The Ohio Secretary of State makes filing the articles of organization for a new Ohio Limited Liability Company a deceptively easy task. Many small business owners believe if they file their articles, they have properly formed their LLC and the need to hire legal counsel to be de minimis. The lawyers at Lardiere McNair, LLC know better than this; they will advise you, cost effectively, down the exciting path of being a small business owner/entrepreneur. Lardiere McNair, LLC lawyers are trained to protect you, your family, and your business – it’s what we do.
No doubt about it, when starting a new business, every penny counts. However, one place the penny should not be pinched is in the organization and structure of your new limited liability company. Especially with the sole member LLC, hiring a lawyer is important to make sure you are properly formed in case things go awry. With proper protections, you can limit your liability to losing the capital you put into your business. Without proper protections, your house, personal bank accounts, and life savings could all be at risk.
Benjamin Franklin once said, “an ounce of prevention is worth a pound of cure”.
Make no mistake, filing articles of organization and obtaining a tax ID # from the IRS can be done quickly and, in Ohio, for as little as a $99.00 filing fee to the Secretary of State. DO NOT STOP THERE. Your business needs to have an operating agreement, which sets forth that the entity was adequately capitalized, the voting rights of members, ownership percentage, how to wind up, and how ownership flows when members die, amongst other extremely important items. This is right in Lardiere McNair’s wheelhouse. It is never too late to do things correctly.
In addition to proper insurance, professional legal formation and follow through is key. A staggeringly high number of LLC owners fail to secure an operating agreement, do not understand that commingling personal wealth and business finances can be lethal, and often personify the phrase, “penny wise and pound foolish”.
For proper advice and peace of mind with your business, call Lardiere McNair today – 614-534-1355.
Darren A. McNair, Esq. is a Partner at Lardiere McNair, LLC. To read more about our firm, please visit www.lmcounsel.com.
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