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Home-based Business Legal Issues

Home-based Business Legal Issues. Stephen R. Cook, Esq. Asst. Clinical Professor of Law University of Akron School of Law scook@uakron.edu 330-972-2358. Why a business?. Make a profit Participate in management of business Liability protection from business obligations

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Home-based Business Legal Issues

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  1. Home-based Business Legal Issues Stephen R. Cook, Esq. Asst. Clinical Professor of Law University of Akron School of Law scook@uakron.edu 330-972-2358

  2. Why a business? • Make a profit • Participate in management of business • Liability protection from business obligations • Recognition as a business • Structure

  3. Entity Selection • Sole Proprietor • Partnership • LLC • Corporation S/C

  4. Entity Selection • Liability • Ease of formation • Formalities • Organization • Dissolution

  5. Entity Selection • Secretary of State • Name selection • Proper form • Statutory agent • Filing fee • Charter number

  6. Liability • Insurance – Business Owner’s Policy (“BOP”) • Premises/product liability • Secondary market insurance • Aggregate, per-occurrence • Umbrella policy?

  7. Taxation • Sole Proprietor – Schedule C • Single member LLC – Schedule C • Multiple-member LLC – Partnership taxation • “Flow-through” taxation • S Corp. v. LLC – distributive share • EIN number

  8. Vendor’s License • Vendor’s or Service vendors license? • Ohio Department of Taxation • http://tax.ohio.gov/divisions/sales_and_use/index.stm (TOC for Sales and Use tax) • Check your local taxing jurisdiction • Better safe than sorry

  9. Zoning • Check local zoning office for home occupation variance • Understand specifics of code • Variance usually based on % of business sq. footage, limited signage, no effluent and limited stress on public infrastructure • Lawful purpose • No right to home-based business variance

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