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What are my options if I want to start a business in Ohio?

Picture of Chris Battis By   ·  1 minute read

As a lawyer, if you want to start a business in Ohio, there are several options available to you.

  1. Sole Proprietorship: This is the simplest and most common business structure, where an individual owns and operates the business by themselves. There are no legal formalities or registration requirements to start a sole proprietorship in Ohio. However, it is recommended that you obtain a business license and register with the Ohio Secretary of State to protect your business name.
  2. Partnership: If you want to start a business with one or more individuals, you can form a partnership. In a partnership, the partners share the profits and losses of the business. It is recommended that you draft a partnership agreement to define the terms and conditions of the partnership, including the distribution of profits, decision-making process, and dispute resolution.
  3. Limited Liability Company (LLC): An LLC is a hybrid business structure that combines the liability protection of a corporation with the flexibility and tax benefits of a partnership. To form an LLC in Ohio, you must file Articles of Organization with the Ohio Secretary of State, pay the necessary fees, and obtain any required licenses.
  4. Corporation: A corporation is a separate legal entity from its owners, providing liability protection to the owners. To start a corporation in Ohio, you must file Articles of Incorporation with the Ohio Secretary of State and pay the necessary fees. You will also need to draft corporate bylaws, hold regular meetings, and keep detailed records.

It is important to note that each of these business structures has its own advantages and disadvantages, and the decision on which structure to choose will depend on your specific needs, goals, and circumstances. Additionally, there may be certain licensing and permit requirements for your specific type of business, such as a business tax registration or specific industry licenses.

It is highly recommended that you consult with a licensed attorney who can guide you through the process, provide legal guidance, and help you determine the best structure for your new business.