As a business owner (corporation or LLC), you have put in countless hours and hard work to establish and grow your business. But have you considered what will happen to your business when you pass away? Without a proper plan in place, your business may be at risk of falling apart, causing chaos and financial hardship for your loved ones …
Now that My LLC is Registered, What Should I Do Next?
Once you have successfully formed your limited liability company, it is important that you are aware of the steps you need to take to keep your company in good standing with the Secretary of State and avoid personal liability if legal action is taken against your company. There are several things to be aware of: Operating Agreements and Membership Certificates …
Ohio LLC Operating Agreement – Top Five Points You Need to Know
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 …
Should I form an Ohio LLC?
An Ohio Limited Liability Company (LLC) may be formed to sell goods or services. An LLC is a separate legal entity; this type of entity is sometimes mistakenly called a limited liability corporation. Unlike a corporation, the ownership units of an Ohio LLC are called a Membership Interests instead of shares. Each owner of the Company is known as a …
Basic Taxation of an Ohio LLC and Corporation
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 …
Ohio LLC Filing – Articles of Organization
In order to form an Ohio LLC, Articles of Organization must be filed with the Ohio Secretary of State. The Secretary of State may accept the articles if there is not an existing company organized, in Ohio, with the same or similar name. There is a common misconception that filing with the State, alone, creates a company and limits personal …
How is an Ohio LLC formed?
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 …