Consider the following scenario: You have been working on a new Ohio business for some time. You have researched many different aspects of your business from making sure you have customers to choosing the right location for your office. You feel ready to put your plan into place until you discover that you have to decide how to structure your new enterprise.
Entering into a business agreement with a partner is a big decision. While there are many benefits of doing so, it has the potential to end in disaster if you don't take the right steps upfront.
When you're starting a business, you tend to begin by thinking about the product or service. What sets you apart from the competition? What makes people want your specific offering over something else? How can you change the market?
You know all about the personal incentives for starting your own business. You get to be your own boss. You get to set your own hours. You get to do something that you love. As the business grows, you really set yourself up for the type of success that you could never find if you were working for someone else.
If you are a co-owner of a business, at some future point, you may be chomping at the bit to break your contract with your business partner. It could be due to a breach of the terms or a failed relationship between the parties.
Most entrepreneurs are so consumed with starting their own company that they fail to stop and consider all the costs that are involved in getting their business off the ground.
As you grew up, you may have known that you did not want to sit around helping others achieve their dreams while yours sat by the wayside. As a result, now that you are an adult, you want to become the entrepreneur you always wanted to be and set yourself up to achieve your career dreams.
One of the most difficult things to do as a business owner is to make a decision as to what type of entity you want to incorporate as. Setting up a limited liability company (LLC) is the go-to choice for many entrepreneurs. They appreciate how easy it is to set one up, how it provides them with built-in liability protection and the tax benefits it affords.
As your Cincinnati company grows larger, it's easy for its leadership to lose track in managing all of its obligations. That's why it's important for there to be a corporate governance structure to be in place to help you manage internal and external aspects of your Ohio business.
Like many in Ohio, you may have reached the point in your career where you are tired of working for someone else, and may be thinking of venturing off on your own. If you are thinking about starting a new business, it's important to understand that doing so involves more than just launching a website and selling your product or service. There are legal issues to address, including taxes and liability.