Did you know that Ohio is known for the Buckeyes and The Ohio State University recently trademarked the word ‘THE’ because it’s part of their cheer at football games? It’s crazy to think that a university in Ohio can trademark the word ‘THE’ but check it out here – it’s true.
Before we get into the topic at hand here, you should really think about what happens after your Ohio LLC is ready to go. You’re going to need a business bank account and make sure you have the business insurance you’re going to need to have the best business credit card.
Check out the services we recommend and let’s get into the Ohio business names that are going to make sure you have the best Ohio LLC. Here we go!
Name Your Ohio LLC
Your LLC name must distinguish itself from other business entities registered by a state agency. You can see name availability in State businesses name database in Ohio. An LLC must contain a name which includes the following: Upon request, a Name Reservation (Form 534-B) must be filed with the Office of the Secretary in Cleveland. Applications can be submitted online. Currently, it costs 39 dollars. If you’re going to have an Ohio LLC, you will need to have a business name that stands out from the rest of the pack to make sure you’re successful.
There are always going to be the next small business owners looking to setup their limited liability company or some type of s corporation using your business name but you’re going to need to make sure it’s your name – not theirs.
Use the Ohio LLC business name search which you can find here. By using this, it will help you figure out whether you have an opportunity to use the name you want to. Here’s what the portal looks like at time of writing this:
The last thing you want is an Ohio LLC where the government agency thinks you’re running a fictitious business. It’s important to go through the proper Ohio LLC naming guidelines and make sure you’re following Ohio law.
Let’s get moving onto the next step but if you do have questions about your Ohio LLC naming options, you can always contact us and we’ll do our best to direct you to the right place.
Choose Your Statutory Agent
Ohio requires your LLC’s registration as a registered agent. In your LLC the authorized person is liable in the case of an alleged infringement. The lawful agent can include an individual, including you or an employer in a corporation or a business offering governmental services. The criteria for a successful application are:
- The agent should have a business or office in Ohio;
- The agent’s physical address (not a PO Box) should be stated on the registration;
- The agent must be available during normal working hours to receive any official tax documents and other legal papers;
- In the case of an individual, he or she must be at least eighteen years old and should not be listed as the agent of another organization.
- The agent accepts papers on behalf of the LLC during working hours at the physical address specified in the registration;
- The agent forwards papers to the LLC promptly.
- Be aware that an authorized person is a public figure, so their name and contact information are freely available to the public.
In the case of an LLC, there is no statutory agent required as long as there is a designated individual or other entity that would be able to receive official tax documents and other legal papers on behalf of the company.
The last thing you want is for your Ohio LLC to not have a registered agent because then you could be opening yourself up to all sorts of legal trouble.
If you’re going to have a registered agent and get help with the LLC formation setup, you’re going to need to make sure this happens. The Ohio secretary will help but you’ll need to make sure this is in order along with your LLC operating agreement otherwise you’ll need to make sure you’ve covered the filing fee required for this.
Prepare and File Articles of Organization
It provides you with information that defines the purpose and structure of your LLC if any. Prepare a organization filing with Ohio Secretary of State for proper registration. It seems like a big job but it is simple enough to complete a relatively simple website to submit. This will be sent via the mail. When a writer files his Articles, the state secretary will review the document for the article. Upon approval the entity is declared legal business entity.
You will be asked to provide
- The LLC’s name and address;
- The LLC’s purpose;
- The name and address of the LLC’s statutory agent;
- The names and addresses of the LLC’s organizers;
- Whether the LLC will be managed by one manager or more managers.
- You can find the Articles of Organization for an LLC on the Ohio Secretary of State website.
File a DBA in Ohio
If you want to use a trade name for your LLC, you’ll need to file a DBA.
You can do this by going to the Ohio Secretary of State website and searching for the Business Name Registration forms.
You’ll need to fill out the form and pay the filing fee, which is $39 as of the time of this writing.
Create an operating agreement
Operating agreements are documents which define the manner in which a company conducts its activities. Ohio does not require operation agreements, although they are a crucial part of a business. Providing an efficient written operating document is helpful for several purposes, such as resolving disputes arising from financial arrangements or other pending litigation. If the company has not reached an agreement with the court, it can’t decide on what would be in its best interest. Among other provisions in this Agreement are the following:
The names and contact information of the company’s members;
The percentage of ownership interest held by each member;
Member voting rights;
How the company will be managed (by one member or by a board of directors);
How the company will be financed;
What will happen if a member dies or wants to sell his or her interest in the company;
How disputes will be resolved.
The LLC operating agreement is not filed with the state, but it is a good idea to keep it in your corporate records.
