7 13 11legal structure presentation

[object Object],[object Object],[object Object],[object Object],Christopher Gulinello Professor of Law Chase College of Law, Northern Kentucky University [email_address] BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business.

Basic Business Structuring ,[object Object],[object Object],[object Object],BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business. Limited Liability Company S Corporation

Structures So Far… S. P. CultureSpeak Consulting S. P. VenueAgent Emerald Construction Management, Inc. Global to Local Language Solutions LLC S. P. Healthy Kids Fast! S. P. Premium Sealcoat Daelia's Food Company, Ltd. Subsidiary ? Dean Family Farm Rosie's Turkey Corner S. P. Chocolats Latour S. P. Tiburon Energy & Construction

How do I choose? ,[object Object],[object Object],[object Object],BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business.

A Comparison of the Basic Types of Businesses BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business. Type of Business Taxation Liability Control Sole Proprietorship Single Unlimited Total Autonomy Partnership Single Unlimited Shared Governance Corporation Double Limited to capital contribution Board Governance Limited Liability Company Single Limited to capital contribution Member vs Manager managed S Corporation Election Limited to capital contribution Board Governance

Sole Proprietorship- Advantages ,[object Object],[object Object],[object Object],BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business.

Sole Proprietorship Disadvantages ,[object Object],[object Object],BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business.

Partnership- Advantages ,[object Object],[object Object],[object Object],BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business.

Partnership- Disadvantages ,[object Object],[object Object],[object Object],BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business.

Corporations- Advantages ,[object Object],[object Object],[object Object],BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business.

Corporations- Disadvantages ,[object Object],[object Object],[object Object],BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business.

To qualify for S corporation status, the corporation must meet the following IRS requirements: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

S Corporation- Advantages ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business.

S Corporation- Disadvantages ,[object Object],[object Object],[object Object],[object Object],BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business.

Limited Liability Company- Advantages ,[object Object],[object Object],[object Object],BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business.

Limited Liability Company- Disadvantages ,[object Object],BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business.

What can be done to prevent a creditor from "piercing the corporate/LLC veil“? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business.

Who Am I? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

LLC Records requirements- ORC 1705.28 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

How do I start? BGVLegal Structuring- Information contained in this presentation is not meant to be legal advice. Please consult with an attorney for legal advice specific to your business. http://tinyurl.com/Clermont-Business-Plan Ohio Secretary of State- http://www.sos.state.oh.us/sos/upload/business/filingformsfeeschedule.aspx?page=251 Citizen Media Law Project- http://www.citmedialaw.org/legal-guide/forming-business-and-getting-online

7 13 11legal structure presentation

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