Nevada Revised Statutes 159.119 – Continuing business of protected person
A guardian of the estate, with prior approval of the court by order, may continue any business of the protected person. The order may provide for any one or more of the following:
Terms Used In Nevada Revised Statutes 159.119
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
1. The conduct or reorganization of the business solely by the guardian, jointly by the guardian with one or more of the partners, shareholders, members, or joint venturers of the protected person or as a corporation or limited-liability company of which the protected person is or becomes a shareholder or member.
2. The extent to which the guardian may incur liability of the estate of the protected person for obligations arising from the continuation of the business.
3. Whether liabilities incurred in the conduct of the business are to be chargeable solely to the part of the estate of the protected person allocated for use in the business or to the estate as a whole.
4. The period of time during which the business may be conducted.
5. Any other conditions, restrictions, regulations and requirements as the court considers proper.