Mentor Business Lawyers
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Launcing a business, growing your company, leading your industry, being an innovator. Our small business attorneys will counsel you through every phase of your business. Over the decades, Hanahan & Hinton, LLC assisted many businesses in Lake County and surrounding counties with personalized representation for businesses.
We can advise you in these and other business law issues. Form your company: LLC, Corporation, Partnership or sole proprietor; Contracts and Business Forms: Drafting, Negotiating, Disputes; Corporate Issues: Buying or selling a business, close or dissolve a business, succession planning, legal audits; Business disputes: Cease and Desist or Demand letters, Collections, Contract enforcement, Settlement Agreements, Liens and Security Interests and Civil Litigation. Your Liability in a General PartnershipAn entity of two or more persons to carry on as co-owners of a business for profit...that's how a business partnership is defined in Ohio code. However, General Partnerships opens partners to unlimited personal liability for their own conduct, as well as the conduct of their fellow general partners, known as joint and several liability.
Even in the absence of a written agreement, you may be in an implied partnership if:
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Creating LLCs For Your Business Needs
WHAT IS A LIMITED LIABILITY COMPANY?
A Limited Liability Company is a type of business ownership combining several features of corporation and partnership structures. It is not a corporation or a partnership. The owners are called members not partners or shareholders. The number of members are unlimited and may be individuals, corporations or other LLC's
BENEFITS OF LLC FORM
Limited Liability. Doing business in the form of an LLC provides limited liability for all members. A LLC exists as a separate entity much like a corporation. Members cannot be held personally liable for debts unless they have signed a personal guarantee. Members cannot be held personally liable for negligent acts of other members or employees. Members are personally liable for their own negligent acts.
These are significant benefits as compared with other forms of business entities. However, the limited liability and tax benefits of doing business in the form of an LLC require that the LLC be treated as a separate entity and that it be operated in accordance with an operating agreement containing specific provisions.
A Limited Liability Company is a type of business ownership combining several features of corporation and partnership structures. It is not a corporation or a partnership. The owners are called members not partners or shareholders. The number of members are unlimited and may be individuals, corporations or other LLC's
BENEFITS OF LLC FORM
Limited Liability. Doing business in the form of an LLC provides limited liability for all members. A LLC exists as a separate entity much like a corporation. Members cannot be held personally liable for debts unless they have signed a personal guarantee. Members cannot be held personally liable for negligent acts of other members or employees. Members are personally liable for their own negligent acts.
These are significant benefits as compared with other forms of business entities. However, the limited liability and tax benefits of doing business in the form of an LLC require that the LLC be treated as a separate entity and that it be operated in accordance with an operating agreement containing specific provisions.
Contact Hanahan & Hinton, LLC
To schedule a free initial consultation with an experienced Mentor Business Attorney, fill out our intake form or contact Hanahan & Hinton, LLC at 440-255-7711. We make ourselves available on evenings and weekends by appointment and meet with clients off-site. Our firm also accepts all major credit cards.
