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Loren A Piel

Loren Piel’s Answers

59 total

  • How can I broker a real estate development deal in the state of Nevada without having a license?

    I am introducing an investor to a third party for a real estate development deal in the state of Nevada. This third party said they would pay a commission for introducing them to the investor. Is there a contract or way I can structure this deal ...

    Loren’s Answer

    There re a number of ways to structure this to avoid it being characterized as a commission. A finder's Fee is one option. A consulting Agreement is another. The agreement should definitely be in writing to ensure that you receive the compensation to which you are entitled and to protect you against a later characterization of the fee as a real estate commission. I encourage you to discuss this with a transactional attorney who can help you document this transaction.

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  • Help to structure a LLC when it will hold multiple unrelated patents and also non-patentable products.

    A group of us have a few provisional patents for unrelated inventions. We want to form a LLC and transfer the patens to this LLC. We then want to start seeking funding to build up these different products. We also want to add more patented ideas a...

    Loren’s Answer

    There are a number of ways you might structure one or more entities to protect and exploit your parents while safeguarding your profits. I encourage you to meet with an experienced business lawyer who can advise you on the best options to meet your needs.

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  • How to serve a defaulted Nevada corporation with only past officer/director in China?

    A Nevada corporation is in default for failing to pay Nevada corporate fees for three years. No office or registered agent in Nevada anymore. On the last list of officers and directors on file with the Nevada Secretary of State there is only one...

    Loren’s Answer

    If there is no registered agent lusted, you would typically serve the Secretary of State. In all likelihood you will get no answer or defense and will obtain a default judgment. Then the job of collecting the judgment has to be tackled. It may be a hollow victory.

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  • After fully incorporating a company in Delaware, what legal filings/registrations do I need in Nevada to legally operate?

    Am looking to incorporate a C-Corp in the state of Delaware. Would like to double check that I know of all the required filings I need in Nevada to be completely registered for operation.

    Loren’s Answer

    I encourage you to discuss this with a local Las Vegas business attorney to ensure that you are in full compliance with state and local law. In addition to the requirements detailed above regarding filings with the Secretary of State and checking for local requirements, please be sure that you comply with the annual statement publication requirement in NRS 80.190

    NRS 80.190  Publication of annual statement: Requirements; penalty.
    1.  Except as otherwise provided in subsection 2, each foreign corporation doing business in this State shall, not later than the month of March in each year, publish a statement in two numbers or issues of a newspaper published in this State that has a total weekly circulation of at least 1,000. The statement must include:
    (a) The name of the corporation.
    (b) The name and title of the corporate officer submitting the statement.
    (c) The mailing or street address of the corporation’s principal office.
    (d) The mailing or street address of the corporation’s office in this State, if one exists.
    2.  If the corporation keeps its records on the basis of a fiscal year other than the calendar, the statement required by subsection 1 must be published not later than the end of the third month following the close of each fiscal year.
    3.  A corporation which neglects or refuses to publish a statement as required by this section is liable to a penalty of $100 for each month that the statement remains unpublished.
    4.  Any district attorney in the State or the Attorney General may sue to recover the penalty. The first county suing through its district attorney shall recover the penalty, and if no suit is brought for the penalty by any district attorney, the State may recover through the Attorney General.

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  • What is the form for dissolving an LLC in las vegas nv? I started a business with the tax number for the IRS . moving

    never used biz...need to dissolve, I am the only member. Any idea what it will cost thru the state?

    Loren’s Answer

    You can obtain the form online and it is very simple to complete. When you mail the form to the Secretary of State's Office in Carson City, the filing fee is $100. There are two forms available. One is for filing before the commencement of business: The other is for filing after business commenced.

    You will want tp be sure the LLC is in "Active" or "Default" status. You can dissolve in either of those two statuses. If it has been revoke, you cannot dissolve without first bringing the LLC back into active status. You may want to discuss this with an attorney to determine which form is the appropriate form. You may also need to file a resignation of registered agent or other forms with other departments or government units at the same time.

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  • We were told we could not buy the house on the day of escrow closing, because of a non disclosed 2nd against property.

    We love this house do we have any rights?

    Loren’s Answer

    Unfortunately you haven't given enough information for a definitive answer to be given to your question. Is the undisclosed second already on the property (granted by the current owner)? Assuming that is the case, and that you are financing the purchase, your lender would not let you close unless both the existing first and second were paid in full at closing. Otherwise, the new lender would be second in priority to the existing second. If the undisclosed second its a second you would be granting to get part of the money to purchase the property, then the lender on the first might be unwilling to lend because you are not putting enough of your own money in as a down payment.

    You should discuss this with an attorney who can get a better understanding of the facts relating to this transaction and help you understand why this prevented your purchase from closing. The attorney can advise you on how you might move forward if you really want to purchase the property.

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  • What's the best way to hide whom is the owner?

    In order to but land and start a business without people we feel will try and stop us from going into business for their own personal reasons, we were told to form a S2 corporation as to hide shareholders and not allow said parties to know we are ...

    Loren’s Answer

    There are many options to help you protect yourself and conceal your identities when you start a business. An S corporation is only one such option. You might also consider an LLC or a C corporation as well as other potential structures. Each option provides advantages and disadvantages. I encourage you to talk to a Las Vegas business attorney who can help you determine the best structure to use to achieve your goals.

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  • We are a married couple in late 50's purchasing a home in North Las Vegas, NV. How should we hold the title?

    What would be best for avoiding legal issues if/when one of us died?

    Loren’s Answer

    While joint tenancy is one option, there are other options that you should consider. I recommend that explore your options with an estate planning attorney. How your real property passes to one spouse when the other dies is only one facet of the planning that should be done. An estate plan also helps you avoid living probate if one spouse becomes incapacitated, helps you ensure your assets end up where you want them to go and allows you to protect them even after you are gone so that your heirs are protected from creditors and others that might try to take control of their inheritance.

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  • State of Nevada - Mortgage question.

    presently behind on mortgage 8 months, been making regular monthly payments since august, 2014. Tried to work w/ lender to work a way to become current that is financially affordable. We rejected their first offer to double our payment. Received l...

    Loren’s Answer

    There are many options that may be available to you. While you may ultimately need an attorney to assist you, you might consider starting out with a housing counseling agency that can review your situation and help with this. I would be happy to help connect you with a local agency that can review your situation and tell you what programs are available. Please feel free to email or call me to discuss this.

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  • I have a corporation (I'm the only officer). I want to buy houses for flipping. Do I need to open an LLC under the Corp?

    Or can I buy houses in the corp name? I don't know the effects. Heard about putting assets in a Trustee. My purpose is for protection of assets. I don't really understand fully how this works. Thank you.

    Loren’s Answer

    • Selected as best answer

    You can buy houses directly under the corporation but you can achieve additional asset protection by forming an LLC under the corporation to purchase, rehab and flip. I recommend you discuss this with an attorney who can explain the different levels of asset protection available to you and how best to accomplish your goals.

    I'd be happy to discuss thus with you in more detail at your convenience.

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