Legal Question in Business Law in Ohio

The first question is, what is the legal status of the business you took over? Is it a C Corporation, S Corporation, Limited Liability Company, a Partnership, or was it a sole Proprietorship. That begins to dictate how you proceed. There are lots of potential pitfalls, as well as advantages as to how you proceed, and given the apparent desire to qualify for special financing and potentially contracting issues based on your status, you need to make sure this is all set up properly. Thus, in answer to your question, you would be best served by meeting with a knowledgeable business attorney.