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New business partner agreements

It is important for Ohio entrepreneurs to take care of legal matters when forming a new business. Many start-ups fail to have in place basic legal documentation outlining each founder's role in the business. Many times, this is because the owners would rather spend the company's money on products and advertising rather than on legal matters. However, businesses that have legal documentation in place that gives a blueprint for what will happen if major changes take place or the company shuts down tend to be more successful than those that do not.

Legal agreements should be negotiated early in business's life. If there is a lack of clarity with regard to an individual's role in the company or the value of any ownership they may have, then unexpected surprises may lead to unpleasant legal disputes. Additionally, sourcing external financing will be easier with legal agreements in place since venture capitalists will look at these agreements before becoming an investor. Legal agreements are even more important when a business's products are strongly tied to intellectual property.

Choosing the best structure for a business

Ohio entrepreneurs have different types of structures to choose from when starting a business. The simplest form is the sole proprietorship. A sole proprietorship involves a single owner who has control over all of the managerial and financial aspects of his or her company. Unlike an LLC or a corporation, the owner is personally liable for the obligations of the business.

A partnership is formed when two or more owners combine their resources to run a company. The percentage of the company that each individual has is determined in the partnership agreement. This agreement will also cover the management structure and other rights that each partner may have in the company.

What are deceptive trade practices in Ohio?

Deceptive trade practices are actions that give a company an unfair advantage in the marketplace through lying or false advertising and are prohibited by Ohio statutes. Companies should honor all advertisements by matching the listed price and supplying a reasonable amount of that product, and they should never advertise goods or services that they do not intend to supply to their customers. Any advertised or displayed price reductions should also be accurate and honest about the previous price.

Other parts of Ohio deceptive trade practice laws cover representations about the products. A company should always be honest about whether a product is new or used and should not attempt to represent goods or services as somebody else's. It should also avoid any statements that imply any type of connection or affiliation with another enterprise or any form of sponsorship, approval or certification, unless the statements are true.

What rights are given to Ohio corporations?

The rights of corporations in Ohio are specifically codified in Title XVII of the Ohio Revised Code. Some of the authorities such an entity enjoys are relatively straightforward, such as the right to sue or adopt a seal or trademark. These are often accompanied by reciprocal laws, however, like the fact that a corporation can be sued as well as held liable for a corporate instrument that it fails to place its trademark on.

In the process of fulfilling the intents set forth in their articles, corporations are allowed to borrow money, issue bonds, pledge debt notes and employ various financial means, such as mortgages, to secure obligations and guarantees. Corporations can also make legally binding contracts and acquire other entities regardless of their nature, but these agreements may be contested. According to the code, corporations are allowed to resist actions like changes in control or restructuring, and this right may provide grounds for shareholder disputes.

How do I start a business in Ohio?

Ohio entrepreneurs who intend to start their own businesses may wonder how to begin the process. Creating a business can seem confusing, because many things must be completed before the company can operate. A basic overview might help business owners avoid getting overwhelmed.

First, the owner chooses a type of business formation. For an limited liability company or corporation, it is necessary to register the entity with the Ohio Secretary of State. Sole Proprietorships or partnerships do not register. It is important to also determine whether permits or licenses will be needed to operate the business. Then, the owner will need to obtain an employer identification number from the Internal Revenue Service. A bank account in the company's name helps ensure availability of funds to start the business. Next, the owner must contact the Ohio Department of Taxation to register.

How to write a complete business plan

Perspective business owners in Ohio who want to achieve success begin by drawing up a comprehensive business plan. Successful business planning works to provide the owner with marketing, profitability and assessment tools to measure the business's financial growth. The business plan should be thorough and detailed, and an effective business plan carries several parts, such as an introduction, an outline of the company's marketing and financial arrangement, a detailed outline of the business operations and a conclusion.

The introduction should include a complete description of the particular company including the legal structure and ownership of the company. It should further outline the owner's experience and abilities and explain what makes the company stand out among its competitors. The marketing section of the business plan should provide an outline of the company's goods and services including a clear method of advertising and marketing of those goods and services, information about the consumers that will benefit from them and pricing strategies.

Tips for developing a 1st quarter business plan

Ohio businesses that are on a calendar fiscal year may be getting ready to wrap up 2014 and start planning for the first quarter of 2015. According to a recent article, there are five items to keep in mind as one develops ideas for a successful 2015.

One step involves identifying specific goals, such as revenue targets. When forming these targets, it is better to be specific. By including monthly sales goals in a plan, a business owner may be able to extrapolate weekly targets, which may help determine marketing strategies. Another step is to do an analysis of strengths, weaknesses, opportunities and threats. This helps every owner stay on top of what is going on in his or her business environment and eliminates the potential for unpleasant surprises down the road.

Ohio billboards lead company to bring suit

An Ohio man is the subject of a lawsuit leveled in July by a Texas company that operates gas wells within the state. The company, Buckeye Brine, says that the billboards that the man has put up are defamatory. The billboards make references to the Biblical book of Revelations and include statements about water pollution that will kill 'many man" as a result. The billboards say that the injection well process is poisoning the water. Ohio is one of the few states that permits drilling operators to dispose of waste water by injecting it back into the wells that are produced by the drilling process.

The company says that the wells are safe and that the man's messages are defamatory. The complaint states that the use of the word 'death" has no basis in fact and represents a malicious attack against the drilling operator. It also states that there is no evidence that any aquifers in Ohio have been contaminated by the injection process. The man who paid for the billboards says that his remarks are protected speech and that the complaint by Buckeye Brine misrepresents his statements.

Business planning advice for Ohio business owners

A business owner can face many important decision as the business grows and starts to become profitable. One of the best ways to make an important decision is to prioritize it among all the various decisions that need to be made. Next, it is worthwhile to analyze what has been done about it and then take care of those decisions in the order that they have been prioritized.

One of the most important issues for a business owner to consider is what happens to the money that the business makes? If the owner dies, who gets the business and the money that it makes? Is there an exit plan and an estate plan to maximize the company's value and the amount that can be passed on? As making money and growing long-term wealth are two of the key reasons to start a business, those are important issues to address.

Why contracts and agreements should be notarized

One simple, yet effective, way that Ohio businesses can avoid contract disputes is to have all contracts and agreements notarized. This may seem like an unnecessary and time-consuming step, especially if a notary public is difficult to locate. However, a business owner who has had the legitimacy of a contract challenged because the signatures were challenged will most likely consider such a step to be mandatory in the future.

Unlike the past, modern law requires contracts and agreements to be notarized only in a few special cases, such as real estate deeds. In those cases, a notary public who is commissioned by a governmental authority to witness signatures will provide a guarantee that the signatures are genuine. Even when the law does not require signatures to be notarized, there are several instances where it makes sense to do so.

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