Starting a business is be a risky endeavor. You put your assets, sweat, and heart on the line in hopes of providing a product or service that will benefit society and help secure your financial future.
But where there is money being made, there are always liability risks. And good business practices are not always enough to eliminate this risk. Where these practices fall short, asset protection planning can provide the fill in the gaps and provide substantial (if not complete) protection.
There are various ways to accomplish these purposes, depending on your circumstances. A limited liability limited partnership provides the personal liability protection enjoyed by a limited partner to the general partners as well, without having to establish multiple entities while the family limited partnership may be the right vehicle if your partnership consists only of family members.
Regardless of your business' goals, needs, and risk tolerance, Nevada is one of the most business friendly states in the nation and has many advantages, including a wide selection of numerous types of business entities.