Ohio, like most states, has adopted a program to assist traditionally disadvantaged businesses. This includes businesses owned by minorities, women, and economically disadvantaged individuals. This article explains the benefits of the program and how to get certified....
Creative Solutions For Preventing And Resolving Legal Problems
Business Law
5 Steps Toward Self-Employment (Before You Leave Your Current Job)
Most businesses start with an idea; then fear gets in the way. Can you earn enough money to replace your current income? Is the business sustainable long term? Do you have what it takes to be self employed? The reality is, you won't ever find absolute answers to these...
6 Things To Know About Personal Guarantees
Personal Guarantees are a very important part of many business contracts. Its no wonder I spend a lot of time advising clients on this issue. This article will explain six basic concepts of a personal guarantee (sometimes spelled guaranty). Business Contracts In...
Five Ways To Protect Your “Corporate Veil”
If you own a small business, or you are thinking about starting your own business, you have probably worried about protecting your personal assets from liability. You also probably know that forming a corporation (S-Corp or C-Corp) or a limited liability company (LLC)...
The IRS Is Cracking Down On Small Businesses
"The Internal Revenue Service has sent out letters to 20,000 small businesses since fall 2012, notifying them of 'possible income under-reporting.'"
Use A Close Corporation Agreement To Get All The Benefits Of A Corporation Without All The Hassles Of Corporate Compliance
When choosing a business entity, many small business entrepreneurs are resistant to forming a corporation due to the additional compliance requirements. An LLC is an attractive alternative; however, a corporation provides more flexible ownership and potential for...
Are “Termination On Bankruptcy” Clauses Enforceable?
If you read an operating agreement for a closely held business, it is common to find "termination on bankruptcy" language. Essentially, these contract clauses provide that a person's interest in the business is dissolved upon filing bankruptcy. These contract...