Organization, Structure, & Operation
Dayton Business Law Attorney
Your business should start with a solid foundation, which means selecting the proper business structure even before offering your goods or services at market. Our Dayton business lawyer has assisted numerous individuals and businesses in establishing appropriate business entities and joint ventures in Ohio.
Although there are numerous options, we have experience establishing and assisting entities including:
- Sole Proprietorships;
- Partnerships (including limited liability partnerships);
- Limited Liability Companies (LLCs);
- Joint Ventures;
- Subchapter S Corporations; and
- C Corporations.
Although proper entity structure is vital, one of the more common mistakes that business start-ups make is simply thinking that forming a business entity is all that is necessary to ensure success and protection. In fact, there are numerous tax, administrative, and creditor issues that arise if the business does not follow proper operation. For example, you may assume that establishing a limited liability company will shield you from creditors up to your initial capital investment; however, should you fail to keep LLC assets separate from personal assets, then the corporate “veil” may be pierced, jeopardizing personal assets.
Another often overlooked matter is an exit strategy, or proper business succession plan. Although the termination of a business is often placed on the backburner with the excitement of owning or operating a business, it is one of the most pivotal issues. What type of circumstance can threaten a business’ existence?
For starters, the sudden death, disability, retirement, divorce, or bankruptcy of a key officer or shareholder may destroy a business. We have seen it happen. When there is no succession plan in place regarding any of the above scenarios, any type of a business may be finished. We will not only plan for such tragedies, but our Dayton business law attorney will ensure the company is stronger. A proper plan, including buy-sell planning or retention planning, will protect your business and family.
Contact the office of David Brannon, Attorney at Law at (937) 802-4900 for a free initial consultation.