Below you'll find a list of all posts that have been tagged as “incorporate”
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 …
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 …
Yes. There is no substitute sound legal advice. Here are four (unbiased) factors to consider when deciding whether to use an Attorney for your business: 1. Filing with the Ohio Secretary of State does not (by itself) create a business. While it is necessary to file with the State of Ohio to incorporate, filing simply creates the right to operate a …
Forming an Ohio LLC or Corporation: Why is it necessary? from Elliott Stapleton on Vimeo. A business owner who forms an LLC or corporation has limited personal liability in the business. This means that if someone were to sue the business, the individual suing could only recover against the business assets, not the owner’s personal assets. This is the primary …
To create a corporation in Ohio, Articles of Incorporation must be filed with the Secretary of State. But that filing alone does not create a business with limited liability. To be legally sound, the corporation must make all of the necessary tax elections, receiving any necessary federal, state, or local authorization, contributing assets to the corporation in exchange for stock, …
A corporation may be formed for any profit business or a nonprofit/social organization. Individuals who own shares in a corporation are called shareholders. A corporation can take two forms, depending on your tax election: 1) C-corporation or 2) S-corporation. To qualify as an S corporation, the corporation’s shares must be limited in number and must be held by resident citizens …
The first step in forming an Ohio business is deciding what legal entity to use. Generally, business entities include: corporations, limited liability companies, partnerships and sole proprietorships. Which entity is best? Sole proprietorships and partnerships are the easiest to form, but are almost never recommended. Except in isolated circumstances, these entities offer no personal liability protection. Without personal liability protections, …
The purpose of a limited liability company (also known as an LLC) or corporation (also known as an S-corp or C-corp) is to limit your personal risk. With a properly formed LLC or corporation, you can protect your personal assets from creditors of the business. Without a properly formed entity, your personal assets are at risk to every liability of …
