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 sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.
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.
More and more people are now creating entities and trusts to organize their assets and provide liability protection. And, Ohio’s recent changes to its laws for limited liability companies has fueled an even more brisk increase in new LLCs throughout the state.
As legal entities are created, an important question must always be addressed. Specifically, what assets should the entity own, and what assets should be owned personally or by another entity? For example, should my personal pickup truck sometimes used in my business be owned by me personally or my business?
Read more about clearly outlining assets when it comes to business in Lee’s article in the Lima News here: Legal-Ease: Should I own that or should my business?
Source: LimaOhio.com, “Legal-Ease: Should I own that or should my business?” by Lee R. Schroeder, March 12, 2016