As a business owner in Nevada, you have in-depth knowledge about your industry and extensive experience serving your customers with quality products and services. An area where you may be lacking is the legal factors and implications that affect your company throughout its lifecycle. From the business regulations of the Nevada Secretary of State and local rules in Las Vegas to federal tax codes, there is a massive list of laws to know. Errors, omissions, and failure to comply with the law can lead to devastating consequences for your business. Plus, without a background in law, you may not realize how to leverage factors that protect your company and boost growth.
Starting, operating, and growing a successful business requires a solid foundation, so it is critical to have a legal framework in place. Many companies do not have an in-house legal department, but you can still gain advantages when you work with a skilled partner who will provide valuable advice and counsel.
At Escobar & Associates, we are adept at serving the needs of our business clients as your dedicated, offsite legal department. We take time to understand your industry and the intricacies of your organization so we can help you navigate the complicated array of legal issues you face as a stakeholder. Please contact our firm at 702-789-1422 to schedule a free consultation with a Las Vegas business lawyer, and read on for some important information about the laws that affect your company.
You start a company because you have a great idea, but the legal start requires careful consideration. There are multiple types of business formation options, each of which carries its own pros and cons. Depending on your current circumstances and long-term business goals, you might opt for one of the following:
Besides filing the proper forms with the Nevada Secretary of State, there is also some organizational paperwork to address. A corporation must prepare Bylaws and/or Articles of Incorporation, which cover issues such as the board of directors, officers, and issuance of stock. An LLC can address the same topics via an Operating Agreement. Though they are not required to complete one by law, LLCs may need such an agreement in dealing with financial organizations, investors, insurance companies, and other partners.
In addition, it is useful to consider shareholders’ agreements during the initial startup period. The shareholders are the owners of the company, and they play a unique role in smaller businesses. Owners are also operators, and they want to protect their investments and future growth. Through a shareholders’ agreement, you can achieve various goals.
As you settle into doing business, there are many other contracts that govern operations and could be part of expansion efforts. A common type of business agreement is leases, which may be for real estate, vehicles, or large equipment. Depending on your industry, you may be the lessor or lessee, so you need to know your rights in both positions.
It is also wise to be familiar with such contracts as:
Many companies will also enter into agreements regarding restrictive covenants, including confidentiality agreements, non-disclosure agreements, and non-competition agreements. You can protect your business by requiring employees to sign a restrictive covenant, but there are strict legal rules. If you do not comply with the law, your agreement could be unenforceable.
If you will be hiring employees, there are numerous topics to bear in mind. The federal government has enacted anti-discrimination laws, and there are some similar provisions under Nevada statutes. A violation of these laws may lead to serious liability issues for your company, as you could be forced to pay fines, damages, and other costs to an employee who suffered because of misconduct. The application of these laws depends upon the number of workers you employ, but you should be aware of the key provisions:
Business owners must also comply with all wage and hour regulations set by the US Department of Labor and Nevada law. The minimum wage for the first half of 2023 is $9.50 per hour for employees who get health care or $10.50 for those who do not, increasing to $10.25/$11.25 in July.
Your business owns or has an interest in many types of real estate, equipment, inventory, and other assets. However, you cannot only focus on these tangible items. Your organization likely has a significant investment in intellectual property, which comes in many forms. Our Nevada business law attorneys at Escobar & Associates will advise you on strategies to protect:
The details will depend on your company, how it is organized, your workforce, and many other factors. Some examples of the laws and legal concepts you need to know include the following:
Another important point if you have employees is compliance with Nevada workers’ compensation laws. You are required to carry insurance through an approved carrier, which pays out benefits to qualifying workers who are hurt on the job. Fortunately, your company cannot be sued by the employee under the rule stating that workers’ comp is the sole remedy.
At some point along your company’s timeline, it is inevitable that disputes will develop. Many times, you can resolve disagreements through negotiations, especially when you have an attorney to advocate on your behalf. In some cases, you might benefit from alternative dispute resolution (ADR) to get things back on track. It may even be required by a statute or contract. Mediation and arbitration are two options that are frequently used by business owners.
Still, if you cannot work out conflicts out of court, it may be necessary to either pursue or defend a lawsuit. Litigation is a complex process, from filing a complaint to going through to trial. In between, there are motions, court appearances, discovery tasks, and depositions. A lawsuit may be the result of:
After a person is incapacitated, guardianship is the only way for loved ones to gain authority to act on their behalf. However, it is possible to make arrangements via your estate plan while you still have full capacity to make decisions. This overview should inspire you to look into options that avoid guardianship proceedings entirely. It is possible to do as part of your estate planning, including:
For one, you are less likely to find yourself involved in business litigation when you have a lawyer to advise you. A common reason for lawsuits is mistakes, many of which can be avoided when you consult with an attorney.
Our Las Vegas, NV, business lawyers at Escobar & Associates also deliver a wide range of legal services for all aspects of your company’s operations. You can rely on our team for many important tasks:
Eventually, the time may come when you want to close your business or end your involvement in it. There are different options to consider, and some of them are worth looking into sooner rather than later.
For all major decisions regarding closing your business, it is likely you will need permission from all stakeholders who have the right to vote. A shareholders’ resolution will accomplish this task.
This summary of common business law issues in Nevada is helpful, but there are many other details stakeholders need to know. It is counterproductive to take your attention and effort away from your company to address legal issues, so trust Escobar & Associates to tackle the challenges. We have years of combined experience handling the needs of our clients so they can focus on operating and growing their businesses. To learn how we can assist your organization, please call 702.789.1422 or visit our website to schedule a free consultation at our offices in Las Vegas.
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Phone: 702-789-1422
Fax: 702-304-8265
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Address: 150 North Durango Drive Ste 230 Las Vegas, NV 89145
For over 30 years Escobar & Associates has been providing clients the personalized attention to their legal issues that they deserve. Christy Brad Escobar has sought to help individuals use the law effectively to improve their lives by building strong and successful families.