Incorporate In Ohio

Ohio is the 7th most populous state in the USA. The “Buck Eye State’s” economy relies mainly on automobiles, manufacturing, and agriculture.

Ohio is also known for its swing state status and as a bellwether in national elections. It is also the home of the Rock And Roll Hall of Fame.

Benefits of incorporating in Ohio:

Protection of personal assets

When incorporating in Ohio, Entrepreneurs should feel confident knowing that their personal assets are protected. Corporations and limited liability companies separate the assets and liabilities of companies from the personal assets of the business owner.

Ability to open bank account

Forming a company is the first step for a non US resident to open a bank account. A US bank account gives businesses access to a debit card, and the potential to open a merchant service account. Internet commerce is made much easier with a US bank account because companies like PayPal, Amazon and EBay considered you more qualified as a vendor.

Enhanced credibility

Whether starting a new business or incorporating an existing one, incorporation makes a business appear more credible to potential customers, suppliers and investors. You also have the security of operating under US law.

Your corporate name can boost your brand

Ohio requires that C corporations and LLC not have a name that is the same or could be confused with a business already in existence. To make sure your business name is eligible Inc. Plan can help you choose a unique C corp or LLC name. A distinctive corporate name enhances your company’s reputation and also helps protect the identity of your brand.

Tax flexibility and benefits

Ohio assesses corporate taxes based on net revenue of a business or on the personal income of a business owner. C corps are subject to a Commercial Activity Tax for gross receipts exceeding $150,000. Certain corporations may also qualify for a “litter tax.”

Residency Requirements

Ohio does not have any residency requirements. Owners and directors do not need to live in state to legally operate a Ohio company. Before your firm is legally eligible to operate make sure you possess all the required business licenses, permits, and tax registrations. Inc. Plan can help you stay in compliance with state law.

Other incorporating requirements

Ohio LLCs are required to have at least one member.

Requirements for forming an LLC in Ohio:

When forming a Limited Liability Company certain steps must be taken to keep the business in compliance on an ongoing basis.

Name requirements for LLCs

Ohio LLC names must end with the term “Limited Liability Company,” “Limited,” or the abbreviations “Ltd.,” “LLC” and “L.L.C.”. Corporation with names that include the words “Bank,” “Insurance” or “Trust” need approval from the Superintendent of Banks or the Department of Insurance.

LLC filing requirements

Entrepreneurs looking to form LLCs in Ohio are required to submit initial filing documents called the Articles of Organization. LLCs are not required to file an annual report.

Required information for the Article of Organization

The Articles of Organization must include the name and address of a registered agent which resides in Ohio, and which is available to manage legal and tax business documentation. For more help with the incorporation filing or registered agent services, feel free to contact Inc. Plan (U.S.A).

LLC taxes and fees

In Ohio, LLCs are taxed based on its members’ personal income return where their distributive share of the LLC income must be included. LLCs can elect to be treated as a C-Corp or a partnership for tax purposes.

Requirements for forming a C corporation in Ohio:

Each of the 50 American states has its requirements for incorporating. The essential requirements for C corporations established in Ohio are as follow:

Name requirements for C corporations

Ohio incorporations must own unique names and are allowed to use endings like “Corporation,” “Company” or “Incorporated,” along with their abbreviations. Businesses that wish to incorporate with names including the terms “Bank,” “Insurance” or “Trust” need approval from the Superintendent of Banks or the Department of Insurance.

Filing requirements in Ohio

Entrepreneurs looking to start businesses in Ohio must file articles of organization with the state. Ohio does not require businesses to file an annual report.

Required information for the Article of Incorporation

The Articles of Incorporation must include the name and address of a registered agent with a physical Ohio address as well as a listing of the company’s authorized shares and their assigned par value. Any increase in the number of shares may affect the initial filing fees. Inc. Plan (U.S.A) can help you with the necessary filings and also with qualified registered agent service.

Taxes and fees requirements

Corporations are subject to a Commercial Activity Tax (CAT) based on net receipts exceeding $150,000 a year. Companies with revenues exceeding $1 million will have to pay the CAT quarterly. Firms that earn less than $150,000 annually do not pay the tax at all. C-Corps in certain industries will be imposed a “Litter tax”.

If you are ready to get started you can fill out our application or call 1-302-428-1200 for a Free 30 Minute Live Consultation.

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