Are you preparing to start a new business in Ohio? If so, it is likely that you have a lot of questions and concerns related to your new venture. Many of those questions are likely the ones people enjoy pondering, such as “What will I name my business?” or “What should my logo be?” Unfortunately, starting a business is not all about answering the ‘fun’ questions. Instead, much of it is about answering the important questions, such as “What type of business organization do I need to form?”
In order to correctly answer that question, you may need the assistance of a business law attorney. Business organization decisions are extremely important and, often, difficult to make for those without legal backgrounds, simply because of their complex natures. Do you know if your business should be a sole proprietorship, a limited liability company or a closely held business?
If your answer is no, you may find the help of an attorney beneficial. An attorney can examine your plan for your business’s structure, such as how many people will have interest in your business, to determine the best type of company for you. In addition, an attorney can explain how the type of business you form will affect your tax liability. In fact, tax liability is so important in business that many use definitions by the IRS to explain the differences between business types.
If you are struggling to determine whether to establish a closely held business, a personal holding company or another type of business, you may find great benefit in obtaining business organization advice from an experienced legal professional. With help, you can ensure your business is prepared for growth while limiting exposure. In addition, by letting an attorney guide your legal decisions, you will have more time to answer the more ‘interesting’ questions.