How To Start A Business In Ohio
In this article, you will discover:
- Some of the important and required steps for starting your own business in Ohio.
- The available business entity options, and how to choose one.
- How a business lawyer can make the process of starting your business much easier.
What Steps Are Necessary To Start A Business?
When it comes to starting a business, we like to encourage our clients to find their passion first, and create a mission statement. An essential step for starting any business includes finding a market for your product or service, which acts as a guide for the structure of your business. After creating a business plan, you should choose your business structure, followed by deciding on a business name.
A good starting point for choosing a business name is checking whether your name idea has already been registered with the Ohio Secretary of State. Performing a Google search is another method to verify whether a potential business name is already in use. Next, our office can assist you in obtaining an Employer Identification Number (EIN) for your business so you are able to open business bank accounts.
Starting a business is exciting, but sometimes it is also confusing and overwhelming. No matter where you are in the process of starting your business, the Law Firm of Amy R. Turos can guide you through the next steps.
How Do I Choose The Right Business Entity When Forming A Business?
Before choosing a business entity, it is important to understand what type of business you have and what stage the business is in, such as whether the company is a startup or has been in existence for a while.
The structure of your business affects your personal liability, how you pay taxes, and your ability to raise money. A business structure must be selected in order to register with the Ohio Secretary of State.
We always aim to find out as much as possible about our client and their business, such as understanding the size and stage of their business. We are then able to assist our clients in figuring out the right business entity for them, and what liability protection they need.
What Are The Types Of Business Entities?
The most popular business entity is a sole proprietorship, which is not required to be registered with the Ohio Secretary of State. A sole proprietorship is often used for low-risk businesses because individual assets are not protected in the event of any type of liability.
Another popular business entity in the state of Ohio is a limited partnership, where two or more people enter into an operating agreement and play different roles within the business. At the Offices of Amy R. Turos, we can draft an operating agreement that sets out the rules and responsibilities of each party, and provides more protections for personal liability.
Another type of business entity popular in Ohio is a limited liability company (LLC), which protects you and your personal assets from liability.
Finally, there is a corporation, which is a legal entity separate from the owner. A corporation is more complex, and is typically used for larger businesses. Our office can help with both the articles of incorporation and the corporate bylaws that address the internal business structure.
Each type of business entity has different tax consequences. Once we understand the business goals and needs of our clients, we are better able to assist them in determining the most suitable type of business entity for their particular situation.
Holistically, How Can A Business Lawyer Help Me In My Business?
A business lawyer can be of service with business matters from start to finish. We have experience assisting our clients with setting up their business, drafting and negotiating contracts, as well as with the buying and selling of a business. Additionally, we help with establishing the roles and responsibilities if their operating agreement involves multiple business partners.
In the case of probate, we are qualified to assist with transferring ownership of the business if one of the owners has passed away. We also handle estate planning matters. If someone wants to transfer their interests to their loved ones, we can set up estate planning for their business or corporation.
Can A Lawyer Help Me Negotiate Or Draft a Contract?
At the Law Offices of Amy R. Turos, we help with numerous aspects of business for our clientele. This includes drafting paperwork and negotiating the terms and conditions of operating agreements to protect the rights and interests of our clients.
We are also able to assist you with bylaws, which are the roles and responsibilities of the owners of a corporation. Furthermore, we can be of service when setting up the articles of incorporation, which need to be filed with the Ohio Secretary of State. Finally, we can assure that your loved ones’ interests are protected, by providing you with estate planning strategies.
When Is The Best Time To Request The Services Of An Attorney?
Many people attempt to complete all their paperwork by themselves and end up requesting our services when they encounter problems. When they seek our assistance after a matter has surfaced that needs to be fixed, it costs our clients more time and more money.
It is best to speak with our office immediately to determine how we can be of assistance. If any future problems occur, handling them will be much easier than attempting to fix them without professional assistance.
Many people are not well-versed in drafting and negotiating contracts, and complications often arise. Our firm can help solve these problems once they occur, but we also have the ability to ensure that many of these issues are avoided from the start.
How Can Your Firm’s Limited Scope Representation Or Unbundled Services Be Used For My Business?
Clients can hire an attorney at the Law Offices of Amy R. Turos for any specific task relating to their business. This includes drafting and negotiating documents such as:
- Business contracts
- Articles of incorporation
- Amendments to articles of incorporation
- Amendments to operation agreements
Additionally, we can assist you with setting up your business or determining what business entity is best for you. We also handle estate planning tools for businesses, as well as probate matters. Our estate planning services help avoid future probate issues and ensure the transfer of your interests to your loved ones.
With the guidance of a skilled attorney for Business Law Cases, you can have the peace of mind that comes with knowing that we’ll make it look easy. For more information on Business Law in Ohio, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (330) 222-3898 today.