Callister Law devotes much of its time to business transactions and advising on those transactions. This expertise allowing your new business to form and flourish. Jonathan Callister can draft and review founding documents to establish Limited Partnerships, Corporations, Limited Liability Companies (LLC’s) and other types entities. He can also advise in reviewing and drafting contracts, buying and selling assets both when starting a company and throughout the company’s development.
Nevada and Idaho have their own unique statutes, with regard to corporate structuring and legal protection. Whether it is an S-Corp or an LLC, you can help protect your personal assets from many liabilities you incur in your business while minimizing your tax liabilities by structuring your business with the most protections afforded by both states.
Discussing the planning of your business with an experienced attorney may prevent unforeseen liabilities by creating your business in the type of entity that will help ensure you can optimize your entrepreneurial goals.
Particularly in Nevada you have some of the strongest asset protection laws in the country which protect business owners and their personal assets.
Below are few of the reasons many businesses are incorporating in Nevada:
- No corporate income tax
- No taxes on corporate shares
- No personal income tax
- No franchise tax
- Minimized time, cost and risks of commercial litigation
- Low annual fees and minimal reporting/disclosure requirements
- Liability protection
- Asset protection
- Tax savings
- Separate personal and business assets
Holding and Operating Companies to Protect Business Assets
One highly overlooked business planning strategy to protect your business assets is using holding and operating companies to limit liability risks in your business. An ideal business structure consists of an operation entity that does not own any vulnerable assets and a holding entity which actually own the business assets. Your business can eliminate or significantly limit liabilities for both business and personal debts.
The ideal business structure consists of two entities:
- An Operating Entity-has possession of the assets but does not own the assets.
- A Holding Entity-owns the business assets
Multiple entity approach takes planning and expert advice. The holding entity is where all the wealth is located within the business structure, but because the holding company conducts no business activities, it has almost no exposure to liability, and therefore these assets are protected.
At Callister Law we can take you step by step through this process explaining the complexities of this approach which has such wide-ranging benefits.