Understanding the Process of Negotiating a Business Sale

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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 »

When Do Two Businesses Form a Legally Binding Contract?

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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 »

The Importance of LLC Operating Agreements

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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 »