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“It’s a serious issue,” said Jodi Grover, president of Southern Nevada operations for Ticor Title of Nevada. More than 1.1 million active and inactive business entities are on the secretary of state’s books - and all of them are susceptible to fraud. Secretary of State Barbara Cegavske’s efforts to recruit businesses to Nevada help generate about $180 million in filing fees for the state each year. The lack of safeguards poses hidden risks in Nevada, one of the most popular states to register companies because of its friendly business laws and low taxes. These scams rely in part on lazy lenders who give credit applications and other financial transactions little scrutiny.īy the time the rightful business owners realize what happened, it can be too late, and they’re saddled with bad credit or have to fight to get their property back. Cases in Nevada and other states show how alleged thieves used phony business ownerships to buy cellphones and luxury vehicles en masse and sold off land. Once the records are changed, scammers can exploit the credit and assets of the companies. His story highlights how Nevada businesses are vulnerable to fraudsters because the secretary of state’s office for years has done little to prevent the filing of fake documents.įor as little as $150, anyone can submit records online or in person naming themselves directors or managers of whatever Nevada company they choose - and the secretary of state’s office will accept them, no questions asked.
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He thought it was fraud - and he filed a lawsuit. Pham didn’t think it was a mistake anymore. Kalhorn had moved the land into another LLC, borrowed nearly $2 million on it from private lenders and was now in default. That should take care of it, he figured.įour months later, Pham got a foreclosure notice in the mail. Pham told his assistant to change it back and send Kalhorn a cease-and-desist letter. In his place: James Kalhorn, a Colorado Springs dentist. Someone apparently had logged onto the secretary of state’s website and removed Pham’s name as the company’s managing member. Everything looked good until she got to Caballos De Oro Estates LLC, a company that held five acres that Pham and a group of investors purchased in northwest Las Vegas for $4.95 million. Pham’s assistant was updating the Idaho-based property developer’s business records with the Nevada secretary of state. Michael Quine Las Vegas Review-Journal has to be a mistake, Andy Pham thought. Part of our complete incorporation package includes, at no additional cost, our attorneys helping you find and choose a name that avoids any possible legal penalties.Bryan Naddafi, attorney for Andy Pham and Caballos De Oro Estates, LLC, discusses how his client’s $4.9 million property was allegedly stolen using the Nevada secretary of state web site on Wednesday, March 28, 2018. If you use a name that is too similar to a name used by your competition, that business may accuse you of a trademark violation you might be forced to choose a different name and may even have to pay monetary damages. If starting a limited liability company LLC, Company, or Limited Liability Company has to be present at the end of every business name, and can’t contain the words incorporated, corporation, or it’s abbreviations (Inc. The name of a business in Nevada must abide by all state requirements and be uniquely distinguishable from other business names. Legal Considerations of Naming Your Business in Nevada A name that won’t be limiting if you grow and expand or offer new products/services.Evergreen a name that will always be relevant and stand the test of time.Website Domain Name availability and Social Media friendliness.Brandable based on your business products and services.Memorable, catchy and easy to pronounce.Here are a few things to keep in mind when choosing the perfect name for your Nevada business: How to Choose the Perfect Name for Your Business in NevadaĪfter helping many thousands of people incorporate and name their businesses we know how hard it can be to come up with a business name that follows the legal requirements, gives your business a competitive advantage, and represents your business values.