Photo by Alex Kotliarskyi on Unsplash
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Employees vs. Independent Contractors
If a person is an independent contractor, you only have the right to control or direct the result of the work, not exactly what will be done and how it will be done. Everyone else you hire is an employee. Because you must withhold income taxes and pay Social Security, Medicare, and unemployment taxes on wages paid to employees, the IRS imposes penalties and back taxes on businesses who misclassify workers.
Learn More Exempt vs. Non-Exempt Employees
Exempt employees are those who are exempt from the requirements of the Fair Labor Standards Act (the “FLSA”) and therefore do not have to be paid overtime. Other employees are non-exempt, meaning they must be paid at least minimum wage and overtime for any hours over 40 that they work in a week.
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Limited Liability Partnership or LLP
A partnership structure that is generally only used by professionals who cannot form limited partnerships (typically because their professional ethics rules do not allow limited partnerships). Each partner can actively participate in the management of the LLP. Unlike a traditional partnership, a partner’s liability for the other partners’ activities is limited to the partner’s share of the partnership assets.
Limited Partnership or LP
A partnership structure with a general partner (who is personally liable for everything that occurs in the business) and one or more passive partners (who have limited liability protection but cannot participate in the management of the business).
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Social Enterprise
Typically combines a non-profit’s social mission with a traditionally for-profit business activity.
Learn More Sole Proprietor
The default status for an individual who starts a business without forming a business entity. Sole proprietors are personally liable for everything that happens in their business.
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Trademark
A distinctive word, phrase, logo, or graphic symbol that is used to identify the source of a product or service and distinguish your products or services from someone else’s.
Learn More Trade Name
A name (other than the official entity name) that is registered to be used by a business in Ohio. Once registered, no other business can use the same or confusingly similar trade name.
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