50 States of Incorporation: Ohio

incorporate in ohioNicknamed “The Heart of It All” our 50 states series heads to the Midwest today, as we learn what it means to form an LLC and incorporate in Ohio. Infamous in national elections for being a swing state and with Columbus as the state capital, Ohio’s largest revenue sectors are within the manufacturing and financial service industries. Kroger, Procter & Gamble, and Progressive are all brands that call the state home for their headquarters.

Forbes ranks Ohio as #29 as one of the best states for business, with high marks given to the quality of life the state provides despite the additional note that one of the biggest state woes is net migration. Overall ease and friendliness of starting a business in Ohio receives a C+ from Thumbtack.com, but in the regulation sector it grades on a “B” average in tax codes, health and safety, and employment.

If you’re ready to start your own business in The Buckeye State, keep these notes in mind before you form an LLC or incorporate in Ohio:

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Business Basics: Initial and Annual Reports/Statements of Information

Welcome to our weekly Business Basics post! In case you missed last week’s entry to the series, we are dedicating every Tuesday to helping explain the facets and aspects of starting and running a business that typically get overlooked.

Initial and annual reports (also known in some states as Statements of Information), while not particularly glamorous, keep your business in good standing. Plus if you misfile them, or file them late, your corporation or LLC could be slammed with fees, or even dissolution. Two things that you clearly want to avoid. But what are these reports, and what are they supposed to say?
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