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Business Law 411

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General business law discussion for aspiring entrepreneurs. COMBA workshop - June 26, 2009.

General business law discussion for aspiring entrepreneurs. COMBA workshop - June 26, 2009.

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  • 1. Business Law 411
    What You Don’t Know Can Kill Your Business
    And Frustrate Your Dream
    Presented by:
    Ambrose Moses, III
    Attorney and Counselor at Law
  • 2. What is Law?
    Law is a tool
    Create
    Modify
    Maintain
    Destroy
    Relationships
    People, Places, & Things
  • 3. What is Law?
    Law is a tool that is used by Society
    To Create, Maintain, Modify, and Destroy
    Relationships between
    People, Places, and Things.
  • 4. What is Law?
    Legal Name
    ORC 3705.09
    Legal Title
    ORC 4705.07
  • 5. Business Structure
    One of the First Business Decisions Made by You or for You.
    Sole Proprietorship
    Partnership
    Corporation
    Limited Liability Company
  • 6. Business Structure
    Basic Considerations
    Ownership
    Liability
    Taxation
  • 7. Business Structure
    Sole Proprietorship
    Ownership – Single Individual
    Liability – Owner Liable for All Debts
    Taxation – Owner responsible for All tax consequences of the business
  • 8. Business Structure
    Partnership
    Ownership –Two or more persons (Partners)
    Liability – Passes through to Partners
    Taxation – Passes through to Partners
  • 9. Business Structure
    Corporation
    Ownership – Owned by one or more persons (Shareholders)
    Liability – Owners not liable for corporate debts
    Taxation- Owners not responsible for corporate taxes.
  • 10. Business Structure
    Limited Liability Company (LLC)
    Ownership – Owned by one or more persons (Members)
    Liability – Members not liable for LLC debts
    Taxation – Passes through to members
  • 11. Business Relationships
    What Are Your Business Relationships?
    Business Partners / Shareholders / Investors
    Government Officials and Agencies
    Vendors and Suppliers
    Customers
  • 12. Business Relationships
    What Law Governs These Relationships?
    Statutes, Constitutions, Rules, Regulations
    Contracts, Written Agreements
    Invoices, Order Forms, Receipts
    Verbal Agreements and Representations
  • 13. Business Relationships
    Independent Contractor or Employee
    Behavioral control
    Financial control
    Type of Relationship of the Parties
  • 14. Business Relationships
    Independent Contractor or Employee
    1. Behavioral control covers the amount of control the employer has over the worker in terms of where, when, and how the job is done, among other factors.
  • 15. Business Relationships
    Independent Contractor or Employee
    2. Financial control dictates how much control the company has over a worker's pay, business expenses, and facility investment.
  • 16. Business Relationships
    Independent Contractor or Employee
    3. Relationship type is based on written agreements, employee benefits, and length of relationship between the company and worker.
  • 17. Business Relationships
    Independent Contractor or Employee
    IRS Form SS-8 – Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding.
    IRS Publication 15-A– Employer’s Supplemental Tax Guide
  • 18. Business Relationships
    Vendor’s License / Sales and Use Tax
    Ohio Department of Taxation
    County Auditor
  • 19. The Business Lawyer
    Who is the Lawyer?
    Your Professional Advisor
    Your Representative
    Your Confidant
  • 20. The Business Lawyer
    Why Should I Retain a Lawyer?
    Advice and Counsel
    Asset Protection (Personal and Business)
    Corporation or LLC or Partnership Formation
    Operating Agreement / Shareholder Agreement
    Investor Relationships
    Lease Agreements – Office/Building/Equipment
    Contracts with Vendors and Suppliers
    Tax Matters
    Trademarks, Copyrights, Trade Secrets, Patents
    And the List Goes On . . .
  • 21. The Business Lawyer
    Aren’t Lawyers Too Expensive For a Small Business?
    The Expense of Not Having a Lawyer is Greater Than the Cost to Retain One.
    Your Chances of Business Success Are Greater With Legal Counsel
    Shop Around, But Don’t Be Guided Exclusively By Cost. You are Establishing a Professional Relationship, not Buying a Loaf of Bread.
  • 22. The Business Lawyer
    How do I choose a Lawyer?
    Interview a few
    Knowledgeable and Trustworthy
    Rapport and Comfort Level
  • 23. What is Law?
    Law is a tool that is used by Society
    To Create, Maintain, Modify, and Destroy
    Relationships between
    People, Places, and Things.
  • 24. Questions?
    Ambrose Moses, III
    Attorney & Counselor at Law
    (614)418-7898
    Ambrose@MosesLawOffice.com
  • 25. Business Law 411
    What You Don’t Know Can Kill Your Business
    And Frustrate Your Dream
    Presented by:
    Ambrose Moses, III
    Attorney and Counselor at Law