This year – 2016 – may be the year you start that new business you have been dreaming of. This year may also be the year you lose everything because you did not consider the type of business to form. For many new and inexperienced entrepreneurs, the type of business they choose to start –… Read more »
Posts By: admin
The Role of the Witnesses in Your Ohio Will
Every state (including Ohio) has statutory formalities that any will must comply with in order to be enforceable in court. A will that is presented for admission to probate that fails to comply with these formalities is subject to legal attack. This can result in the probate court refusing to admit the will and treating… Read more »
Understanding the Process of Negotiating a Business Sale
Buying or selling a business often involves complex negotiations between the parties. It is not a good idea to rely on an implied oral understanding or “handshake” agreement, which may leave either side with different interpretations of what has actually been agreed to (or nor agreed to, as the case may be). This, in turn,… Read more »
The Importance of Properly Funding a Living Trust
A living trust is a useful estate planning tool that allows your assets to pass to family members (or other heirs) without having to go through an extensive probate process. While a trust may sound complicated, it is actually a rather straightforward arrangement. Basically, you sign a document certain specified assets to a trustee—which is… Read more »
In The News
When Do Two Businesses Form a Legally Binding Contract?
If you run a small business that deals with other businesses—and that presumably describes all businesses—it is essential to understand how the law affects your relationships. For example, if your business wants to work on a project with another company, what type of legal agreements do you need? Is an oral agreement and a handshake… Read more »
How Estate Contests Work in Ohio
Contesting a will is not an easy process. Under Ohio law, a will admitted to a probate court is presumed valid, and anyone contesting such validity bears the burden of proving otherwise. Common grounds for contesting a will include forgery, discovery of a superseding will, or evidence of fraud or undue influence. Will Contest Goes… Read more »
What Happens When Your Will Fails to Name an Executor?
An important part of making a will is naming an executor to carry out its terms after you are gone. It is essential not only to nominate an executor, but one or more alternates who can act if your first choice either predeceases you or is unavailable to serve for some other reason. If your… Read more »
The Importance of LLC Operating Agreements
Many Ohio small businesses are organized as limited liability companies (LLCs). An LLC combines the legal liability protection of a corporation with the tax benefits of a sole proprietorship or partnership. In addition to filing an Articles of Organization with the State of Ohio, most LLCs also have an “Operating Agreement,” which is a contract… Read more »
Using a Living Trust to Avoid Probate
When setting up an estate plan, most people’s thoughts go straight to drafting their will. While setting up a will is the right choice for many people, it is not the only option for making final arrangements for one’s property. One of the biggest issues with wills is that they are required to go through… Read more »