Louisville Legal Blog

Searching for the ideal location for your next commercial venture can be both exciting and infuriating, depending on your needs and the properties available in your area. Unfortunately, commercial property is often located in areas with specific restrictions on what types of businesses may operate. These are known as zoning restrictions.

If you think that you've found the ideal spot for your business, make sure that you fully understand any zoning restrictions ahead of time. If you sign a lease before you examine and resolve these issues, you may be stuck with a lease for a property you cannot use.

When a business opportunity is ready to get off the ground, it is important to make sure that it forms properly. Not only does the type of business formation you use affect the way the business runs, different types of businesses have different protections available and tax advantages or disadvantages that come with them. Many business owners choose to form a limited liability corporation, or LLC, because of the tax advantages and protections they offer when properly established.

Form your LLC only after planning ahead and executing each step correctly.

• Choose a name for your LLC that is not already in use by another business. For some entrepreneurs in a crowded field, this is one of the most difficult steps.
• Create and file articles of organization, including the required fees.
• Create an operating agreement that outlines the duties and privileges of each member within the LLC
• Secure the various licenses and permits that your specific business requires under state and federal laws. This may vary widely, depending on your field.

For many entrepreneurs, the thought of starting a business in Louisville is fun and exciting. Many of them do not realize how important it is to plan carefully and have a sound business plan in place. If you are the owner of a recent startup or intend to open a small business, you must plan for the possibility of bankruptcy. 

There are three types of bankruptcy for business owners to file: Chapter 7, 11 and 13. Your company’s tax structure determines which protections it can benefit from. Sole proprietors can utilize all three types of bankruptcies. Chapters 7 and 11 are most suitable for corporations and partnerships. The business world is tough and highly competitive. Many small businesses go belly up within the first few years. To circumvent many of the financial and operational challenges your venture might encounter, review the following information on small business bankruptcies. 

Once you and your spouse get married, the law takes your legal relationship very seriously, especially when it comes to property. In the absence of a prenuptial agreement, most property that either of you owns becomes marital property, which you now both own as a married couple. While you may both still buy vehicles or homes individually to take advantage of one spouse's income or credit rating, the law does not recognize this distinction as clearly as a lender might.

In fact, if you choose to commingle your assets, even property that might otherwise remain separate can become marital property. One of the most common ways this can grow complicated is when it involves an inheritance. In many instances, inheritance does not count as marital property automatically. However, if the inheritance commingles with other assets, it grows very difficult to distinguish them from each other.