What kind of liability protections are available for small businesses in Ohio?

Small businesses in Ohio have several options for liability protection. These include:

1. Limited Liability Company (LLC): An LLC is a separate legal entity from its owners, meaning that personal assets of the owners are generally protected from business liabilities. Members of the LLC are only liable for the amount of their investment in the business. However, members may still be personally liable for their own actions that cause harm or damages.
2. Corporation: A corporation is also a separate legal entity from its owners, meaning that personal assets of the owners are generally protected from business liabilities. Shareholders are only liable for the amount of their investment in the business. However, officers and directors may still be personally liable for their own actions that cause harm or damages.
3. Limited Partnership (LP): An LP has two types of partners: general partners who manage the business and are personally liable for its debts and obligations, and limited partners who are investors and are only liable for the amount of their investment.
4. Limited Liability Partnership (LLP): An LLP is a partnership in which all partners have limited liability protection from claims against the partnership arising from the negligence or other wrongful acts of another partner or employee.

It is important to note that even with these liability protections, there may be exceptions or limitations. For example, a court may disregard the separate legal entity status and "pierce the corporate veil" if the owners commingle personal and business funds or fail to follow corporate formalities. Additionally, liability protections may not apply to intentional wrongdoing or criminal acts.

Small businesses should consult with a licensed attorney to determine the appropriate liability protection for their specific needs and to ensure they are following all necessary legal formalities.