Most of the new entrepreneurs prefer to register their business as a Limited Liability corporation or LLC. Registering the business as LLC protects the personal assets of the promoters from the obligations of the company.
The process of opening an LLC in Ohio is simple. You just need to complete the following formalities to register your LLC
- The first task is to name the LLC. Choose a name which is unique but easy to remember. The name should be able to create connect with the potential customers and must suit the business. Follow the naming guidelines of the state for selecting the name of your LLC. The name should contain the words Limited Liability Corporation or LLC. Know about the restricted words and the legal formalities to use such words in the name. Conduct a name search in the state of Ohio website to know the availability of a name. Check if a URL of your LLC name is available and register a domain name. Though you may not have plans to create website for your company, it is beneficial to acquire a domain name for future use.
- Appoint a statutory agent for your business. This agent will be responsible to conduct legal communication on behalf of the company. The statutory agent can be individual or a corporation. The individual should be a resident of Ohio. The Business Corporation acting as statutory agent should be authorized to conduct business in the state.
- You are required to file the Articles of Organization with the state, for registering your LLC. Articles of organization specifies the details of management of the LLC. It can be filed online, through mail or in-person.
- Though it is not legally mandatory, the next step is to create an operating agreement. This agreement outlines the ownership and operating procedures of the Limited Liability Corporation.
- The last and the most important step is to obtain the Ohio tax ID number. This number is required for a variety of purposes, like obtaining line of credit, applying permits and licenses and opening bank accounts. All the businesses require EIN number to hire employees and pay taxes.