Do you have a successful business in the Buckeye State? Maybe it’s time to start thinking about forming a limited liability company, or LLC. An Ohio LLC can provide you with important legal protections, while also providing flexibility in such important areas as taxation, income distribution, and reduction of record keeping.
Requirements for Your Ohio LLC
Ohio requires that businesses file Articles of Organization with the Secretary of State to form an LLC. There are requirements regarding the people who form your limited liability company.
- Personnel Requirements: LLCs can be formed by one or more persons in Ohio. There are no residency or age requirements.
- Articles of Organization: Your Articles of Organization must include your company’s name. Your company must also have a registered agent with an address in Ohio. A registered agent who is a resident of Ohio can use a post office box. Your LLC’s registered agent is the person who receives official government notices, tax documents and legal documents on behalf of your LLC during business hours. You can serve as your LLC’s registered agent, or appoint another person.
Choosing a Name for Your Ohio LLC
Your LLC’s name is how it will be known to your customers and the world. It’s important that the name you select can’t be confused with someone else’s company. Your LLC’s name must distinguish your business from all others in Ohio in the Secretary of State’s records. We do the work of checking with the Ohio Secretary of State for you to make sure your name isn’t already being used by someone else.
There are also a few state requirements for your LLC’s name. It must end with the words “Limited Liability Company,” “L.L.C.” or “LLC.” This is similar to the “Inc.” found after corporate names, and it lets the public know that your business is a limited liability company.
Ohio LLC Taxes & Reports
One of the distinct advantages of starting an LLC in Ohio is the lack of compliance requirements. While some states, like Massachusetts, charge up to $500 just for the privilege of doing business within state borders, Ohio doesn’t ask for anything. No annual reports, no biennial reports, and no franchise taxes. That doesn’t mean you’re scot free, of course. You just don’t have to send anything to your state government on a regular basis. You might still need permits (like a contractors license, for example) and you’ll still owe federal taxes, but as far as state-specific compliance documents, you don’t have those responsibilities in Ohio.
We will also Prepare Your Operating Agreement
Ohio does not requires LLCs to have operating agreements. However, an operating agreement is a smart idea because it allows you to set up your LLC the way you want and to avoid state requirements that apply when your company doesn’t have one.
Let us assist you in obtaining the benefits of an LLC for your limited liability company today.