To start a small business in Ohio, there are a few legal requirements that must be met.
- Choose a business structure: The first step is to choose the legal structure of the business. The most common types of business structures in Ohio are sole proprietorship, partnership, limited liability company (LLC), and corporation. Each structure has its own advantages and disadvantages, and it is advisable to consult with an attorney or an accountant to determine the best structure for the business.
- Register the business: Once the business structure has been chosen, the business must be registered with the Ohio Secretary of State. This can be done online through the Ohio Business Central website. The registration process includes selecting a name for the business, obtaining a tax identification number from the IRS, and obtaining any necessary licenses and permits.
- Obtain licenses and permits: Depending on the nature of the business, there may be additional licenses and permits required. For example, businesses that sell alcohol, firearms or food will require additional permits.
- Obtain tax ID number: The business must obtain a tax identification number from the IRS. This is necessary for paying taxes and hiring employees.
- Obtain workers' compensation insurance: If the business has employees, it is required to obtain workers' compensation insurance to cover workplace injuries.
- Comply with local ordinances: The business must comply with any local ordinances that apply to its operation. This includes zoning regulations, building codes, and safety and health regulations.
It is important to keep in mind that these requirements may vary depending on the type of business and the location of the business. It is advisable to seek the assistance of an attorney or an accountant to ensure full compliance with all legal requirements.
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