Nicknamed “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:
- Limited Liability Companies must file their Articles of Organization with the Ohio Secretary of State. All Limited Liability Companies doing business in Ohio must include “limited liability company,” “LLC,” “L.L.C.,” “ltd.” or “ltd” in their business name.
- A statutory agent, more commonly referred to as a registered agent, must be appointed for the LLC. Statutory agents must sign to accept the appointment and may be individuals who reside in Ohio, domestic corporations, or foreign corporations licensed to do business in the state.
- Corporations in Ohio require a business address located within the same state – a P.O. Box address is not allowed.
- For LLCs and Corporations alike, state filings are generally completed in three weeks, with rush filing completions taking about a week.
- Annual reports aren’t required for business entities in Ohio, but keep in mind that certain entities still need to file reports depending on their entity. For example, Limited Liability Partnerships must file biennial reports. Renewals are also still required for trade names, trademarks, and fictitious names.
We can help you get your small business started in Ohio! Give us a call at 1 (877) 692-6772 or leave a comment below!