Business Transactions

Our business transaction services are designed to help closely held businesses, family businesses and farmers navigate the various issues that may arise during the life of their business. In today’s increasingly regulatory and litigious environment, small and medium sized businesses, as well as farmers, need to be assured that they’re protecting themselves from all possible threats to the long term, sometimes multi-generational, success of their businesses.

Over the years clients have asked us to undertake many different business transactions. A non-exhaustive, representative example of business transactions we’ve implemented are listed below:

  1. Organizing a new limited liability company (LLC) or corporation to allow a new business owner to legally protect her new venture;

  2. Assisting a business owner with acquiring the stock of another ongoing corporation to allow him to continue the growth and expansion of his company’s operations;

  3. Helping a business owner sell the assets of his business to another investor to allow that business owner to realize the fruit of his years of hard work;

  4. Designing a business succession plan to allow farming operations and real estate holdings to transition to the next generation of operators and owners;

  5. Implementing a tax free corporation reorganization plan to allow business owners to acheive certain operational objectives at the lowest possible cost;

  6. Negotiating with other co-owners of a corporation and LLC to allow the business to be split up and each owner to go his separate way and operate independently;

  7. Organizing a non-profit corporation under Ohio law and helping the non-profit obtain exemption from federal income taxation; and

  8. Reviewing complex contracts and offering advice on the potential concerns as well as potential opportunities.

Download our whitepaper Business Succession Planning

Any business transaction necessarily carries with it a certain documents that must be drafted and signed in order to properly accomplish the business owner’s objectives. An example of the kinds of documents a client might see, depending upon the plan, are as follows:

  • articles of organization for an LLC
  • articles of incorporation
  • subscription agreements
  • certificates of ownership
  • company resolutions
  • code of regulations
  • buy-sell agreement
  • joinder agreement
  • purchase agreement
  • bill of sale
  • assignment of securities
  • IRS Form 1023 for tax exempt entities
  • settlement agreement

For more information, you’re welcome to read through our database of original content on our site. Our most recent writings with a “business transactions” tag are below:


Recent Blog Posts in this category

  • First Line of Defense for Small Business - The weather in Norwalk and surrounding communities has been treacherous lately. At my house, we were down around -10 degrees before factoring in the wind chill. On top of that, snow was blowing and ice was accumulating around buildings, sidewalks and other facilities. In other words, we’ve had the type of weather that is a...
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  • The One Major Oversight When Organizing an LLC - It’s relatively easy to establish a limited liability company (LLC) with the state of Ohio.  The Secretary of State has forms.  Anyone can fill out a form, sign as statutory agent, sign as a representative of the LLC, and send it to Columbus to file.   When the form is processed in Columbus the new LLC...
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  • Dissecting Limited Liability - Limited liability companies (LLCs) are an extremely popular choice of entity in today’s small business environment. One of the many stated reasons for that choice is an attempt to limit the liability of the owners of the business.  But what does that really mean? There are multiple ways in which an LLC can benefit business...
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  • Business Succession Planning - Many small business owners don’t give enough attention to the business succession process. Indeed, many small business owners don’t plan for business succession at all. Statistics show that relatively few businesses survive multiple generations. We’ve put together a short whitepaper to help get the conversation started. Here’s the link to the whitepaper: https://www.laycockcoriell.com/wp-content/uploads/2013/10/LaycockCoriell_FailureToPlan_v2.pdf
  • Choice of Entity: Creditor Voting Rights (from June 2010) - Because Ohio business organization is a large part of our practice, we’re often confronted with questions regarding which entity (normally LLC vs Corporation) is best for a particular client’s new venture.  One blog post won’t answer that question in total, but, in terms of asset protection, there is one significant difference between an LLC and...
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