On January 1, 2014, the Nevada Secretary of State began accepting filings for a new entity, the benefit corporation, or “B corp.” Traditional corporations labor under an obligation to turn a profit for shareholders. A corporation’s failure to do so can result in a shareholder derivative suit, where the individual shareholders sue the management or board for failure to keep profits in the crosshairs. Companies turning an eye toward social change and community activism have recently struggled with whether to incorporate as a for-profit business or as a non-profit. The benefit corporation is a marriage of the two. A concept pioneered by globally conscious retailer Patagonia, the benefit corporation allows a for-profit company to subordinate its fiduciary duty to turn a profit to a larger, more “beneficial” goal. Whether a
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December 6, 2012 The Nevada Secretary of State just today issued a press release warning businesses about crowdfunding. Simply stated, crowdfunding describes the method by which an organization can raise money from a pool of contributors, each of whom pony up a small amount of dough, often through crowdfunding sites on the internet. Small businesses are excited about this idea because current securities* laws make it incredibly difficult for small businesses to raise money because they require a whole host of legal documents that really only lawyers can prepare. Not just any lawyer, either. You really need a securities lawyer to handle this type of thing and, because their malpractice insurance premiums are so high for this area of law, the work doesn’t come cheap. Small
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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.
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 email@example.com.
It takes a village to run a business. And by “village” I mean if you’re a business owner in Nevada, chances are you’ll run across the Secretary of State, the Department of Taxation, the IRS, and the city and county business license bureaus, among many others. Are you aware there are organizations like SCORE and the Small Business Development Center that offer free advice to businesses? To find and meet with all these organizations would take months if not years. Wouldn’t it be great if they were all gathered in one place, with representatives who are eager to answer your questions, to spare you the frustration of a never-ending phone tree? We thought so too.
Come to the Small Business Rapid Resourcing Event on Thursday, October 20 from 4-7pm at
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PRESS RELEASE: On September 8, 2011, the Nevada Secretary of State revoked the corporate status of over 400 businesses whose registered agent, Power Point Management, Ltd., failed to respond to requests for information from the Secretary’s office. If you used Power Point Management as your registered agent, and your own address was not registered with the Secretary of State, chances are you never received notification that your business is no longer in good standing with the Secretary of State. This means that not only do you lack the protection of a corporate veil, but you may need to pay late fees or reinstatement fees.
To check on the status of your Nevada entity, enter your company name into the Secretary of State’s Business Entity Search.
Continue reading Was Your Corporate Status Revoked This Week?
PRESS RELEASE: If you formed a Nevada entity as a shell corporation or in order to evade taxes, launder money, or violate securities laws, Nevada Secretary of State Ross Miller and his newly-appointed Corporate Ownership Fraud Task Force are coming for you. The Secretary’s office is working closely with the IRS to fight these fraudulent activities.
Not only should entity owners be aware of this new task force, but those incorporation services that upsell a simple LLC into multiple entities for “asset protection” purposes should rethink their sales strategies.
Today the Nevada Secretary of State issued a press release warning companies about fraudulent solicitations from companies offering to update your entity and requesting filing fees. Because many of these solicitations include official forms downloaded from the Secretary of State website, they appear to be official, though they’re not. Often, by returning these forms with the requested payment, you will unknowingly change your registered agent and pay excess fees to do so.
If you have a Nevada entity and act as your own registered agent, the Secretary of State will notify you, by mail or by e-mail if you’ve requested it, when your licensing fees are due. You can even renew your entity and pay licensing fees online for most companies, which saves you both time
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The Nevada Secretary of State recently discovered that it’s losing tens of millions of dollars in license revenue because businesses have been improperly claiming the home-based business exemption from the state business license requirement.
Essentially, if you own and operate a home-based business that generates less than $27,000 a year, you can get out of paying the $200 annual state business license fee. Up until August 6, 2011, any business could claim the exemption without having to prove it really qualifies. Because businesses have been abusing the exemption, the Secretary of State no longer accepts applications for the exemption online. Now, if you qualify and want to apply for the exemption, you’ll have to complete and notarize a new form that verifies the business address and the
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This month’s issue of the Las Vegas Chamber of Commerce‘s Business Voice features an article about Silver State Works, which provides businesses financial incentives for employing out-of-work Nevadans.
Silver State Works will provide a training allowance to a business providing 24 hours of training a week, for a total of up to six weeks.
Employer Incentive Job Program
If your new hire requires training, Silver State Works will reimburse you for a portion of the employee’s salary during the training period, up to 50% of the gross wages, up to 40 hours a week.
Silver State Works provides incentives to keep new hires employed, for up to 120 days. For each 30-day period of
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