Business disputes have the potential to make or break a company. There can be money, reputations and even jobs on the line, which is why it can be crucial that these disputes be resolved in a fair and efficient manner. However, this can seem impossible when one of the companies involved in a business dispute is much larger, more profitable or more well-known than the other. While this can certainly present a number of complex challenges, it does not mean that company should not be held accountable for breaking the law. For example, you are likely quite familiar with Apple. …
Type II Annexation Process in Ohio
Property owners may seek annexation into a neighboring municipality for a variety of reasons. Perhaps the property owner seeks city services or city zoning. Whatever the motivation, a property owner who seeks annexation into a neighboring city can do so fairly quickly and easily under the Expedited Type II annexation process. The property owner applies to the Board of County Commissioners and if all statutory requirements are met, the process can be completed in as little as a few months. In a Type II annexation, the annexed property still remains in the township, so any property taxes levied by the …
Business organizations 101: 5 business structures to consider
If you are starting a business or making changes to an existing business, you will need to determine what type of business you want it to be. This doesn’t mean figuring out what you will do, what your mission statement will be or how you will compete in the marketplace. It means that you will have to establish your business structure. As noted on the Internal Revenue Service website, there are five types of business structures: sole proprietorship, partnership, corporation, S corporation and limited liability company. In this post we will look at the very basic distinctions between these structures. …
Tips on Conducting Collective Bargaining Negotiations
This is a difficult time for unions throughout United States. The percentage of private sector employees covered by unions is at a historic low. Even in the public sector, unions are under stress due to straitened economic circumstances facing public sector employers and legal challenges to the union’s right to collect fair share dues. In spite of this however, a company or public entity which has a collective bargaining agreement and is faced with upcoming negotiations needs to carefully plan if it wants to maximize its chances of improving its position during negotiations. Based on my experience over the last …
Report: Thirst for legal action in the beverage industry
In recent years, the beverage industry has seen an explosion of new businesses, particularly in terms of breweries. Ohio is home to many of these breweries, whether they have been around for years or have only recently opened their doors. While consumers and brewery enthusiasts generally welcome the growth in this industry, it is evidently taking a toll on individual companies in terms of legal protections. According to a recent article on FoodDive.com titled, “Why beverage industry lawsuits are increasing,” the number of lawsuits filed in the beverage industry has been growing and will likely continue to do so in …
Avoiding common pitfalls during a merger
Merging with or acquiring another company can be a huge step for the future of any business. These decisions and negotiations are not made lightly and the stakes can be quite high. In the best scenarios, both companies benefit from these transactions and the emerging business is successful. However, there are numerous obstacles that can put these deals and the companies involved in jeopardy. Some of the biggest obstacles facing companies during and after a merger or an acquisition relate to the difficulty of establishing or maintaining effective business practices in the wake of big changes. For instance, many people …
So You Repaired, Stored, or Towed a Car and The Owner Won’t Come Pick It Up… Now What?
Abandoned vehicles are an all too common problem for owners of repair garages, towing services, and storage facilities. Fortunately, Ohio law allows these businesses to claim title to abandoned vehicles and if done properly, without the excessive cost of litigation to secure Court ordered title. This process and correlating requirements are governed by Ohio Revised Code § 4505.101 which applies to vehicles worth less than $3500 and left unclaimed for a certain number of days (depending on your type of business, this number ranges from five to fifteen) following the completion of a requested repair or agreed upon term of …
IRS Extends the ACA’s Form 1094 and Form 1095 Filing Deadlines
The IRS has unexpectedly extended the deadlines by which insurers and self-funded employers must provide health plan enrollment and coverage information to employees and the IRS under the Affordable Care Act. This is the information required to be reported on Forms 1094 and 1095. Notice 2016-4 issued December 28 extends the due dates: For providing to full-time employees the 2015 Form 1095-B and the 2015 Form 1095-C from February 1, 2016 to March 31, 2016; and For filing with the IRS the 2015 Form 1094-B, the 2015 Form 1095-B, the 2015 Form 1094-C, and the 2015 Form 1095-C from February …
Effective Date of the ACA’s “Cadillac” Tax Postponed by the Appropriations Act
The monolithic Consolidated Appropriations Act of 2016, which became law December 18, changes the effective date of the Affordable Care Act’s so-called “Cadillac” tax. A key funding mechanism of the ACA is a 40 percent excise tax imposed on the cost of employer sponsored health coverage furnished to an employee that exceeds a statutory limit. Under the ACA, this tax becomes effective in 2018. However, after an intensive lobbying effort led by business and organized labor, Congress included a provision in the Appropriations Act that delays the effective date of the excise tax to 2020. The Appropriations Act also changes …
Good News for Underwater Homeowners
A homeowner is considered to be “underwater” or “upside down” on their house if they owe more to the bank on their mortgage (or mortgages) than the value of the home. Some homeowners in this position are simply unable to sustain the expenses of retaining the home, and unable to continue making payments. There are options other than bankruptcy for those homeowners, but many of those options carry the threat of an increased income tax burden. For example, a homeowner may be able to obtain a mortgage modification that reduces the amount of the debt to match the value of …