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 [email protected] or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.
LLCs, or “Limited liability companies” are often organized from small, informal family businesses. They are businesses that are established to be separate from their owners.
LLCs were originally created in Germany and Japan post-World War II, and came to the United States in the 1970s.
LLCs are mostly state-regulated, and in Ohio are established to separate people from businesses. It protects owners from being liable for the businesses mistakes.
To establish an LLC in Ohio, members must file Articles of Organization in the Office of the Ohio Secretary of State.
As people organize a new business or “formalize” a business that has been existing in the family garage or basement over the last several months or years, they often turn to LLCs.
LLCs are “limited liability companies” organized under Ohio law that operate like any other business but have an entirely separate existence from their owners. LLCs were started in Germany and Japan shortly after World War II, as those countries’ citizens sought out less formal (but still official) structures for business arrangements that allowed for shared ideas and capital but not liability. (Protections from liability was afforded by only corporations at that time.)
Read Lee’s full article on LLCs in Ohio in the Lima News here: Legal-Ease: How can I properly organize an LLC in Ohio?
Source:LimaOhio.com, Legal-Ease: How can I properly organize an LLC in Ohio?, by Lee R. Schroeder, February 20, 2014.