1. A limited-liability company does not protect a shareholder from liability arising from his or her own negligence, nor does it prevent claims against an individual who personally guarantees an obligation of the company.
  2. NRS 86.401 provides that the courts may give a member’s creditor a “charging order” that allows the creditor to collect distributions, but that is the exclusive remedy available.
  3. If the LLC has only one member, it is, by default, treated as a “disregarded entity” for federal income tax purposes, and the member’s social security number can be used in lieu of a separate a tax identification number (i.e., employer identification number or EIN).
  4. As of the date of this memo, a good general checklist for starting a business could be started online at https://www.nvsilverflume.gov/checklist?aboutyou. To take full advantage of the site, you will need to create an online account.
  5. It can be acceptable for a member, officer, or manager to loan money to the company or for a company to loan money to a member, officer, or manager, but only if not prohibited by the articles of organization or operating agreement and only if a resolution is adopted without the participation of the affected member, officer, or manger (unless he or she is the only one, and even then only if proper documentation is done).
  6. Go to http://payroll.intuit.com/payroll_services/online_payroll.jsp. (Intuit Online Payroll was formally known as PayCycle.com.)
  7. For this reason and others, a home owned by the LLC generally should not be used as a residence by anyone unless the person using the home pays fair market rent or is treated as receiving compensation or a dividend equal to the fair market rent.
  8. Because a guarantor or co-obligor is usually the principal member, the term member is used here in that context, but the guarantor or co-obligor can be anyone with resources acceptable to the creditor.