Saturday, April 1, 2017

Washoe County (Reno, Sparks, Incline Village) and Clark County (Las Vegas, Henderson), Nevada 2017 Sales Tax Increases

Effective today, April 1, 2017, it's no April Fool's joke:

The sales and use tax rate for Washoe County, Nevada (including Reno, Sparks, and Incline Village) increases from 7.725% to 8.265%, and

the sales and use tax rate for Clark County, Nevada (including Las Vegas and Henderson) increases from 8.15% to 8.25%.

Nevada businesses are responsible for collecting and remitting the correct amount of sales and use tax to the state. Business owners with questions should contact a Nevada business attorney, their accountant, or the Nevada Department of Taxation: (866) 962-3707.

Thursday, June 25, 2015

Nevada Multi Member LLC Operating Agreements Require Thought and Customization

New York "business divorce" lawyer Peter Mahler blogs about his experiences involving two members of a New York limited liability company who relied on LegalZoom to draft their LLC's operating agreement. New York's LLC laws differ from Nevada's, but the key takeaways may be the same for Nevadans considering entering into a partnership based on an online, cookie-cutter document:
[When] the members’ relationship turned bitter .... shortcomings in the operating agreement also contributed significantly to the parties’ legal postures and willingness to risk litigation.... I’m not suggesting that every lawyer-drafted LLC agreement is a model of perfection, but I found ... that a standard form operating agreement being sold online by a major company to the unknowing public as a more affordable alternative to using a lawyer ... suffer[ed] from such a fundamental flaw that, in the end, only intensified the parties’ legal conflict.
LegalZoom LLC Agreement: Bargain or Blunder?

Friday, June 19, 2015

Nevada Corporation Business License Fee Increased

As part of an overall state budget, Nevada's state license business fee for corporations will increase on July 1, 2015, from $200 to $500 per year. Nevada limited liability companies will remain at $200 per year. Both fees were slated to decrease to $100 per year until the recent lawmaking. Additionally, annual list fees for most corporations and LLCs will also increase from $125 to $150 per year.

The tax package that was enacted to balance the state budget also makes "temporary" increases in the sale tax and payroll taxes permanent.

Nevada does not have a state-level corporate tax.

For new incorporations, it may be possible to avoid the increased fee by selecting an LLC instead (when appropriate). For existing Nevada corporations, there are some other alternatives to consider, the complexity of which will vary depending on the client's circumstances - please contact me to discuss these.

Sunday, September 15, 2013

"Estate Plan" versus "Will" or "Trust"

This short FOXBusiness article, published September 4, 2013, may help you to understand the difference between what clients often think they need, "a will" or "a trust", and what they likely need instead: an estate plan. The process by which an estate plan is implemented is, of course, called estate planning.

Saturday, August 24, 2013

According to a recent article published by the American Apartment Owners Association, a residential landlord
[who] is being sued by the state’s Attorney General over security deposit violations says his lease is to blame.... In a news interview, he explains that he found the form lease on a realtors’ website, and did not realize that the security deposit provisions in the form contradicted current security deposit laws in North Carolina.

Other landlords can learn from the mistake. When using online rental forms, be sure to choose forms from a source that has both state-specific and up-to-date forms. One problem with using forms from websites is the difficulty in determining whether the law has changed since the form was posted.

It’s always a good idea to run the online form past an attorney before using it for the first time. That way, you catch any mistakes early on, before mass-producing the problem for every tenant.

The Attorney General says he will be seeking a $5,000 penalty against the landlord for each security deposit violation.

Sunday, August 26, 2012

Nevada Estate Planning Blog

Because my practice is a mix of serving small businesses and families, I am separating the two facets of law into separate blogs, going forward - posts of interest to entrepreneurs and businesses will continue to be posted here, post concerning estate planning, wills, trusts, etc. will be posted at my new Nevada Estate Planning Blog. The first post on trust protectors is up now.