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What are the steps I need to take if I am starting a new business in Ohio?

Picture of Chris Battis By   ·  1 minute read

If you are starting a new business in Ohio, there are a number of important steps you will need to take in order to ensure that your business is compliant with state laws and regulations. Some of the key steps to consider include:

  1. Choose a Business Structure: The first step in starting a business is to choose a legal structure for your business. This will determine how you file taxes, your personal liability and the legal paperwork necessary to start your business. The most common business structures include sole proprietorship, partnership, LLC, or corporation.
  2. Register Your Business Name: You will need to register your business name with the Secretary of State's office in Ohio. This is necessary to ensure that your business name is unique, and that no one else is using it.
  3. Obtain Necessary Licenses and Permits: Depending on the type of business you are starting, you may need to obtain licenses and permits at the state and/or local level. This may include permits to operate in a specific location, such as a zoning permit, or permits to sell specific types of products, like liquor licenses.
  4. Obtain an EIN: You will need to obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). This number will be used to identify your business for tax purposes.
  5. Open a Business Bank Account: It is important to keep your business finances separate from your personal finances. Opening a separate business bank account will help you keep accurate financial records and avoid commingling of funds.
  6. Obtain Business Insurance: Obtaining business insurance is important for protecting your business from potential legal claims, such as personal or property damage.
  7. Comply with State and Federal Tax Requirements: You will need to comply with state and federal tax requirements. It is important to consult with a tax professional to determine your tax obligations.

These are just a few of the key steps that you will need to take when starting a business in Ohio. It is important to consult with a knowledgeable attorney who specializes in business law to ensure that you are in compliance with all applicable laws and regulations.