Get Your EIN
You’ll need to get an Employer Identification Number (EIN) from the IRS. You can apply for an EIN online, by fax, or by mail.
If you’re applying for an EIN online, you’ll need to have a Social Security number, a mailing address, and an authorized signer for your LLC.
If you’re applying by fax or mail, you’ll need to fill out Form SS-4 and fax it to the IRS at (855) 641-6935 or mail it to the address on the form.
You should receive your EIN within four business days if you apply online, by fax, or by mail.
The Federal Tax Identification Number is one of the most important things if you’re planning on making money and having a bank account. You will need to think about splitting up your business and personal finances in order to have the right business structure and this will help you do just that.
If you’re going to have any business debts, you’ll need to make sure it’s associated to your EIN too. You can go to the IRS website to file for this and you’ll be able to plug in your business address and look at that – a new EIN!
Open a business bank account
You’ll need to open a business bank account for your LLC. This will make it easier to keep track of your business expenses and income.
To open a business bank account, you’ll need to have your EIN and Articles of Organization. You may also need a business license or permit.
As you start to earn income on your Ohio LLC, you’re also going to be needing to figure out how to save some of the cash for federal and state taxes.
If you’re going to have a single member LLC, it’s important to think about this as an individual or business entity. As you think about how you’re going to setup your business whether it’s an Ohio limited liability company or just a domestic limited liability company, you will most likely need a business bank account to help you with finances of this.
There are Ohio residents that I’m sure can help you with your business assets, business transactions and of course the business profits but really – they should all go into a bank account. You’re going to file annual reports that will make sure the LLC owners are included.
How long does it take to get an LLC in Ohio?
You could have an LLC in Ohio by submitting an online form or completing a paper application. If you need the LLC faster, the process is quicker than usual.
The paperwork for an LLC can be found online. The quickest way to get an LLC is to submit the online form.
How much does it cost to file LLC in Ohio?
The filing fee for the articles of incorporation is $99. The registration fee for an LLC name is $39.
How do you dissolve an LLC in Ohio?
To dissolve your LLC, you’ll need to file a Certificate of Dissolution with the Ohio Secretary of State. This form is also known as Form 537.
The filing fee for this form is $39.
You’ll need to include the following information on the form:
- The name of your LLC
- The date of dissolution
- The signature of a authorized person
You can file the form online, by mail, or in person.
If you have any questions about how to dissolve your LLC, you can contact the Ohio Secretary of State at (614) 466-3910.
What are the benefits of having an LLC in Ohio?
The biggest benefit of having an LLC is that it protects your personal assets from being seized if your business is sued. This is because the LLC is a separate legal entity from you.
Another benefit of an LLC is that it can help you save on taxes. This is because the LLC is a pass-through entity, which means that the LLC’s profits and losses are passed through to you.
Finally, an LLC can give you credibility with customers and suppliers. This is because an LLC is a more formal business structure than a sole proprietorship or partnership.
What is the disadvantage of an LLC?
Disadvantage of an LLC: Generally, an LLC requires more to form and manage than sole proprietorships or general partnerships. Some jurisdictions require initial registration fees. Several states require additional fees, including annual report fees and franchise tax charges. Get in touch with the State Department.
While an LLC offers many advantages, there are a few potential disadvantages to keep in mind as well. One significant disadvantage is that unlike a corporation, an LLC is not automatically recognized as a separate entity by the IRS. This means that the LLC will not be taxed as its own entity and will instead be taxed as a partnership or sole proprietorship.
This can be a significant disadvantage if the LLC has multiple members, as each member will be taxed on their share of the profits. Additionally, an LLC is not automatically protected from liability in the event that one of its members is sued. While an LLC can choose to create a limited liability partnership or limited liability company structure, this is not required and may not provide the same level of protection as a corporation.
Another potential disadvantage of an LLC is that it may be difficult to raise capital. Unlike a corporation, which can issue stock, an LLC does not have this option. This can make it more difficult to attract investors and may limit the growth potential of the LLC.
LLCs are also subject to self-employment taxes, which can be a significant disadvantage for LLC members who are not used to paying these taxes. These taxes can amount to 15.3% of the LLC’s profits and are paid by the LLC members, not the LLC itself.
Finally, it is important to note that LLCs are subject to the same regulations as other business entities, such as corporations. This means that LLCs must file annual reports and pay taxes on their profits. While this is not necessarily a disadvantage, it is important to be aware of the potential compliance cost of operating an LLC.
While there are some potential disadvantages to forming an LLC, overall, the advantages tend to outweigh the disadvantages. LLCs offer flexibility, limited liability protection, and easy management, making them a popular choice for small businesses. If you are considering starting an LLC, be sure to consult with a business attorney to ensure that it is the right choice for your business.
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