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A Business or Person Who Owes You Money Has Filed for Bankruptcy. Now What?
November 16, 2022
When you receive a notice that someone you do business with has filed for bankruptcy, it is important to act quickly to determine your rights in the bankruptcy process and to protect them. Here are seven things to do right away.
Ohio Loan Programs to Boost Minority-Owned Businesses
January 26, 2022
Ohio has created two new loan programs to enhance growth of minority and women owned businesses in Ohio. The Ohio 2022-2023 operating budget includes the Women’s Business Enterprise Loan Program and Ohio Micro-Loan Program.
Bakita E. Hill
BMD Client Eating Recovery Center and Pathlight Mood & Anxiety Center Announce New Partners
October 5, 2021
BMD President and Healthcare Member Matthew Heinle advised Eating Recovery Center as they announce new partners
Brennan Manna Diamond
Vacating, Modifying or Correcting an Arbitration Award Under R.C. 2711.13: Three-Month Limitation Maximum; Not Guaranteed Amount of Time
June 8, 2021
In a recent decision, the Supreme Court of Ohio held that neither R.C. 2711.09 nor R.C. 2711.13 requires a court to wait three months after an arbitration award is issued before confirming the award. R.C. 2711.13 provides that “after an award in an arbitration proceeding is made, any party to the arbitration may file a motion in the court of common pleas for an order vacating, modifying, or correcting the award.” Any such motion to vacate, modify, or correct an award “must be served upon the adverse party or his attorney within three months after the award is delivered to the parties in interest.” In BST Ohio Corporation et al. v. Wolgang, the Court held the three-month period set forth in R.C. 2711.13 is not a guaranteed time period in which to file a motion to vacate, modify, or correct an arbitration award. 2021-Ohio-1785.
Krista D. Warren
A New Formation Solution – is the SSLC Right for Your Business?
March 4, 2021
In early January 2021, Ohio adopted Senate Bill 276 which established a Revised Limited Liability Company Act (“ORLLCA”) as Ohio Revised Code Chapter 1706, which effectively replaces the current Ohio Limited Liability Company Act (Ohio Revised Code Chapter 1706). The ORLLCA will become effective on January 1, 2022. One of the principal changes within the ORLLCA is the ability to establish “series LLCs”. Ohio becomes the 15th state to adopt a “series LLC” (“SLLC”). The below FAQs will help you better understand the mechanics and nuances of a series LLC.
Michael D. De Matteis, Esq. with Lauren Zidones
OHIO ADOPTS THE SERIES LLC: Implementation of Ohio’s Revised Limited Liability Company Act is Coming
February 24, 2021
On January 7, 2021, Ohio adopted S.B. 276. The new legislation establishes the Ohio Revised Limited Liability Company Act (“ORLLCA”) which effectively replaces the current Ohio LLC Act. ORLLCA will be fully effective as of January 2022. While the new law contains numerous changes to the existing LLC landscape, below is an overview of some of the key differences under the ORLLCA.
S. Matthew Harris, Blake Gerney and Kevin Burwell
Investment Training for the Second and Third Generations
January 19, 2021
Consider this scenario. Mom and Dad started the business from the ground up. Over the decades it has expanded into a money-making machine. They are able to sell the business and it results in a multimillion-dollar payday for their labors. The excess money has allowed Mom and Dad to invest with various financial advising firms, several fund management groups, and directly with new startups and joint ventures. Their experience has made them savvy investors, with a detailed understanding of how much to invest, when, and where. They cannot justify formation of a full family office with dedicated investors to manage the funds, but Mom and Dad have set up a trust fund for the children to allow these investments to continue to grow over the years. Eventually, Mom and Dad pass. Their children enjoy the fruits of their labors, and, by the time the grandchildren are adults, Mom and Dad's savvy investments are gone.
Richard Burke and Cassandra Manna
UPDATE - SBA Releases Rules and Guidance for Second Round PPP Funding
January 7, 2021
Late yesterday (January 6, 2021), the U.S. Small Business Administration released rules and guidance for businesses wishing to take part in the long awaited second round of Paycheck Protection Program (“PPP”) funding. As most businesses are aware, the rules governing PPP loans have been updated as part of The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (“Act”). The Act was just one section of the massive 2021 Consolidated Appropriations Act that was passed by Congress and signed into law by the President on December 27, 2020. To combat the ongoing disruptions caused by the COVID-19 pandemic, the Act generally provides (a) first time PPP loans for businesses that did not obtain a loan in the first instance, (b) PPP second draw loans for businesses that already obtained a loan but need additional funding, and (c) additional funding for businesses that returned their first PPP loan or did not get the full amount for which they qualified.
Blake R. Gerney and Christopher (CJ) Meager
Crain's Cleveland Recognizes Duriya Dhinojwala as a 2020 Woman of Note
June 29, 2020
Duriya (DD) Dhinojwala's heart, drive and dedication are just a few of the commendable qualities that make her a Woman of Note. Learn more about DD's background and path to success here.
BMD welcomes Chelsea Niggel to Akron office
May 20, 2019
BMD is proud to announce that attorney Chelsea M. Niggel has joined the firm as associate in the firm's Akron office focusing her practice on healthcare, business and corporate matters and intellectual property.