities separate from their owners.  This is why we business la...

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Seems counterintuitive, doesn't it?  Shouldn't everyone looking to start a business already have an idea of what they want to do?  Not necessarily.   Head to your nearest bookstore, grab the October/November 2009 issue of Business Week's Small Biz, and read "Beyond Eureka" by Amy Barrett p40.  This is, by far, one of the most i...

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