Ohio LLC - Creating Business Success In Ohio
Learn the steps to forming your Ohio LLC . A limited liability company in Ohio can be fully set up , filings completed, within two weeks giving you benefits in personal asset protection, corporate tax exempt status, and more.
An Ohio LLC will meet most of the operating needs of business developers and entrepreneurs like yourself as you complete the decision making process regarding corporate organization form. A limited liability company and Ohio offers you significant structural flexibility and ease of management.
Advantages Of Forming An Ohio Limited Liability Company
* Getting Asset Protections Offered Under Ohio Law. Foremost amongst these protections is the shielding of your personal assets (bank deposit, securities, auto, real property) from the potential future claims of your Ohio limited liability company creditors. By law, you and your Ohio LLC members' liability is limited to your invested capital.
* Helps You In Raising Investor Capital. A limited liability company in Ohio provides you with important advantages in the area of capitalization and ownership.
Unlike an Ohio Subchapter S corporation which is legally limited to a ceiling of 75 shareholders, your Ohio limited liability company can satisfy its capitalization needs by providing ownership interests to an unlimited number of investor-members (which can include persons, trusts, pensions, or even other LLC corporation enterprises).
When forming an LLC in Ohio your LLC operating agreement sets out the terms and conditions as well as operating policies governing your Ohio limited liability company and its owner-members.
Once capitalized, your Ohio LLC can enter the credit markets and negotiate for loans or financings, just like other companies do.
* Simple And Flexible Corporate Governance. Your Ohio limited liability company also offers significant flexibility in the area of corporate governance.
In contrast with a standard corporation which must conduct annual meetings and produce written meeting minutes, your Ohio LLC is under no such limitation, indeed can determine its meeting and reporting requirement via the provisions of your Ohio limited liability company operating agreement.
Your Ohio limited liability company operating flexibility extends further into the area of dividend policy. Whereas a standard corporation must pay dividend on a dollar-per-share rule basis, your Ohio LLC can set its own dividend policy based on member agreement, as set forth in your Ohio LLC operating agreement.
* Qualifying For Corporate Tax Exempt Status. What about taxes for your limited liability company and Ohio state law? Your Ohio LLC is considered a tax exempt "pass through" entity according to state and federal tax law. Profits and/or losses from your Ohio LLC operations are reported on the individual year-end tax filing of your Ohio LLC members.
In determining your year-end "bottom line", your Ohio limited liability company can legally deduct qualifying operating costs and expenses, as well as take advantage of the federal rules for depreciating assets as recorded on your Ohio LLC balance sheet.
* Getting Business Recognition In 50 States. Furthermore your Ohio LLC is recognized as a proper legal corporate form by all fifty US states. When you form a Ohio LLC you create a legal platform for entering the pro-business and growing Ohio marketplace. A limited liability company and Ohio will also receive ongoing public sector support from the Ohio Secretary of State.
How much time does it take to form a Ohio LLC? Less than two weeks, especially if you use a professional service or even online incorporation service agents. Costs? You can budget between $200 to $600 depending on the exact needs of your business.