The LLC is one of the most popular business entities in America. It’s also one of the most flexible, offering protection from personal liability while still allowing owners to make all of the business decisions.
LLC Benefits
Owners (called members) in an LLC have limited personal liability for business debts and claims against the company. This means members can’t be forced to pay business debts with their own personal assets.
The LLC shields its owners from these types of claims, but this protection only applies as long as members comply with their state’s requirements for maintaining limited liability status.
LLCs are also treated as pass-through entities for tax purposes. This means that the LLC itself does not pay taxes. Instead, profits and losses “pass through” to its members’ personal income tax returns and are reported by each member in proportion to his or her share of ownership in the company. Because LLCs are considered pass-through entities, they don’t have to file separate tax returns on their own. Rather, members file a single personal income tax return each year on behalf of their business.
LLC Formation In Ohio
In Ohio, LLCs are formed by filing a certificate of organization with the Ohio Secretary of State and paying a filing fee. The requirements for creating an Ohio LLC are relatively simple and straightforward. In addition to forming an LLC, you’ll need to choose your business name, which must be unique from any other existing business names in the state. Finally, you’ll need to create an operating agreement that details what happens when one member dies or leaves the company.
Ohio LLC Services
Ohio LLC services are offered by a number of different companies. Ohio LLC formation service helps you choose the best legal structure for your business and provides all the necessary paperwork needed to establish your company. These services make it easy to form an LLC in Ohio, so you can get back to focusing on what matters most—running your business.
