Business Formation Attorneys In Akron Serving Clients In Northeast Ohio

Types Of Business Structures In Ohio

The type of business structure you choose will affect your business in many different ways, as it impacts the amount of tax you will pay and how you will be responsible for it. The type of business structure also impacts how individual owners bear responsibility for the business itself. The U.S. Small Business Administration (SBA) explains that you must choose a business structure before you can register your business, get your tax ID number, file for any necessary licenses or permits, and pay employees. The following are the most common types of business structures for individuals forming a business:

• Sole proprietorship: For a single individual, and that individual and the business are one and the same for tax and bankruptcy purposes
• Partnership: The simplest business structure, when two or more people want to create a business and it is less formal than other business structures, but partners can be liable for the debts of the partnership
• Limited liability company (LLC): A kind of hybrid of the partnership and the corporation in that it is a simpler structure, like a partnership, but owners are not personally liable for the LLC – similar to a corporation
• Corporation: Either a C corp or an S corp, typically, but, most importantly, corporations are more complex business structures and are required to pay income taxes; individual owners are completely separate from the corporation and are thus rarely personally responsible for the debts of the corporation absent fraud.

While you may be able to convert your business structure, you should not plan on doing so given that there could be significant financial and tax implications for you and your company.

How A Corporate Lawyer In Ohio Can Help With Your Business Formation

At Mastrantonio & Orlando, LLP., we can provide many different services throughout the process of forming your business, including but not limited to the following:

• Discussing different business structures
• Determining which business structures are best for your needs
• Drafting partnership and shareholder agreements
• Reviewing business formation documents
• Handling tax questions concerning your business and its formation
• Drafting articles, bylaws, partnership or operating agreements

Once you have formed your business, we can continue representing it in a variety of ways, such as drafting and reviewing employment contracts and handling commercial litigation matters.

Trademarking Your Company Name With The Help Of An Ohio Business Lawyer

Many people who form a business want to trademark their company’s name. By trademarking your business name, you can ensure that no one else can use the name or profit from it. What is involved in trademarking your business name? There are a few steps that you will need to take in order to register your trademark, including:

• Check the Trademark Electronic Search System (TESS) database to ensure that no one else is using the trademark.
• Visit the U.S. Patent and Trademark Office website to fill out the registration.
• Pay the fee, which is typically between $250 and $750.

When you fill out the registration application, you will need to provide information about your business, including the types of goods or services your business provides, when the trademark first was used and whether there is a specific design that accompanies your business’s trademark.

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