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STARTING A NEW BUSINESS

On behalf of James P. Cullen LLC, LPA posted for new business on Friday, May 25, 2018.

Are you thinking of starting a new business? Here are some of the issues, legal and otherwise, that you should consider:

  • PURPOSE - What kind of business will it be? Construction, landscaping, online sales, etc.
  • BUSINESS NAME - You may need to register the name as a trade name in Ohio if it is unique and valuable. Check with the Ohio Secretary of State to see that the name is not being used by another company
  • BANK ACCOUNT - You should keep your business funds separate from your personal funds for tax and business purposes. Loans to a business should be well documented.
  • TAXES - Report your income and pay into Social Security/Medicare (FICA)if there are profits.
  • LLC/CORPORATION - For legal liability purposes and to show legitimacy to your business, forming a limited liability company or corporation is highly recommended.
  • BUSINESS INSURANCE - In some ways, liability insurance for your business is even more important than forming an LLC or corporation to protect the value and assets of the business. Do not forget this valuable insurance. If you have employees consider coverage for employee related claims including wrongful termination.
  • PARTNERS - A well documented written agreement with business partners is very important. Misunderstandings among business partners are very common. Expectations need to be clear. "Pre-Nups" are needed to address possible break-ups. A business divorce can be just as messy as a marital divorce.
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