Ideally, an Ohio resident will have all the necessary estate planning documents in order before they pass awat. Without an estate plan, there can be a lot of uncertainty as to what happens to a person's assets. It can also lead to family infighting, which may result in court battles that take years to resolve. Those battles are funded by money or other assets inside of the estate. The more money paid in attorney fees, the less that goes to heirs.
According to a recent survey of 200 privately owned businesses, 58 percent of small business owners have no succession plans. These individuals have no strategies in place for how ownership should be transferred if unforeseen incidents should occur. While some small business owners in Ohio may not want to think about giving up their companies, it pays to be prepared.
Estate planning can be particularly important for parents in Ohio. When people have children, they may be more inspired than ever to deal with thinking about the future and making important decisions about how their children will be supported in case of the death or incapacity of the parents. In addition to the peace of mind that parents may feel, estate planning carries strong practical benefits as well, especially for future beneficiaries. People can reduce or eliminate probate fees and delays and lessen the estate tax burden borne by their children in the future.
If you are launching your own business and you wish to make it a partnership, creating a partnership agreement may be among your preliminary tasks. Partnerships can help your business thrive under the leadership of more than one knowledgeable, qualified person, but they can also create unnecessary troubles and lead to potential legal hardship if you do not set clear guidelines from the outset.
Commercial real estate transactions are complex due to long legal contracts and high price tags. They also involve obscure terms rarely seen in other places. Before entering into any type of Ohio commercial real estate deal, each party should have knowledge of the most important industry terms. These include:
Many Ohio business owners may consider requesting funding from investors to help their startup succeed. Entrepreneurs who are seeking venture capital funding for their startup can take certain steps to positions their enterprise to raise such funds. Having up-to-date information is important before approaching investors. Entrepreneurs should be prepared to present easy-to-read data that demonstrates the goals of the startup and provides proof that there is a sustainable customer base for the business.