A limited liability company is a non-corporate business entity that provides owners protection against unlimited personal liability from creditors and third parties. It also possesses the important characteristic of being a "pass-through" entity for federal and state income tax purposes. A "pass-through" entity is a unit in which all taxable revenues, expenses, gains and losses are passed through to the owners of the entity. The owners, not the entity, are then responsible for the payment of tax, if any.

The application form can be downloaded from the Ohio Secretary of State's website.

1. Go to www.sos.state.oh.us/sos.
2. Click on "Start a Business."
3. See "Business Forms." Click on "Obtain Forms."
4. In the "Search box, type in 533 - hit enter.
5. Click on "Organization/Registration of Limited Liabilty Company."
6. Choose a download method.

Follow the instructions that come with the form. You should also contact someone at the toll free number provided to get verification that the name you want to register is acceptable prior to completing and submitting the form.

Yes. The down payment for the purchase and the money requested to be on hand to begin the rehab work are two separate issues.

Yes. The penalty is equal to the amount of one interest payment for your particular loan.

All circumstances are unique; however, Classic Funding will usually allow a one or two month extension to borrowers who have made their interest payments in a timely manner. You would simply continue making interest payments on the first of each month of the extension until your sale or refinance closes.