Welcome Back, Gen Z (+ other!) Planners – let’s start a business!
Now, if you’re trying to start your own business, you are in the right place! Let’s talk about what smart business owners due to protect themselves from the start!
Here are the basics you need to get started on the right side of your business.
What is an LLC?
A limited liability company commonly referred to as an LLC is a business structure that blends together the factors of a corporations with those of a partnership or sole-proprietorship
The key features to an LLC are:
- That owners, also called members, typically aren’t personally liable for debts that come from the business, outside of their personal investment.
- Unlike corporations, LLCs are more flexible when it comes to management and distribution rules.
- LLCs are often easier and a less formal than a corporation.
Nevada Specifics….
Looking specifically at Nevada, LLCs are governed by the Nevada Limited-Liability Companies Act in Nevada Revised Statutes Chapter 86.
- If you form an LLC in Nevada, you will start by filing Articles of Organization with the Nevada Secretary of State office.
- You will also need to file an Initial List of Managers or Managing Members.
- Following this you will to obtain a Employer Identification Number (EIN) which is utilized for tax and financial purposes.
- Lastly, you need a registered agent in the state, that can be us! This doesn’t necessarily mean you need to live in Nevada.
For specific rules on LLCs in Nevada
Why does having an LLC matter?
Establishing an LLC early can give you both protection and credibility.
An LLC typically separates your personal assets from your business liabilities.
If your business is facing any legal issues or debts, your personal assets, savings, and property are usually protected.
Separating personal and business finances
Keeping your finances separate is not just good for bookkeeping , it is necessary for staying up to date with your accounts and ensures that nothing mixes.
Opening a dedicated business bank account and opening separate lines of credit typically allows for better clarify and reinforces a professional image.
Intellectual Property Basics for entrepreneurs
As a business owner and entrepreneur, protecting your intellectual property is critical.
Intellectual property includes: trademarks, copyrights, patents, and trade secrets
Protecting these assets allows for you to safeguard your brand name, logo, slogan, designs, recipes, and processes.
Registering any intellectual property that you might have prevent others from copying your ideas and can increase your product value.
When are contracts needed (even with friends)!
Contracts aren’t just formal business agreements! They are integral in all relationships.
Contracts are needed whenever discussing money, responsibilities, and ownership.
Even when you’re working with family and friends, it is always best practice to write out and clarify what is happening. Whether it is expectations, clarification, roles, compensation or deadlines.
Start Your Business Today!
When you start conversations with your business planner, make sure you understand what you’re getting yourself into!
Choose the business plan that fits you and your future goals.
Author and Photo by: Mya Skowronski – Law Clerk, Phillips Ballenger