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"I help my clients improve their situations, take care of their families and overcome the obstacles that keep them from living better lives." - Justin C. Miller Esq.

May 2017 Archives

3 legal pitfalls of downsizing your company

Every business owner knows that the economy fluctuates. No matter what industry you are in, you can expect times of great profit and periods that are sparse. In some cases, the latter will necessitate action. You may need to cut costs in order to maintain your business, but downsizing is often easier said than done. There are several legal pitfalls, in fact, that can make it a liability and therefore potentially more expensive than it is worth. The following are important risks to avoid when you are reducing your workforce.

Start-up company funding not limited to traditional loans

Start-up companies often have variety of capital needs, including investments in equipment, software and office space. Would-be entrepreneurs in Ohio likely wonder where all the money comes from that is needed to grow the profitability of a business. In only 8 percent of cases does a start-up company receive capital from bank loans, but there are a few alternatives

Why commercial real estate may be the better option

People looking to invest in Ohio properties may gravitate toward residential as opposed to commercial real estate. However, there are several reasons why buying commercial real estate may be the better option. First, buyers may find that commercial tenants are better than residential tenants. In many cases, commercial tenants have their own maintenance teams or others who can take care of issues that residential tenants may expect their landlords to deal with.

Non-probate assets, wills and estate planning

For estate planning purposes, it is important to make sure that an Ohio person's wishes regarding how assets are distributed are reflected in plans for the non-probate assets as well as in the will. Non-probate assets are assets such as life insurance policies and retirement accounts that are passed down by beneficiary designations. Real property that is jointly owned and joint accounts with rights of survivorship are also examples of non-probate assets.

Using retirement savings to finance a new business

Gathering the funds required to launch a new commercial venture is often challenging for Ohio entrepreneurs. Banks are generally reluctant to lend large sums when borrowers are unable to prove that they have a steady and reliable source of income, and most business startups struggle to turn a profit during their nascent stages. Loans backed by the Small Business Administration are sometimes available, but many entrepreneurs choose to fund new businesses by borrowing from friends or relatives or withdrawing the money needed from their retirement accounts.

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