Frequently Asked Questions

What type of clients does Worley Law represent?

Do I need a business lawyer/attorney?

What role does an attorney play when you own your own business?

When do I need contracts written or reviewed by a legal professional?

What are the different legal structures for a business and how do I know which one is right for my business?

Is there a difference between hiring an employee and hiring a contractor?

Do I need employee contracts and agreements?

What is estate planning?

What does estate planning have to do with owning my own business?

How can I protect my personal and business assets?

What is a limited liability company

When should I set up an entity for my business?

Why should I hire a lawyer to help me trademark or copyright something?

What is a DBA?

How can a business minimize lawsuit risks?

What are factors to consider when buying or selling a business?

What type of clients does Worley Law represent?

A business lawyer or attorney will represent corporations, limited liability companies (LLCs), general partnerships, limited partnerships, sole proprietorships, joint ventures, as well as founder groups, owners, proprietors, partners, directors, officers, managers shareholders, and entrepreneurs.

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Do I need a business lawyer/attorney?

There are legal things you can do yourself when you own your own business but, handling your own legal matters involves a significant investment in time and need to be handled in compliance with State law. We believe it is a good idea to employ the guidance of an attorney to help you navigate the many laws of owning a business.

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What role does an attorney play when you own your own business?

Your attorney can help you fill out the correct formation documents, decide which legal structure is best for you, create contracts and agreements, plan estates, wills, trusts, and business succession, and give you endless advice on all other legal nuances that arise when owning your own business.

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When do I need contracts written or reviewed by a legal professional?

It is highly recommended that contracts be drafted and/or reviewed, at a minimum, by your attorney to guarantee that your intentions are clearly written in legal language and that you and your business have the right protections. Read more about agreements and contracts for small businesses...

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What are the different legal structures for a business and how do I know which one is right for my business?

In Ohio, there are many different legal structures you could utilize for your business. The most commonly used structures are limited liability companies and corporations. It is advised that a business owner speak to both an attorney and an accountant to determine which structure is best for your business. Learn more about forming a legal entity for your small business...

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Is there a difference between hiring an employee and hiring a contractor?

Yes, there is a big difference between the two types of agents and it is important to make sure that a business owner classifies the individuals/companies they hire to assist with their business correctly.  If a business incorrectly classifies individuals as independent contractors, but they are really employees under the law, there could be some consequences from local, state, and federal agencies for that misclassification. Read more about the differences between employees and independent contractors...

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Do I need employee contracts and agreements?

Employment agreements are important because they specify exactly what a business owner expects from an employee in writing and vice versa. They are also used to protect trade secrets and other confidential information that a business owns.

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What is estate planning?

Estate planning is the process of organizing and formalizing decisions regarding your medical care, property distribution, and guardianship for minor children when you have died or are no longer able to manage affairs.  It is a crucial process in assuring that your assets are protected, and it may involve the advice of several professionals including lawyers, accountants, financial planners, and bankers. Learn more about estate planning in the State of Ohio...

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What does estate planning have to do with owning my own business?

As a business owner, if you become incapacitated or die, you will need an appointed person, or power of attorney, to make business and financial decisions on your behalf. This includes bill paying, general day-to-day management of the business, and business succession. Learn more about estate planning in the State of Ohio...

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How can I protect my personal and business assets?

Being properly insured is one way to protect yourself and your employees from liability, but you should also consider forming an LLC, or Limited Liability Company. Contracts, employee handbooks, and confidentiality (non-disclosure agreements) can also assist. Learn more about forming an LLC in the State of Ohio...

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What is a limited liability company (LLC)?

A LLC legally and clearly defines the difference between your business and your personal assets. So long as you follow corporate formalities, your personal assets, as a general rule, should be safe. From a non-technical standpoint, LLC’s also tend to make a business look more "serious," taking it from a hobby or side-business to a legitimate looking company. Learn more about forming an LLC in the State of Ohio...

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When should I set up an entity for my business?

From a legal standpoint, at the start of the business or as soon as you are able. Being a sole proprietor or general partnership without incorporation or organization under state laws leaves owners subject to personal liability and their personal assets open to business creditors if a business catastrophe should occur.

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Why should I hire a lawyer to help me trademark or copyright something?

As the laws that govern intellectual property are highly specialized, it is a good idea to talk to an attorney who specializes in this area of law.

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What is a DBA?

DBA stands for "doing business as," otherwise known as a "street name" because it is the name a company presents to the public. It's like an officially recognized nickname for your company.

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How can a business minimize lawsuit risks?

Having written agreements with as many built-in protections as possible is the best way a company can protect itself from lawsuits.

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What are factors to consider when buying or selling a business?

• Value of the business – What am I buying and what is it worth?
• Assess the condition and title of the business assets.
• Review ownership and corporate books.
• Review financials and tax returns, bank statements, balance sheets, profit and loss, etc.
• Talk to an Accountant to make sure you can structure the deal with little to no negative tax ramifications.
• Review Company’s Contracts with employees, Independent Contractors? Make sure contracts can transfer especially if restrictive covenants are included.
• Assess Competition – locations and market share.

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Materials on this FAQ list have been prepared by Worley Law, LLC for general informational purposes only. The FAQ list is for educational purposes and is not to be considered exhaustive. More items could be added to this page based upon the type of transaction or industry standards. These materials do not, and are not intended to, constitute legal advice. The information provided is not privileged and does not create an attorney-client relationship with Worley Law, LLC or any of the firm's lawyers. This checklist is not an offer to represent you. You should not act, or refrain from acting, based upon any information in this checklist. Worley Law, LLC maintains offices in Columbus, Ohio, and has lawyers licensed to practice in Ohio and in the United States District Court, Southern District of Ohio. The firm does not intend to practice law in any jurisdiction where the firm is not licensed.