OSBA Convention 2015: Business formation slide deck
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Transcript of OSBA Convention 2015: Business formation slide deck
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Best Practices for Busy Attorneys:Business Formation
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BRADLEY MILLERMiller Law LLC ∙ @bradleymiller
#LegalZoomSucks
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$100,000,000
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1. Simplicity.2. Security.
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Lawyers give legal advice.LegalZoom can’t. (yet)
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1. Business structure. 2. Entity selection. 3. Operations &
management.
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1. Business structure.
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Complexity
Single entity.
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Complexity
Fictitious & trade names.
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Complexity
Parent-subsidiary.
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Complexity
Multiple entities with common ownership.
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Complexity
Multiple entities with disparate ownership.
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Complexity
As complexity increases, costs increase.
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2. Entity selection.
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Sole ProprietorshipOwner 100% liable.
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PartnershipGeneral partnership. Limited partnership. Limited liability partnership.
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CorporationOutside venture capital. Go public.
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Limited liability companyHybrid partnership & corporation.
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Disregarded EntitySingle owner.
Pass-through.
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PartnershipMultiple owners.
Pass-through.
No taxes.
Informational return.
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Isn’t the default good enough?
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SELF-EMPLOYMENT TAX
NO.
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S-CorporationNo SE tax on salaries.
Pass-through.
No taxes.
Informational return.
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Less than 100 owners.
Natural persons.
Only 1 class.
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C-CorporationCompany pays tax on income.
Owners pay tax on dividends.
DOUBLE TAXATION.
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1. Register with the Ohio Secretary of State.
2. Apply for an EIN from the IRS.
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Passive investors.
All LLC interests.
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3. Operations & management.
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Management.Member-managed. Manager-managed.
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Why manager-managed?Limit power.
Passive investors.
Non-members.
Employee equity.
Future.
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Percentage vs. units.
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Voting.
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Meetings.
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Capital contributions.
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Dissolution.
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Withdrawal rights.
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Right of first refusal.
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Push-pull provision.
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Redemption & interest-purchase rights.
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Anti-dilution rights.
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Tag-along & drag-along rights.
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Involuntary transfers.
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Valuation.Predetermined valuation. Formula valuation. Appraisal valuation.
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Payment terms.
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1. Business structure. 2. Entity selection. 3. Operations &
management.
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Thank you.
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