Legal-Ease: Insurance’s hidden value

Minimizing risk is typically a goal of the type of law that Lee practices. Sometimes insurance policies can’t provide what legal tools can provide, and other times legal tools can’t provide the value that insurance can bring to people, businesses and farmers. 

While sometimes successful people just seem to be lucky, often it’s a matter of smart planning and research that leads to success. Lee helps his clients analyze their liability insurance and to decide what additional legal tools are necessary and whether the client is appropriately insured or over-insured. 

Legal-Ease: Valuing components of co-owned property

Sometimes we can find ourselves co-owning property with one or more co-owners wanting to be bought out. Even if we are in the process of converting ownership of the co-owned property into assets owned by an LLC, it becomes important to value the property and each person’s portion.

Legal-Ease: What is in a name?

Choosing a business name is a seemingly simple yet vital decision. The name must be “legally distinguishable,” as determined through a variety of rules and overseen in Ohio by the Ohio Secretary of State. Sometimes, additional trade names are necessary for a business.

Legal-Ease: Becoming and remaining business partners

Adding owners to a business venture will almost always require considerations beyond just legal ownership. A variety of “non-legal” issues may include time allocation, value of each individual’s work and other relationships.

It is important to evaluate these considerations and effectively work the “non-legal” aspects into the business documents. This includes updating an entity’s operational requirements, adopting a new resolution, updating bills of sale and more.

Legal-Ease: Value of LLC documents beyond state filings

An LLC can be a straightforward way for a group of people to collectively benefit from certain legal protections. Filing with the state of Ohio can be done without an attorney and is not complicated. But many specific instances are not covered by the basics, and must be established in a document called an “operating agreement.

Legal-Ease: How much does an LLC cost?

It’s often difficult to offer a value to the protection gained from certain legal tools such as an LLC. The actual cost of an LLC includes the $99 filing fee, a detailed operating agreement and the cost associated with creating that, a tax identification number and flowcharts and explanations on how to manage the LLC. An LLC also needs to be funded with assets. In northwest Ohio, establishing an LLC typically costs between $400 and $4,000.

Legal-Ease: Extra insurance or LLC? Both

While it may seem logical to get more insurance rather than establishing an LLC, it’s clearly improper once someone understands the true purpose of a limited liability company. Most businesses should have both good liability insurance as well as a complementary business structure to go with the insurance. It’s best to think of an LLC as being insurance beyond traditional insurance. LLCs offer protection in the worst situations when traditional insurance would cover only part or none of the damage.