If you have made the decision about your business’ structure and you are ready to set up an LLC in Ohio, then the rest of the process is quite easy! Of course, you can do it on your own by following specific steps, but there is a strong possibility that you might need assistance with that.
TRUiC is the company that will give you all the necessary tools and instruction in order to be 100% ready to start your career. Here is a helpful guide with the formation services available in Ohio.
The name of your business
This is the most important step you need to take before any other action. In order to be sure that this name isn’t being used by other Ohio businesses, you will need to check it by doing some research.
You will need an url or, in other words, a domain name (@yourcompany.com). If you want to make your business look much more official you should have a web page, and for this the domain name is necessary.
For your Ohio LLC it will be very useful to have a specific person to solve all the important issues that may come up. Also, they will be in charge of legal documents like tax forms and service of process notices on behalf of your LLC. If you feel that you don’t want to have this responsibility you can either hire somebody or search for registered agent services that will offer up to one year of free service for your Ohio LLC if you join them.
Filing Articles of Organization
This step is crucial because only this way your LLC will be able to become legal by filing your Articles of Organization with the state of Ohio. This can be done on your own, or by a lawyer but if you want to be sure that no mistake will be made then find a service that will take care of this.
Ohio LLC Operating Agreement
If your LLC has employees it is important to define their roles and how you will manage its running. Also, you will have to figure out how your profits will be distributed, or how your members will transfer or terminate their membership. Keep in mind that everything must be done according to the Ohio State regulations.
Employment Identification Agreement
This number is used by the State and federal agencies in order to track your business activity. You can also see it as a Federal Employer Identification Number (FEIN), or Federal Tax Identification Number (FTIN), which is essentially a Social Security number (SSN) for your LLC. You can apply either by phone, fax, or mail.
Separate business bank account
The risk of mixing your personal assets with your business assets is big so keep in mind that you should definitely have a separate bank account which will give you the opportunity to have a credit card to build your business’ credit history and raise capital if you need it in the future.
Choosing the right insurance for your business will prevent many issues from happening, like financial or even the business’s loss. Here are the two most common insurance types:
- General Liability Insurance: It protects your business from lawsuits and it is ideal for small businesses.
- Professional Liability Insurance: It is ideal for professional service providers, for example consultants or accountants, and it covers claims of malpractice.
If you can’t realize what your business’ needs are, then you should address a professional insurance service that will assess and suggest what is the ideal choice for you.
Licenses and Permits
Your Ohio LLC must comply with federal, state, and local government regulations. Each state has different regulations as well as business licenses and permits so you have to do very careful research. You can either hire a professional or, if you decide, you can do it on your own.
A well-managed accounting system is the base of a well-managed business. This is the most important step that you need to pay attention to. You can:
- Track your business finances, (bills, expenses, income).
- Simplify and file your annual taxes.
Even though you can do it on your own, the best choice is to hire a professional accounting service. Everything will be organized and you won’t need to worry about financial issues or any other additional services.
There are many services that could be in charge of your employees’ payments. If you have too many issues to take care of then what about hiring a payroll service? They will be in charge of the employee tax withholdings and filings or any other business needs.
However, If you feel like you can’t handle all the above on your own there are two very popular LLC formation services.
Forming an LLC is quite easy and interesting. The business of your dreams is about to become real. However, it demands careful handling and the right decisions. TRUiC is here to assist you all the way until your Ohio LLC is ready. With helpful tools and advice, they will ensure your business kicks-off with a bang! Visit this site in order to get more information.