Dinn, Hochman & Potter, LLC

Cleveland Business & Commercial Law Blog

Will zoning laws affect your home business?

When you are setting up your home business in Ohio, you may have a list of things you need to take care of. Licensing, permits, supplies, insurance and bank accounts are only a few things that will get you started on your new venture. You will also need practical items, such as a place in your home reserved for your business and appropriate ways to advertise your product or service.

As you work to set up your home business, you may not stop to consider the zoning laws in your neighborhood. While it may seem like another battle with legal red tape, knowing and abiding by the zoning laws can save you significant trouble since violations can lead to fines, lawsuits and, in extreme cases, criminal charges.

Understanding the 1031 Exchange

Business owners and entrepreneurs interested in commercial property investments in Ohio know that there are many details to learn about when it comes to the buying and selling of these types of properties. In addition, it is important to track changes in the tax laws that may impact some of the decisions they may make. 

One issue for many investors over the years has been the requirement to pay capital gains tax when a profit has been realized upon selling a business or commercial property. It is as though people and businesses are penalized for improvements in the real estate market. As The Street explains, however, there is one legal way that these taxes may be avoided. It is called a 1031 Exchange.

Making sure your wishes are carried out

As a business owner or C-suite leader, you probably have different concerns than the average person when planning your estate. For example, you probably hold assets throughout Ohio, the USA and internationally. In fact, the complexity of even the simpler business ownership structures, such as sole proprietorships, may require a unique strategy.

At Dinn, Hochman & Potter, LLC, our goals are the same as yours: to transfer your assets in the most efficient way possible. What that would look like would depend on your situation, but there are a few general ideas involved in the management of most complex estates. Please read on for a summary of a few key points.

Why are custom contracts important?

It is no secret that business transactions have the potential to be complicated, but you do not necessarily have to draw up a contract entirely from scratch for every sale purchase or lease that you make. The reason for this, as you may know, is that many of the terms that you may want to include in your contract are already statutory law thanks to the Uniform Commercial Code.

Of course, that does not mean that you would be able to simply sit back and ride the UCC to success in every situation. In fact, you may want to include duplicate or reinforcements of some of the terms in the UCC in your contracts. Please read on for a brief example using the often-misunderstood topic of finance leases.

Get control over your business's legal situation

At Dinn, Hochman & Potter, LLC, we believe that businesses in Ohio and across the country deserve quality legal representation and advice. However, we realize that not every business has the resources or inclination to employ a dedicated legal staff. In the rapidly changing environment of how businesses access legal services, our goal is to provide stable, personalized and efficient services to our clients when they need it most.

We work towards our goals in many ways, such as by providing custom tailored fee structures. We also a full battery of corporate law, litigation and business continuity services two individuals and organizations alike. Please continue to learn more about these services.

Are you looking into business banking options for your company?

Starting your own small business will take a lot of time, effort and money. In fact, you may have concerns that your financial resources may not stretch far enough to get your company off the ground. As a result, you may be considering getting a business loan.

Numerous companies obtain business loans when starting out and periodically throughout the years for various reasons. Of course, obtaining such a loan is not always easy, so having the right information about how to start working toward such a loan may be useful to you.

Dispute resolution can benefit your business

When you own a business in Ohio, you naturally must handle differences from time to time. Whether the conflict is internal or external, unfortunately sometimes disagreements cannot be immediately settled. Litigation can resolve this conflict but can also become protracted and expensive. We here at Dinn, Hochman & Potter, LLC, have helped many clients resolve disputes using alternative methods to the courtroom.

According to Forbes, it is becoming more and more common for people to turn to dispute resolution instead of engaging in prolonged litigation. One reason is clearly for economic purposes, since a lengthy trial can exact a great financial toll on a business. A second motivation behind avoiding the courtroom is to maintain control over the course of action rather than turning it over to a judge. In doing so, the process may be less adversarial and might therefore salvage relationships. 

How to ensure your business contract is valid

Whether you are just designing the structure of your small company or you have been in business for some time, it is critical to ensure your business contracts are legal and valid. In you day-to-day business, you may be involved in creating and accepting a number of contracts. Contracts are initiated to document that a transaction has taken place. Both verbal and written contracts may be valid depending on the circumstances of the transaction. 

One of the most important factors to ensure a contract is valid is that all parts of the agreement are accepted by both parties. For example, if you are looking for a company to assist you with marketing, they may offer you a contract describing the terms of the services they offer, as well as how much they will charge for those services. If you accept, you will sign the contract and allow the company to begin the work. If you challenge any of the terms listed in the contract, you may wait to sign and further negotiate the terms. If either party does not accept the terms of the contract, the document will not be signed and is not considered valid.

How can you strengthen relationships with investors?

As an entrepreneur, you know firsthand the challenges of owning and operating a business in Ohio. One of the things that you may have learned is how important it is to network and form strong relationships with like-minded individuals who can mentor you and help you build the competencies that are critical to your organization's performance. Investors can provide invaluable support as you work relentlessly to build your company. Establishing long-term relationships is crucial to your ability to maintain their interest and contribution. 

Understanding how to develop and maintain a mutually beneficial relationship between you and your investors is certainly a process, but one that you can be confident in pursuing when you implement some strategies from the start. According to Inc.com, it is imperative that you actively and fairly contribute to the relationships you wish to grow. If you are not putting in the work, but are expecting successful results, you risk the chances of losing that relationship altogether. As such, put in the dedication you hope to yield. And in turn, if you are not seeing your efforts reciprocated, it may be time for you to move on.  

Mental challenges surrounding business litigation

For business owners, litigation can present various challenges, from those which are financial (legal costs, fines and a decrease in business activity following a lawsuit) to a damaged reputation. The mental and emotional side of business litigation should not be overlooked, either. A business owner may find themselves extremely stressed out leading up to a lawsuit, during litigation and even afterward. Aside from stress, other negative emotions are not uncommon, such as struggling with depression or even feeling angry or betrayed. It is essential for business owners to address these emotional challenges properly and focus on their company's future.

Unfortunately, a certain amount of stress is inevitable when it comes to business lawsuits. That being said, some cases are especially difficult in this regard, whether there is a lot at stake, or the litigation involves a key business partner, an issue that is receiving a lot of attention in the media or a case which could significantly damage a business' reputation. For example, someone who runs a company may fear that an unfavorable outcome in court could cause many of their customers to take their business elsewhere, ultimately leading to the closure of their company.

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5910 Landerbrook Drive, Suite 200
Cleveland, OH 44124

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