I just got a call from someone who wants to resign from his company, leaving his partner behind. He was surprised to learn there is far more to this process than simply filing the resignation paperwork with the Secretary of State.
First, is there an operating agreement (for an LLC) or a shareholder agreement (for a corporation)? If so, that document should dictate how one owner can terminate his or her interest in the business. A good owner’s agreement will also spell out a formula for calculating how much money the remaining partner must pay the leaving partner for his interest in the business.
Even if the leaving partner doesn’t want any money and just wants out, chances are he is tied to the business in more ways
Continue reading Leaving a Business
One of my clients recently called in a panic because she had just received a notice that the trademarks I’d filed on her behalf were cancelled. As it turns out, the notice was a fake. It looked official and made reference to the USPTO, but tried to deceive her into paying the company that sent it extra money to revive the applications.
The USPTO enclosed a notice about these deceptive solicitations with a trademark I recently received. An article on their website describes the types of notices to watch out for and what to do if you receive one. In short, if you suspect a solicitation is deceptive, file a complaint with the FTC at www.FTC.gov.
Also, e-mail the USPTO at TMFeedback@uspto.gov, preferably including a copy of the
Continue reading Beware Unofficial Trademark Solicitations
Yay! Believe it or not, Clark County and the Cities of Las Vegas, Henderson, and North Las Vegas have agreed on something. I know, right?
A June 21, 2012 press release announces the first phase of multijurisdictional licensing for contractors!
The insanely maddening process of having to go to each jurisdiction to secure a separate license and pay separate fees has been simplified. I’ll wait while you pick your chin up off the floor.
Thanks to the implementation of a central database that the jurisdictions share, now contractors can go to one place and pay their fees and submit their applications and…wait for it…the office will forward the application and fees to the proper jurisdiction. No more bureau-hopping, which is like club-hopping except with elevator music
Continue reading Streamlined Business Licenses for Contractors
“Why do I need a business plan? Writing one is so difficult and I don’t have time!”
A business plan is the blue print for your business. It tells others the projected course of action for your business over a period of time.
If you are in need of OPM (Other People’s Money) for your business, a business plan is critical. Banks, lenders, and investors will thoroughly examine your plan in order to decide whether or not to finance your business venture.
A well-executed plan will describe your business including: the market conditions, the industry, your competition, plan of operations, marketing strategies, problem-solving strategies, and management policies.
The financial projections may be the most important component of the plan. Institutional lenders and sophisticated investors will expect to see the following in your plan:
an income statement, a
Continue reading Why Do I Need a Business Plan?
Now, if you are a loyal reader of my blog, and I’m sure you are (wink, wink)…you read my article on the benefits of incorporating. And if you’ve done some homework, you’ve discovered that Nevada is a pretty friendly place to incorporate your business. In addition to having no state income tax, and relatively low business licensing fees, along with a Secretary of State who’s not only a total badass but also highly motivated to make Nevada the next Delaware, Nevada continues to improve the business climate with developments such as the Series LLC.
With our tragically depressed housing market, investors are swooping in and buying multiple properties at once. Traditionally, in order for a landlord to protect those investments, each parcel would have to be placed in
Continue reading What is a Series LLC?
I sometimes get calls from people asking whether they should incorporate. When I am somehow able to stifle my automatic “YES YOU SHOULD!” knee-jerk reaction, I calmly provide some semblance of a well-reasoned argument in favor of incorporating.
Now, to clarify, by “incorporating” I don’t necessarily mean forming a corporation. I simply mean forming an entity so that you are no longer operating your business as a sole proprietor. The choice of entity includes a corporation, LLC, LLP, LLLP, and some other more obscure entity forms that I have yet to run across. The two most common entities I deal with are the corporation and the LLC. For either a corporation or an LLC, you start with registering the entity at the state level and obtaining a state business license.
Continue reading To Incorporate or Not to Incorporate?
On April 23, 2012, Nevada Governor Brian Sandoval and Amazon.com announced an agreement that Amazon would begin collecting sales tax on purchases made by Nevada residents starting at least January 1, 2014.
Even when Nevada residents make a purchase that doesn’t involve paying sales tax, Nevada law requires them to remit the equivalent sales tax to the state. Few residents do so, however, and for this reason Amazon.com has come under fire from states who argue that its failure to collect sales tax has given it an unfair advantage over local retailers, mostly small businesses, operating within each state.
With this new agreement, small businesses will enjoy a more level playing field with the online retailer and states can recapture some $23 billion in lost revenue.
Previously, entities such as LLCs and corporations in Nevada could apply for an exemption from the $200 annual state business license fee if the business was home-based and made less than approximately $26,000 a year.
Today, the Secretary of State issued a press release about its regulation clarifying that the exemption was intended to apply only to natural persons – sole proprietors and general partnerships – and not to entities.
Therefore, effective immediately, all entities must pay the $200 annual state business license fee.
People often ask me how they go after someone who owes them money. There seems to be a misconception that if you sue someone who owes you money, the lawsuit can be wrapped up within the span of an hourlong TV show and you magically get all your money and your attorney’s fees back in a giant check delivered to your house with flowers and balloons.
Okay, so maybe that’s a slight exaggeration. The point is, trying to recover money you’re owed is not an easy task.
First, if you spend the time and money to sue, chances are pretty good that even if you win, you won’t be reimbursed your attorney’s fees without a contract that says you should. Also, if you win, and get a judgment in your
Continue reading Someone Owes Me Money – What Are My Options?
Earlier this week, Clark County School District Superintendent Dwight Jones announced the Reclaim Your Future program, in which mentors from the community are paired with high school students to help raise the graduation rate.
CCSD is partnering with the United Way, Workforce Connections, the Las Vegas Chamber of Commerce, and Vegas Young Professionals to round up volunteer mentors. If you’d like to get involved, download the application or contact Debbie Tomasetti, Project Manager at 799-6560 or firstname.lastname@example.org.