To start a small business in Ohio, there are several legal requirements that must be followed.
First, the business must be registered with the Ohio Secretary of State's office. This can be done online or by submitting a paper application. The registration fee varies depending on the type of business entity being formed (e.g. sole proprietorship, partnership, LLC, corporation).
Next, the business must obtain any necessary licenses or permits required for its specific industry or location. For example, a restaurant must obtain a food service license and comply with health and safety regulations.
The business must also obtain an Employee Identification Number (EIN) from the IRS if it will have employees. This number is used to pay taxes and file tax returns.
If the business will be collecting and remitting sales tax, it must register with the Ohio Department of Taxation.
Additionally, the business should consider obtaining insurance, such as liability insurance or workers' compensation insurance, to protect against potential risks and lawsuits.
It is important to note that there may be additional requirements depending on the type of business and location. Consulting with an attorney or business advisor can help ensure all necessary requirements are met.
If a business fails to comply with legal requirements, it may face fines, legal action, or even closure. It is important to prioritize compliance to avoid legal consequences.
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