Congrats on your idea to start your own business. This is a big decision and will be rewarding but can have some legal pitfalls. Some pitfalls that your attorney can help you avoid:
- Did you choose the correct legal entity for your business? Do you need a Limited Liability Company (LLC), a Corporation (Inc.), a partnership, or a name registration? Each of these entities has different rules that need to be followed to comply with the Ohio Revised Code and ensure that you get the personal protection that each entity offers.
- Do you have a partner? If so, who is the majority holder? What happens if one or the other wants to leave the company? Who is in charge of compliance with state obligations for licensing, etc.? What if one of you dies? A plan in place through an Operating Agreement is essential to protect all involved.
- Are you going to have vendors, suppliers, or employees? A well-written contract will protect all parties involved. A company handbook with your rules, regulations, and expectations can ward off and help resolve issues.
Seeking the advice of an attorney as you start your new business can head off issues that will be expensive to fix and may destroy your business. Let’s Chat!