Starting a Business in Ohio
Starting a Business
How the business is structured at the outset and what agreements are, or are not, put in place are critical when starting a business. The agreements made control the rights and obligations of the business with the government — including taxing authorities — with employees, and with third parties. These initial agreements also control the rights and obligations of the owners among themselves as shareholders, directors, officers, partners and members.
Our attorneys have helped clients establish all types of businesses over the years including industrial manufacturers and fabrication businesses; home builders, commercial builders, and building industry contractors; retail sales and service businesses, including automobile dealerships, motorcycle dealerships, restaurants and other liquor licensed businesses; leasing companies; real estate developers, and real estate and commercial management companies; internet and computer software businesses; and professional businesses such as physicians.
No matter what type of business you wish to form, the business lawyers at Williams, Welser, Kratcoski & Can, LLC not only possess the legal knowledge to help you form a business, our years of experience make us uniquely qualified to provide you with practical advice as well. Here are examples of specific matters we will address to help you form your business:
Asset Protection — Protecting personal assets from the risks of the business is a primary purpose of forming a corporation or limited liability company. It may be just as important to shield the assets of one business from the risks of another business. Forming more than one business entity, or forming subsidiary companies, may be advisable to protect assets and limit risks.
Entity Selection — We can explain in plain language the differences between a limited liability company, a C corporation, an S corporation and a partnership. Each type of entity has its own peculiar benefits and drawbacks. We will help you select the entity that best suits your needs.
Owner Agreements — If the business is going to have more than one owner there are agreements the owners should have among themselves. For instance, what happens if an owner dies or leaves the business? Also, who actually owns the customers, customer lists, and business plans and ideas? It is typical that some parties bring "sweat equity" to the business and others bring money. What's the best way to treat their respective interests? Agreements such as bylaws, buy sell agreements, close corporation agreements, operating agreements, partnership agreements, non-disclosure and non-competition agreements are very important.
Meetings and Record Keeping — We will show you how to legally operate your business internally with respect to what meetings to hold and how to hold meetings. We will also show you what business and financial records to keep.
Employee Relations — Understanding the rights and obligations between a business and its employees is critical. To some extent these risks can be controlled by proper operating procedures and by agreements such as employment agreements, employee manuals, non-disclosure agreements and non-competition agreements.
Customer Contracts — All businesses have customers. Whether your business supplies goods, services or both to its customers, the business has legal obligations. It is important that you understand these risks, and we will explain them to you. In many cases it is possible to control risks through contracts, including purchase orders, sales contracts, warranties and warranty disclaimers. If your business deals directly with consumers, you will face the additional burden of compliance with consumer laws. We can help you identify the issues affecting your business and give you legal and practical advice as to how to deal with them.
Third Party Contracts — In addition to doing business with its customers, a business will also do business with suppliers, bankers, landlords, vendors and contractors. It is important that the business understand the risks associated with each of these third parties and to the extent possible, control those risks in the contracts the business signs with them, including loan agreements, leases, purchase agreements, and guaranties.
At Williams, Welser, Kratcoski, & Can, L.L.C. we assist our clients by getting them off on the right foot, helping them to identify and understand the risks and obligations they will face and prevent problems before they occur. Our experience is that the costs in terms of time, energy, and money to correct problems far outweigh the cost of good advice upfront to avoid problems.
Contact Us Today
We can be of valuable assistance in the courtroom or as virtual in-house counsel for everyday legal questions. Contact us in Kent, Ohio, and arrange to meet our business lawyers. We are confident that we will be able to demonstrate further the value that we bring to the table with respect to the formation of a business.
