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Limited Liability Companies in Ohio

When it comes to corporation formation Limited Liability Companies (LLCs) are a form of midway between c corporations and s corporations. LLCs function as an investment based classification that retains the ability to create true limited liability because shareholders may only be as involved as their contribution to the company in question.

This creates a kind of association without the culpability of being in full partnership with the company in question. Shareholders in LLCs typically do not opt for full partnership in the business because of the possibility of debt and/or bankruptcy. So if the company is to be seized to repay debt, the individual shareholders assets cannot be used to pay that debt. This is the difference between limited partnership and general partnership, in general partnership the shareholder holds unlimited liability for the debt of the company.

Disadvantages of being involved in an LLC typically involve the guidelines that involve taxation for limited partners. If you have any questions on this matter it is important that you seek out legal assistance immediately.

Contact Our Ohio Business Law Firm Today

In Ohio the laws surrounding LLCs are on the newer side, around 20 years, and because of this many businesses could still be in the dark with how their business functions in the scope of the law. At VanHo Law, our attorney has the experience and knowledge to help guide you through the various legal aspects of operating an LLC.

Contact us today at (330) 809-1062 for legal matters concerning LLCs.

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