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It is possible to change to an LLC or Corporation in Ohio. If a business is currently operating as a sole proprietorship or partnership, we can create an Ohio corporation or LLC. The assets would then need to be consolidated and transferred to the new entity. It is important to note, there are intellectual property and tax considerations that would …
Yes. There is no substitute sound legal advice. Here are four (unbiased) factors to consider when deciding whether to use an Attorney for your business: 1. Filing with the Ohio Secretary of State does not (by itself) create a business. While it is necessary to file with the State of Ohio to incorporate, filing simply creates the right to operate a …
An individual, startup business, or established company may have an idea or concept that is unique but not protectable by a patent. This can include a business model, formulas, recipes, processes, product concepts, marketing plans, unique sources for supplies, assembly processes, or customer lists (otherwise known as “Trade Secrets”). The protection of your trade secrets is essential to maintaining a …
Forming an Ohio LLC or Corporation: Why is it necessary? from Elliott Stapleton on Vimeo. A business owner who forms an LLC or corporation has limited personal liability in the business. This means that if someone were to sue the business, the individual suing could only recover against the business assets, not the owner’s personal assets. This is the primary …
To create a corporation in Ohio, Articles of Incorporation must be filed with the Secretary of State. But that filing alone does not create a business with limited liability. To be legally sound, the corporation must make all of the necessary tax elections, receiving any necessary federal, state, or local authorization, contributing assets to the corporation in exchange for stock, …
To form an Ohio limited liability company, a separate legal entity must be created. This formation is necessary to secure the limitation of liability for the members’ personal assets from the liabilities of the business. The separate entity is created by first registering the Articles of Organization with the Ohio Secretary of State, making the necessary tax filing, receiving any …
A corporation may be formed for any profit business or a nonprofit/social organization. Individuals who own shares in a corporation are called shareholders. A corporation can take two forms, depending on your tax election: 1) C-corporation or 2) S-corporation. To qualify as an S corporation, the corporation’s shares must be limited in number and must be held by resident citizens …
The first step in forming an Ohio business is deciding what legal entity to use. Generally, business entities include: corporations, limited liability companies, partnerships and sole proprietorships. Which entity is best? Sole proprietorships and partnerships are the easiest to form, but are almost never recommended. Except in isolated circumstances, these entities offer no personal liability protection. Without personal liability protections, …
The purpose of a limited liability company (also known as an LLC) or corporation (also known as an S-corp or C-corp) is to limit your personal risk. With a properly formed LLC or corporation, you can protect your personal assets from creditors of the business. Without a properly formed entity, your personal assets are at risk to every liability of …
Confidentiality Agreement (also known as Non-Disclosure Agreement or NDA) For a new business, it is important to protect your confidential information; which includes an invention, idea, trade secret, trademark, copyright, or patent. As with most startup businesses, to get the company off the ground you need to use designers or independent contractors. In some circumstances you will need to provide …
