Is a template of a lease good enough to use to rent your property, or should you have a lawyer write your lease? This question is answered best by finding out what your risk tolerance is. There are various risks involved in using a template instead of having a lease written for you. Not The Correct State Law Leases affect the landlord-tenant relationship and how tenants can be evicted. These aspects are also affected by state law, and provisions in leases are limited by state

The worst part of buying and selling property is the out-of-pocket expenses. After agreeing to take on hundreds of thousands of dollars of debt and pay the majority of your income every month to a mortgage, you still get stuck with a few thousand dollars in closing costs, a down payment, and the realtor commission. When we decide to purchase a house, we've already wrapped our heads around the debt and monthly mortgage payment. Our biggest barriers become these expenses. There

Operating agreements are the governing documents of an LLC. They set rules for various issues a business faces during its life cycle. LLCs have become the most popular business structure, making it more important than ever for business owners to understand what operating agreements are and to take advantage of their value. Although operating agreements are optional, every LLC should have them and here are 4 reasons why: 1. Predetermines Business & Legal Issues Businesses face

Different taxes that apply to a Columbus citizen: Any person who makes money is potentially liable for 4 different phases of income tax. These phases are federal, state, school district, and city taxes. I will be using the example of a Columbus, Ohio citizen to explain these taxes but if you do not live in Columbus simply follow the steps laid out in this post and find your city/school district rates using the tools and methods below. What if I don't need to file tax returns?

There are 2 reasons to start a business: (1) saving money on taxes from income producing activity, and (2) protecting your personal assets from creditor liability. This post concerns protecting your personal assets from creditor liability. You protect your personal assets by doing business under a separate legal entity. Certain business formations are separate legal entities from their owners and creditors can only pursue the assets of the legal entity that is liable on the d

There are 2 reasons to start a business: (1) saving money on taxes from income producing activity, and (2) protecting your personal assets from creditor liability. This post concerns saving money on taxes. Saving money on taxes All money earned is subject to a Social Security tax and a Medicare tax. The Social Security tax is 12.4% and the Medicare tax is 2.9%. When you are doing business on your own, you pay this entire tax on your own. This is known self-employment tax. How

The Requirements You can write an enforceable will without hiring a professional. To write a valid will in Ohio you must be at least 18 years old, legally competent, the will must be in writing, signed at the end by yourself and 2 disinterested witnesses (not receiving a gift from the will), and you must actually intend to make the transfers of assets listed in your will. The Witness Problem The biggest threat to self-written wills is the witness requirement. If you write a w