What are the steps I need to follow to form an LLC in Ohio?
To form an LLC in Ohio, you need to follow these steps:
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Choose a name for your LLC:
The name must include the words "Limited Liability Company" or the abbreviation "LLC."
Ensure that the name is not already taken by conducting a name search on the Ohio Secretary of State website.
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File Articles of Organization:
You must file Articles of Organization with the Ohio Secretary of State to create your LLC officially.
The form requires basic information such as the LLC's name, address, and the name and address of the registered agent.
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Appoint a Registered Agent:
You must appoint a registered agent in Ohio to receive legal documents and official correspondence on behalf of your LLC.
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Publish a Notice of Intent to Form an LLC:
You must publish a notice of intent to form an LLC in a local newspaper in the county where your LLC will be based.
This notice must be published for three consecutive weeks.
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Obtain necessary licenses and permits:
Depending on the type of business, you may need to obtain licenses and permits from state and local authorities.
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Obtain an Employer Identification Number (EIN):
If you plan to hire employees, you need to obtain an EIN from the IRS for tax purposes.
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Draft an Operating Agreement:
While not required by law, it is recommended that you draft an operating agreement that outlines the structure and management of the LLC.
This document should include the responsibilities and powers of the members, the method of distributing profits and losses, and the procedures for dissolution or termination of the LLC.
Potential limitations or exceptions to the advice given include specific rules or requirements for certain types of businesses or industries. It is essential to research and comply with any specialized regulations or laws relevant to your LLC's field.
Additionally, keep in mind that forming an LLC is not a one-and-done process. You must comply with annual requirements such as filing an annual report and maintaining the registered agent's address.
If you are unsure about any of the steps or have any legal concerns, seek advice from a licensed attorney who specializes in business law in Ohio.