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How to Build a Prospectus

In the life of a small business, there are times when you will only be able to bridge the distance between where you are and where you want to be with additional resources. These can be very stressful times, especially if you have bootstrapped your small business and have not had to raise or seek out capital before. There are many questions about what investors or banks want to see. And if finances are your strong suit, then it can seem all the more daunting. But what you can miss amid this uncertainty is that you are the best person to talk about and...

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A Common Pitfall in LLCs: Do You Pay Yourself Correctly?

Starting a limited liability corporation (LLC) is a fairly simple way to incorporate a business that is separate from personal affairs, adding legitimacy to many self-started businesses. It is simple, easy, and inexpensive to do. Unfortunately, however, with any “easy” legal process, it can sometimes be over-simplified and operated in a way that opens the door to liability for the proprietor or entrepreneur running the business.   One of the most common reasons to start an LLC, rather than just running your business under your personal name, is to remove some of your personal liability. If someone has an issue with something...

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Location, Location, Location – It Really Does Matter

Last week, as I was nearing my exit on the drive home, my car stopped working. I managed to cruise along to a safe location with a wide, grassy verge – a better location for the tow truck - called my insurance company, and popped open a bottle of water. My insurance needed to know where I was. No problem, I was at the corner of Worthington and Beech, directly south-west of the 161 off-ramp. Everybody in the area knows where that is; my insurance company isn’t from the area, so they needed some more information.   Turns out, I was still...

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How Should an HOA Board Run a Board Meeting?

As volunteers for your community Association, or not-for-profit organization, the Board members devote countless hours of their free to handling Association issues and ensure the Association runs properly.  Not only are board members charged with choosing vendors and ensuring that the common elements are maintained, but they are required to keep proper corporate records, which include meeting minutes for any board meeting or association meeting.   Some common questions we receive from Board Members:   Q: If we are just volunteer board members, do we still have to keep formal meeting minutes for the board meetings?  If so, what should the minutes include?   A: Yes. ...

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The Art of the Prose

When it comes to the law, there is not a single area where the ability to craft language, play with prose, or narrate stories, is not essential. Reading the following two passages, which convey the same legal information, which one is more compelling to you?    “Defendant, an elderly gentleman, was confused by the legal   requirements, but now has counsel. Defendant requests that   this honorable Court, pursuant to Civ.R. 15(A), grant leave   to file an amended answer.”    “Defendant, a grandfather, was rocked by a storm of   allegations, shocked by the claims made and acted in good   faith.  While he attempted to answer Plaintiff’s complaint   properly, with no guidance, he was cast adrift in the sea of   litigation, without a lighthouse leading to safe harbor. Defendant   has now found...

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Agritourism Part Four: What are my next steps?

By now, you’ve learned what Agritourism is, and the basic concepts to qualify (Part 1), we’ve discussed several examples and how agritourism can benefit your business (Part 2), and I’ve explored eight unique ways that agritourism protects you from certain legal concerns (Part 3). You’ve done your research, you’ve made your plans, you are ready to get started on your new idea – now what?   Step One – Forming Your Idea             Maybe you’ve been thinking on converting your farm to an agritourism business for a decade. Maybe you just noticed your neighbors are expanding their operations and want to get involved...

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Eight Unique Legal Ways Agritourism Protects You!

Over the last two articles, I have discussed what agritourism is, what some of the rules surrounding it are, and how it can benefit you. In this article, I will be exploring the legal and tax protections that agritourism offers. Keeping and Expanding your Tax Benefits Ben Franklin once said that death and taxes are the only two unavoidable features of life, and he was not wrong. While agritourism will not prevent your farm from having to pay taxes, it allows your business to qualify for a CAUV reduction, homesteading protections, or other tax credits, and keep those that you already have...

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