Legal Question in Business Law in Nevada

Nevada law provides the following guidance:

NRS 111.220 Agreements not in writing: When void. In the following cases every agreement is void, unless the agreement, or some note or memorandum thereof expressing the consideration, is in writing, and subscribed by the person charged therewith:

1. Every agreement that, by the terms, is not to be performed within 1 year from the making thereof.

2. Every special promise to answer for the debt, default or miscarriage of another.

3. Every promise or undertaking made upon consideration of marriage, except mutual promises to marry.

4. Every promise or commitment to loan money or to grant or extend credit in an original principal amount of at least $100,000 made by a person engaged in the business of lending money or extending credit.

5. Every promise or commitment to pay a fee for obtaining a loan of money or an extension of credit for another person if the fee is $1,000 or more.

Your attorney can explain further.

Whether you are personally responsible for business debts also depends on the form of your business, which your post does not specify.

A sole proprietorship (DBA) is indeed responsible.

A general partner in a partnership is indeed responsible.

The owner of an LLC or corporation is, as a prima facie matter, not responsible, but that "corporate veil" can be pierced if you've been commingling funds and possibly (depending on Nevada law) through other faux pas that business owners have been known to commit.

As Mr. Malikowski says, your lawyer can explain further.

THIS POST CONTAINS GENERAL INFORMATION AND IS INTENDED FOR ENTERTAINMENT PURPOSES ONLY. IT DOES NOT CONSTITUTE LEGAL ADVICE, NOR DOES IT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP. FOR LEGAL ADVICE ON YOUR PARTICULAR MATTER, CONSULT YOUR ATTORNEY.