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Look out for these 4 business start-up mistakes

A great business idea does not come along often. Though many Ohio residents may have a vague notion of a business concept that seems interesting, the likelihood of those concepts coming to fruition are often slim. However, you may have found yourself in a position where your business dream could become a reality and feel ready to set off on the path of business formation.

The benefits of a limited liability company

For years, you have been working for others, building your skills and squirreling away your money. The purpose of all that hard work and discipline is so that you can start your own business. You may have given a lot of thought to your plan of action, how you will operate your business, and the kind of product and service you will provide to the public.

What type of damages could you gain after a breach of contract?

Though you may hope that you will have the ability to run your business without any major hiccups, most business owners like yourself typically face some difficulties. Many of those challenges may have relatively simple resolutions, and others may need significant attention. When your company suffers due to an employee or other individual breaching a contract, you may find yourself exploring ways to remedy the situation.

An operating agreement can help you protect your business

When starting a business in Ohio, there are many decisions that you must make. One of the most important initial steps that you would be wise to take is to establish how your business will run. Limited liability companies need operating agreements to outline the function and the rights of each owner.

Do you know what to include in a partnership agreement?

As a business owner in Ohio, you understand that it’s often necessary to bring in outside assistance to fulfill a business need. In some cases, this may mean creating partnerships with other individuals or entities who can help your business flourish. If you consider forming a partnership, it’s important to carefully assess what that means and to protect your and your business’s interests.

The complex process of business succession

When a business is closely held or family operated, outside employees may feel comfortable in the work environment and even think of the business as an extended family. Whether you inherited your business from a parent or grandparent, or you started it from scratch, you have likely built a company you are proud to own and a place where others enjoy working.

Partnership agreements keep businesses running smoothly

You and your partner are set to go. You have a business plan in place and a launch date in sight. With the excitement of getting ready to open your new enterprise, you may think nothing could go wrong. In fact, as you and your partner made your plans, it may have felt as if you couldn't have chosen a more perfect person with which to work.

Oops! This mistake may equal inheritance for your former spouse!

Perhaps you're one of many Ohio residents who like to make sure personal affairs are in order. Many people thrive on structure and routine and have awesome organizational skills. Others barely know where to find their clean socks, much less all their financial information and inventory of assets that may impact their loved ones after they're gone. Some people hesitate to address the topic of estate planning, not liking the idea of discussing their own mortality. Others understand the importance of securing a solid estate plan ahead of time.

Protecting your family business interests even after retirement

It is impossible to predict the future, but you can take steps to protect your interests in the years ahead. As a small business owner, you know the importance of planning and preparation when it comes to your success, but that also applies to what will happen to your business after you retire or pass away. 

What can a durable power of attorney do for me?

Whether you are just starting the estate planning process or have a plan in place but your circumstances have changed, it can feel like an overwhelming task to protect yourself in the event you become disabled or incapacitated in some way. As you cannot predict the future in order to know exactly what your estate plan should include, there are certain legal documents that Ohio residents should consider preparing to cover certain contingencies. A durable power of attorney is one of them.

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