Business, LLCs & Corporations Ashland OH
The way a business is structured determines many things, including the way it gets taxed and the way it is recognized under the law. LLCs (limited liability companies) and corporations are two such structures and in this section you'll learn about the laws that govern them.
A bill of sale a document that is evidence of an assignment or sale of personal property.
The sale of any ongoing business, even a sole proprietorship, can be a complicated transaction. The buyer and seller (and their attorneys) must consider the law of contracts, taxation, real estate, corporations, securities, and antitrust in many situations.
A restriction on the right to transfer stock is not effective against a purchaser of the certificate unless the restriction is conspicuously noted on the certificate or unless the purchaser has actual knowledge of the restriction.
A corporation is an artificial person that is created by governmental action. The corporation exists in the eyes of the law as a person, separate and distinct from the persons who own the corporation (stockholders).
A partnership is defined by the UPA as a relationship created by the voluntary "association of two or more persons to carry on as co-owners of a business for profit." The people associated in this manner are called partners.
A small business is commonly referred to as a sole proprietorship. A sole proprietorship is an informal business that doesn’t involve the complexities and expenses of formal incorporation procedures.