Many business owners choose to form their business as a Limited Liability Company (“LLC”) because of the protections afforded by this business structure. LLC members are able to protect themselves from certain debts and threats (lawsuits) that they would otherwise be exposed to. In other words, an owner/operator will not generally be held personally liable for the acts of the LLC.

. UNEMPLOYMENTPandemic Unemployment Assistance Program — The CARES Act, through the temporary Pandemic Unemployment Assistance program gives access to individuals not traditionally eligible, including self-employed, independent contractors and “gig workers” and those with limited work history, who are unable to work as a direct result of the coronavirus.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help businesses keep workers employed during the pandemic and recovery. Most important to small businesses:•$10 billion has been set aside for emergency loans to help small businesses keep workers employed, including some that are forgivable;•$17 billion for loan subsidies through the SBA;•and $350 billion in loan guarantees.

Wick Law wants to provide small business owners with the latest COVID-19 related policies that could impact your business. See below for recent policy updates impacting your taxes, unemployment and workers’ compensation.

Wick Law is committed to helping small business owners be informed during this tough time.

The Families First Coronavirus Response Act was signed into law on March 18, 2020. The Act provides for emergency paid sick pay, emergency expansion of family and medical leave, and tax credits for employers.Wick Law is here to answer all of your questions during the uncertain and unprecedented time.

Although filling as a corporation or LLC helps limit your personal liability, merely incorporating by registering your business with the Ohio Secretary of State isn't the only requirement you need to follow to protect yourself.  Legal requirements - officially called "corporate formalities" - are the rules set down by the State of Ohio that a business must follow to become a formal legal entity. Failure to observe corporate formalities can lead to significant legal issues, including potential attempts by others to “pierce the corporate veil,” a legal claim recognized by Ohio courts. All Ohio corporations and LLCs - regardless of size, type of entity, or age - are required to follow corporate formalities.  A single-owner LLC is just as responsible as a billion dollar corporation in the eyes of the law.