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For most people starting a business or investing in real estate, it is common to form a corporation or LLC. It is true, the act of forming a Corporation or LLC creates a wall between you and your business/investments known as The Corporate Veil.
Every state has different laws that govern the strength of this corporate veil. We’ve written plenty of articles in the past of why we recommend Nevada and Wyoming. These states provide the strongest corporate veil separating you from your business. But what is required for you to have this legal separation, and how do we maintain this legal separation?
I’ve spoken with thousands of business owners and investors and found a common theme. “When I started, I wasn’t sure if this business was going to actually make money…” Or in real estate, “I only have one rental property and not sure if I need all this LLC stuff…”
As a reminder, in the event of a lawsuit, the attorneys are going to sue the LLC, and they’re going to sue you personally as the owner of the LLC. The attorney must get as much money as possible. Often, these attorneys are taking the case on a contingency basis. The poorest people in this country can hire the best attorneys – doesn’t cost them a dime.
Double check that your Corporation or LLC is set up and operating properly. I often see very successful business owners who form their own LLCs or Corporations. Starting an entity is a moment in time. Most people do not follow the corporate formalities to be in compliance with state and federal law. They filed their articles of organization with the secretary of state, got an EIN number, opened a bank account, and thought to themselves, “Well, this was pretty easy!”
These are the same people getting their corporate veil pierced and being held personally liable. If you formed your own LLC, you may want to rethink your strategy. Most people that form their own entity do not have an Operating Agreement, or they downloaded one for free from the Secretary State.
The Operating Agreement is a very important document outlining the rules and operating procedures for your LLC. This is the same document, that if properly done, may indemnify you, yourself, and your partners in the event of a lawsuit, divorce, or audit. Merely filing articles of organization, obtaining an EIN Number, and having a corporate checking account is not enough.
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Some states do not require an operating agreement. However, in the event of an accident, death of a member, divorce, or lawsuit, you need these documents to be complete and up to date.
Abraham Lincoln was quoted as something to the effect, ” A man who is his own lawyer has a fool for a client.”
With NCH, the state’s top business formation service, you can register your LLC in Nevada quickly and easily. Our specialists will help you choose the right entity for your company and understand why an LLC in Nevada is your best option. We’ll assist you with all necessary Nevada LLC forms, including the vital Articles of Organization, and help you comply with state regulations. In addition, we offer expert assistance with tax compliance, credit building, and payroll management. Schedule a private consultation to explore effective solutions to minimize tax liabilities and protect your wealth. Start unleashing your LLC’s full potential today with NCH. Schedule a consultation with Adam Kintigh today!
DISCLAIMER: The above material has been prepared for informational purposes only, containing opinions of the provider, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Please consider consulting tax, legal, and accounting advisors before engaging in any transaction.
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