Because some people try to create charities for their own personal gain, the process to create a charity in Ohio for which donations are tax deductible is lengthy and intricate.
Charities are most often organized with the Ohio Secretary of State as non-profit corporations. Ohio has a number of requirements for non-profit corporations, including that the organization must have three directors and that the organization must have an annual meeting for all members of the corporation.
Business entities are usually established to limit liability, keep the business efficient and organize the structure of the entity. It’s fairly easy to establish a business entity in the state of Ohio, and there are essentially three requirements to effectively terminate a business entity’s existence: tell the state, complete unfinished business and tell the IRS.
It’s necessary that pieces of property must have the ownership clearly outlined. This is true in LLCs (is the property owned by the LLC or the individual?) as well as in partnerships. It’s important to define which assets that a business entity owns and which assets are owned by another entity or personally.
Often when people make a purchase, over time it appreciates in value. When that item is sold, the government taxes on the increase in the value of the property. The tax that is assessed is called capital gains tax. Sometimes capital gains taxes discourage people from selling property as they don’t want to pay the capital gains tax. As a result of this, the government has a process that will sometimes allow for for capital gains taxes to be delayed.
Business succession and estate planning are often difficult challenges as each situation is so unique to each family and business. To help clients, Lee has created two primary principles he’d like them to consider while they undertake business and estate planning.
First, Lee believes that mom and dad are always right. Second, he believes that family businesses can remain viable for generations while still treating non-business family members fairly.
Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at lee@leeschroeder.com or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be […]
A new law will go into affect in a few months that will necessitate that most farmers monitor the weather before spreading manure. While several applications and farming operations are exempt from the ruling, farmers in northwest and west central Ohio will be under more specific requirements when it comes to spreading manure.
In the earliest days of our country, ‘blue laws’ were those generally designed to promote religion, such as outlawing most work on Sundays. These laws have been debated, changed, struck down and upheld since America’s founding.
Some actions taken by attorneys may some disingenuous or contrary to the idea of ethics, but several less-known rules governing attorney behavior can sometimes help to explain their behavior.
While there are many ways to value a business, three approaches to business valuation are commonly used. The “asset approach,” the “income approach” and the “market approach” are the three most common approaches when it comes to business valuation.