Ohio LLC Operating Agreement – Top Five Points You Need to Know

Elliott Stapleton Common Questions, Limited Liability Company-LLC

Forming an Ohio LLC with multiple owners is like a marriage. You will be contributing your time, effort, and resources to the partnership. You can protect this contribution and limit the likelihood of a messy “divorce” by creating a reasonable Operating Agreement that protects all of the owners. Here are the top five points that should be included in your …

Basic Taxation of an Ohio LLC and Corporation

Elliott Stapleton Limited Liability Company-LLC

An LLC  can be a pass-through entity for federal income tax purposes. A pass-through entity means that taxes are only paid once at the member level. There is no federal taxation at the LLC level; thus the “pass-through” tax effect. The members report the profits and losses on their individual tax returns. When there is more than one member this …

How is an Ohio LLC formed?

Elliott Stapleton Limited Liability Company-LLC

To form an Ohio limited liability company, a separate legal entity must be created. This formation is necessary to secure the limitation of liability for the members’ personal assets from the liabilities of the business. The separate entity is created by first registering the Articles of Organization with the Ohio Secretary of State, making the necessary tax filing, receiving any …