Think back to when you first started your business, and how you chose your trade name.  Most likely, you chose a name that described the goods or services to be provided.  Perhaps the name was drawn from a childhood memory, an element of nature, or a personal experience that changed your life. Maybe you used your own name in some form.

Finding the right name for your company may take some time, so best not to rush it.  Experiment with more than one idea or concept, and let your imagination go. Be creative with a name that sets you apart from the rest. Ultimately, the name you choose for your company will become a reflection of you, the owner.

If you decide to form a partnership, corporation, or a limited liability company, your company name will become public and will be listed on the Nevada Secretary of State’s website, along with the names of its owners and officers.  Members of the public can check the website to see whether your company is in good standing and actively doing business in this state.

If you have a particular trade name in mind for your business, you can search the Nevada Secretary of State’s website to determine whether the name is already in use. If you are sure about the name, and it is available, you can reserve it for 90 days while you set up your company.  There is a reservation fee of $25.00.  In addition to preparing and submitting Articles of Incorporation/Organization and the Registered Agent Acceptance, you’re going to need a Nevada business license.

Once you receive your company charter and business license, it’s time to celebrate (very important). You are going to accomplish great things!

 

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.

 

NOTICE: Review and/or written responses to content posted in this Law Blog DOES NOT create an attorney-client relationship with any attorney employed by D’terra Law, LLC.

One of the most exciting areas of my practice is talking with a client about starting their own business.  Sometimes it’s just an idea they want to discuss, and other times the client comes to me with a plan and a long list of questions.  Many of my clients have already started their businesses as sole proprietors, which always leads to the discussion of whether that form of ownership is the best option for them when considering personal liability and taxes.

As a sole proprietor of a business, you accept personal liability for any loss that may occur. Purchasing the right business insurance is a must.  When it comes time to pay taxes on your earnings, your business is considered a “pass through” entity and your income tax liability is determined based on your overall income for the year.  The “pass through” concept generally works the same way for a limited liability company (LLC) or a partnership.

One good option for sole proprietors in Nevada who want to avoid personal liability in case of loss is to create a limited liability company (LLC).  In that case, your company operates as a separate entity and your liability for loss is limited to the value of your business assets.

The Nevada Secretary of State provides a helpful website for those of you thinking about taking the leap and “becoming your own boss.” My advice is to learn all you can from available resources (and there are many out there – your local library, news articles, websites and your trusted family and friends.) Then, when you are ready to work harder than you ever have before, come and see me.  I want to hear all your ideas!

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.

 

NOTICE: Review and/or written responses to content posted in this Law Blog DOES NOT create an attorney-client relationship with any attorney employed by D’terra Law, LLC.

“Get off my land.”  Four of the most powerful words in the English language.

As Americans, it’s hard to imagine not being able to shop around, buy some land and build a dream home for ourselves and our loved ones. As owners, we go to great lengths to preserve and protect our property. Some folks build fences, or post “no trespassing” signs to let others know where the boundary lines are and to stay away – or else.

My friends and I enjoy hiking the trails in the Lake Tahoe Basin.  Occasionally we come across fences and no trespassing signs warning us to keep out. For the most part, we assume the fences and signs are legitimate and that the land is indeed private. However, this is not always the case and the only way to know for sure is to check the maps in the recorder’s office.

While it may be good practice, a Nevada landowner is not required to build fences or post signs to keep others off their property.  A verbal warning is enough to put the unwitting trespasser on notice to leave the property and not return.  Once on notice, should the trespasser return, the true owner can then pursue legal action against the trespasser in a court of law.

In either case, it’s probably best to give the purported landowner the benefit of the doubt.

 

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.

 

NOTICE: Review and/or written responses to content posted in this Law Blog DOES NOT create an attorney-client relationship with any attorney employed by D’terra Law, LLC.

A timeshare, in general terms, is a fractional ownership of property that is shared with other persons.

In Nevada, a timeshare is treated as real property and is transferred by a deed that is recorded in the county where the timeshare is located.

Back in the 80s and 90s, timeshares became very popular as an alternative to staying in a hotel on vacation.  Timeshares continue to be marketed through high-pressure sales methods and an offer for a “free” weekend stay at a popular tourist destination, or at one of the timeshare resorts.  To seal the deal, seller and buyer enter into a written contract for the purchase of a certain number of weeks during the year at a one particular resort, or several resorts in different locations.  Pricing is based on the location, type of resort and the number of weeks purchased. New owners agree to pay maintenance fees that increase each year, and which can be very costly.

Like other interests in real property in Nevada, a timeshare can be sold by the owner during their lifetime or pass to the owner’s beneficiaries through a will or a trust. There are some downsides, however.  A beneficiary who accepts ownership of a timeshare must continue to pay the maintenance fees regardless of whether or not they use the allotted weeks. More importantly, when compared with other interests in real property, a timeshare seldom appreciates in value and are often difficult to sell. 

In Nevada, if a person passes away owning a timeshare, a probate is required because the timeshare is considered real property.  For example, an estate owning a timeshare valued at $2,000 must go through probate, the cost for which may exceed the value of the timeshare several times over.  If you are considering buying a timeshare, read the contract, take your time and give it some serious thought before you sign on the dotted line.

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.

 

NOTICE: Review and/or written responses to content posted in this Law Blog DOES NOT create an attorney-client relationship with any attorney employed by D’terra Law, LLC.

When it comes to owning real property, the written word controls.  The words in your deed determine your rights and responsibilities to your property during your lifetime and what happens when you pass away.

Your home is considered real property, is conveyed by a deed and is recorded in the county recorder’s office where it is located.  The deed to your home shows who owns the property, how it is held, and includes a legal description. Anyone can look up property records by visiting the county offices or its website.

Most of my clients maintain original paper copies of their deeds and keep them in a safe place.  But when I ask them how their property is held, I often get a confused look.  The best way to learn this information is by simply reading your deed.

In Nevada, a married couple can choose to hold their property as joint tenants (with rights of survivorship), or, as community property, or, as community property with rights of survivorship.  A single individual holds their property as a sole owner, and unmarried persons can hold their property as joint tenants or as tenants in common. Each form ownership is slightly different. Do you know what your deed says, and more importantly, what it means?

Interested in learning more?  Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.

 

NOTICE: Review and/or written responses to content posted in this Law Blog DOES NOT create an attorney-client relationship with any attorney employed by D’terra Law, LLC.