CORPORATIONS AND LIMITED LIABILITY COMPANIES
Business organizations such as corporations, limited liability companies, and partnerships are effective entities to successfully manage and operate business enterprises which secure the continuity of the business operations upon the death of one or more of the owners of the business entity in order to avoid interruption of business. Additionally, and probably most significantly, a business organization serves to limit the liability of the owners of this business entity and to protect the personal assets of the owners of the business organization. The creation of the particular business entity, whether it be a corporation, a limited liability company or a partnership depends upon the needs and purposes of the individuals and the anticipated scope of the business operations. In recent years, limited liability companies have been the choices of both attorneys and the business owners due to the minimalization of formal requirements to maintain the business organizations in good standing with the State of Ohio after the Limited Liability Company has been registered with the State. In addition to the initial filings with the State of Ohio, the owners of the Limited Liability Company must prepare and adopt an Operating Agreement which sets forth the ownership and management of the Limited Liability Company, and which sets forth whether the entity will be subject to taxation or if the income will be passed through to the owners.