When planning to build a Limited Liability Company (LLC), it is an unwritten rule to choose the right state for you as an LLC is a legally-recognized business. Hence, selecting the state means cohering to the rules, regulations, policies, and registration fees among others.
Aside from that, the business landscape and ecosystem of the state are some of the greatest things to consider. Known for its innovative location from the cradle of inventions such as a lightbulb, traffic light, and the airplane, the state of Ohio is quite exemplary for its highly-creative and supportive atmosphere for products and services.
If you are looking for a quick overview of how you would establish an LLC and what are the things you should expect in Ohio, you are on the right track. See this blog and get the gist of LLC-building in the state:
What Should You Expect in Ohio for Your LLC?
1. Small Economic Diversity
Building a business in the state wherein people used to rely on just a few industries is an advantage for you to grab. It means that the competition in the state is not that tight, letting you build a new business perspective.
2. Flexible Taxes and Regulations
As an LLC, it is crucial for you to pay for just acceptable tax rates while adhering to the regulations without being too tightened on business freedom. Startups LLC should not expect state-level regulations and huge taxes in Ohio.
3. Supportive Community
One thing that makes Ohio an archetypal location for LLC is its interesting local community support. As long as the business offers a professional service and appropriate approach, potential customers will always find your LLC.
How to Form an LLC in Ohio?
Now, you might be thinking on what are the steps you should do to build your LLC in the state. Just follow these ultimate guide:
1. Build your Ohio LLC Name
Creating your LLC name is a crucial part, knowing that an LLC requires a brand name that is (1) not similar to any government agency; (2) ended with the phrase “limited liability company” or LLC; and (3) if containing restricted words such as “bank” or “university” will require additional papers.
2. Get your Registered Agent
As a legally-certified business entity, an LLC will demand you to have a registered agent who will be responsible for receiving the legal mails, such as notices of court documents and lawsuits.
3. File the Articles of Organization
Founding an LLC in Ohio needs the Articles of Organization with the Secretary of State that will require you to pay for a certain amount. How much does a LLC cost in Ohio then? The filing fee is $99 that would take up to seven days of processing after submitting it online or by mail.
4. Acquire your EIN
You may now proceed on getting your Employer Identification Number (EIN) from Internal Revenue Service (IRS) for you to file and pay taxes when submitting payroll and payments to your employees.
5. Obtain your Business Licenses and Permits
Lastly, you will be needing to get the business licenses and permits for you to officially and legally operate your LLC in the state.
Forming an LLC in Ohio might be difficult at first glance, but doing things one step at a time, you’ll be surprised that you’re almost done with the process. Also, having your business registered as an LLC will protect your business and receive great perks.