Starting a small business can seem as if a person's dreams are coming true. In time, it may be right to take steps to expand a business, but it is important not to do too much too fast. If Ohio business owners get ahead of themselves, they could wind up in difficult positions that put their companies at risk.
Taking the step to open one's own business is a major decision. Some Ohio residents may dream of starting their own company for years before moving forward with plans, and others may never feel that the time is right to follow this dream. In some cases, it may help individuals to consider the idea of having a co-owner for their business.
When companies interact with substantial amounts of people, it is not unusual for some of those people to dislike certain companies or certain products. In some cases, the dislike may simply stem from personal preference of liking another company or product more, and dislikes in other cases may result from feeling as if a product did not live up to expectations. If a person feels particularly duped by a company, that company may wind up facing litigation.
Personal Guarantees are a very important part of many business contracts. Its no wonder I spend a lot of time advising clients on this issue. This article will explain six basic concepts of a personal guarantee (sometimes spelled guaranty).
If you own a small business, or you are thinking about starting your own business, you have probably worried about protecting your personal assets from liability. You also probably know that forming a corporation (S-Corp or C-Corp) or a limited liability company (LLC) is an important step toward protecting your personal assets.