What are my options if I want to start a small business in Ohio?

As a lawyer, I can provide legal advice on the various options available for starting a small business in Ohio. Here are some options and points to consider:

1. Sole Proprietorship

This is the easiest and most straightforward way of starting a small business in Ohio. As a sole proprietor, you are the only owner of the business, and you are responsible for all financial and legal obligations of the company. However, the main disadvantage of a sole proprietorship is that you are personally liable for any debts or legal liabilities of the business. It is also important to note that you will need to obtain any necessary licenses or permits required for your type of business.

2. Limited Liability Company (LLC)

An LLC is a business structure that provides some limited liability protection for the owners, while still allowing the business to be taxed as a pass-through entity. This means that the profits and losses of the business are reported on the owner's personal tax returns. LLCs also offer more flexibility in terms of management and ownership structure, as well as potentially providing some tax advantages. However, LLCs can be more expensive to set up and maintain, and there may be additional regulations or requirements depending on the nature of the business.

3. Corporation

A corporation is a separate legal entity from the owners and offers the most extensive liability protection. The owners, or shareholders, are not personally liable for the debts or legal obligations of the corporation. However, corporations are subject to more regulations and formalities, including holding regular board meetings, keeping detailed records, and filing annual reports. There are also different types of corporations, such as C corporations and S corporations, each with their own tax and ownership rules.

4. Partnership

A partnership involves two or more people who own and operate a business together. There are two types of partnerships in Ohio: general partnerships and limited partnerships. In a general partnership, all partners share equally in the profits and losses of the business and are personally liable for any debts or legal obligations of the partnership. In a limited partnership, there are both general partners who manage the business and limited partners who are not involved in day-to-day operations but have limited liability.

It is also important to consider other legal requirements when starting a small business, such as obtaining any necessary licenses or permits, registering with the Ohio Secretary of State, and complying with any zoning or environmental regulations. Consulting with a lawyer who is experienced in small business law can help ensure that you fully understand your legal obligations and protect your interests.