Business succession planning is an important step for any business owner who wants to ensure the longevity and continued success of their company beyond their involvement. Whether you are planning to retire, pass the business to a family member, or sell the business to a third party, you should have a business success plan. An… Read more »
As an experienced Ohio business succession lawyer, I know there is no substitute for advance planning in preparing for the future of your business. Business succession planning ensures the continued success and stability of your enterprise when you are no longer at the helm. Ohio statutes provide a framework for this process, and navigating these… Read more »
According to data provided by Small Business Trends, more than 10,000 businesses are sold nationwide each year. The purchase or sale of a business is one of the most complicated transactions. Proceeding without experienced legal representation could be a big (and costly) mistake. Here are three reasons why you should always work with an attorney… Read more »
Entrepreneurs put a tremendous amount of effort and resources into their company. Of course, building and growing a successful business is not easy. According to data from Small Business Trends, approximately half of new companies fail within the first five years. Many new businesses do not even make it through the first year. As challenging… Read more »
Going through the loss of a close family member, friend or acquaintance is never easy. For business owners, the loss of a partner can create significant logistical challenges on top of the emotional heartache. Without a proper system in place, the unexpected death of a business partner could undermine the future of the company. It… Read more »
Forming a new business is about a lot more than simply filling the right paperwork with the Ohio Secretary of State. One of the most important decisions you must make when creating a new company is choice of entity. A successful company needs the right legal foundation. There are several options available, including sole proprietorships,… Read more »
The Uniform Commercial Code (UCC) is a set of universal laws governing most commercial transactions involving the sale of goods in the United States. If you own or operate a business, it is helpful to have a basic understanding of what the UCC is and how it operates in the modern world. In this article,… Read more »
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 »
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 »
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 »