Estate Planning (Wills, Trusts), Probate, Real Estate and Business Law Firm with Offices in Hudson, Ohio, Fairview Park, Ohio, and Brecksville, Ohio

phone icon330.665.5000
divider

Business LLC Lawyer Explains LLC Formation and Management

separator

Business LLC Lawyer Explains LLC Formation and Management

/ 0 Comments /

LLC Lawyer Explains LLC Formation and Management

LLC Lawyer Drafts Corporate Record Book DocumentsIn this blog entry, local Cleveland, Akron area LLC lawyer, Eric Valente explains the basics on LLC formation and management.  For more detailed information on LLCs, check out our main business law information page.

The Basics on LLCs

LLC stands for “limited liability company.”  LLCs are a type of business entities, just like corporations and partnerships.  Each type of business entity has its own specific rules and regulations.  LLCs are the most commonly used business entity type.

Benefits of LLCs

LLCs have two major benefits, which partnerships and corporations both usually don’t have.  For instance, corporations offer limited liability but require double taxation.  Partnerships offer single taxation, but require personal liability. However, LLCs offer both single taxation and limited liability.  This means that the owners of the LLC are not responsible for the debts and responsibilities of the LLC.  It also means that the LLC is taxed only once on the income it earns.

Rules Covering LLCs

Ohio LLCs are governed by Chapter 1705 of the Ohio Revised Code.

LLC Lawyer explains LLC Laws

Additional rules that control the management of LLCs can be found in the specific LLC’s Corporate Record Book.  Corporate Record Books included: Operating Agreement, Meeting Minutes or Corporate Resolutions.  If these corporate record book documents are silent on a specific issue, then the ORC default rules will apply.  A good LLC lawyer will help explain to you all of the rules covering your LLC.

How to Start or Form a LLC

Ohio makes it easy to start a LLC.  To form a LLC in Ohio, all you are absolutely required to do is file Articles of Organization with the Ohio Secretary of State.

Business Lawyer Explains LLC Formation Form

First, you should call Valente Law to help you file your Articles of Organization to start your business. Then, the next steps are not always technically required, but they should be done so that the company is fully formed and in corporate compliance.  An Operating Agreement should be signed so that all the rules over the management and ownership of the business are spelled out.  Additionally, the organizers, owners, directors, and officers should sign initial corporate resolutions.  Also, in some cases, you need to get a new tax ID number from the state and federal governments.

How to Manage a LLC

LLCs are usually managed by its officers or by a managing member. Like other businesses, LLC can appoint a President or CEO to be responsible for the day to day management.  Alternatively, LLCs can be managed by a managing member.  That means an owner of the LLC is managing it.

Looking for a LLC Lawyer or Business Lawyer

If you are looking for a lawyer to help you start your LLC, we are here to help.  We have helped countless clients throughout the greater Cleveland, Akron areas start their businesses.  We would love the opportunity to help you, too!

Valente Law has its main office in Hudson, and has additional office space in Westlake, Beachwood and Brooklyn Heights.  No matter where you are in the Cleveland, Akron area, we have an office nearby.  We handle corporate counsel engagements for all phases of the business. First, we help with the corporate formation.  Next, we counsel clients on the on-going transactional, operational legal needs.  Lastly, we assist with exit planning, succession planning and eventually helping you sell the business for as much money as possible!

Call us now to help you take control of your future and start your business!

 

 

 

separator

No comments so far!

separator

Leave a Comment


separator