A large Ohio office park was sold to a Canadian investor group on Dec. 23. Summit Office Park, located in Independence, was sold to Summit Cleveland LP for $26.5 million. The prior owners, Aegon N.V., had owned the commercial real estate since 2009.
Office park sold to foreign investor group
Minority shareholders and disputes
In the course of any business, shareholder disputes may arise between those who hold minority and majority stakes in the company. This often occurs as a result of decisions taken by management or a board of directors. Contrary to the wishes of minority shareholders, the company could be expanding payroll, manufacturing new products and taking on new debt. Expansion of the business into a new market, from Ohio to New England, for example, could also spark controversy.
Considerations for removing an ineffective partner
Ohio business owners may face a situation of a business partner who is not performing well. There are alternative actions that can be taken so that the non-functioning partner is not an impediment to the success or growth of the business. The available steps could be determined by the organizational structure of the company and any agreements that exist between the owners.
Sales contract breaches
Businesses engaged in the selling of goods often enter into sales contracts with buyers. These contracts are formed when a business agrees to supply goods to the buyer by a certain time, and the buyer agrees to pay money in exchange. Sales contracts are legal documents, and when a party breaches the contract, the breaching party can face negative consequences.
Choosing a business structure
An important decision that all Ohio business owners have to make is how to structure their entity. The legal structure that a person selects for their business will have a dramatic affect on taxes, liabilities and paperwork requirements. Some of the most common business structures that are used in Ohio are corporations, limited liability companies, partnerships and sole proprietorships.
Reasons to put an Ohio contract into writing
One of the easiest ways to have a deal nullified is to not put it in writing. In most cases, a court will rule that a contract does not exist unless it is written out. Having a physical document helps to outline the agreement and the obligations of both parties concretely.
