To set up a Limited Liability Company (LLC) in Ohio, you must first file Articles of Organization with the Ohio Secretary of State. The Articles of Organization should include the name of the LLC, the names and addresses of the LLC's members, the LLC's registered agent and office, and the purpose for which the LLC is organized. The filing fee for the Articles of Organization is $99.
After the Articles of Organization have been filed and approved, the LLC must appoint a registered agent who will receive legal documents on behalf of the LLC. It is also recommended that the LLC adopt an Operating Agreement which outlines how the LLC will be managed and operated.
The benefits of forming an LLC include limited liability protection for its members, flexible management and taxation options, and potential tax advantages. LLC members are typically not personally liable for the LLC's debts and obligations, and the LLC's profits and losses are typically passed through to its members for tax purposes.
It is important to note that LLCs may have certain limitations, such as restrictions on the number of members or restrictions on the types of businesses that can be formed as LLCs. Additionally, forming an LLC may not be the best business structure for every situation, and it is important to consult with a licensed attorney or tax professional to determine the best structure for your specific circumstances.
In summary, to set up an LLC in Ohio, the process includes filing Articles of Organization with the Ohio Secretary of State and appointing a registered agent, and the benefits include limited liability protection and flexible management and taxation options. It is important to consider potential limitations and consult with a licensed professional to determine the best structure for your specific situation.
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