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What are the steps involved in starting a small business in Ohio?

Picture of Chris Battis By   ·  1 minute read

To start a small business in Ohio, the following steps should be taken:

  1. Choose a Business Structure: The first step to starting a small business in Ohio is to determine the type of business entity you want to create. Some common business structures include sole proprietorship, partnership, limited liability company (LLC), and corporation. Each type of business structure has its own advantages and disadvantages, depending on your goals and circumstances.
  2. Register Your Business: It is important to register your business with the Ohio Secretary of State. This can be done online, and the filing fee will depend on the type of business structure you have chosen. Registering your business makes it a legal entity, which can enter into contracts, hire employees, and pay taxes.
  3. Obtain Licenses and Permits: Depending on the nature of your business, you may need to obtain licenses and permits from the state, county, or city government. These could include zoning permits, health permits, and environmental permits.
  4. Obtain Tax IDs: You will need to obtain a federal tax ID number (also known as an Employer Identification Number, or EIN) from the IRS. If you have employees, you will also need to register with the Ohio Department of Taxation.
  5. Obtain Insurance: Depending on the nature of your business, you may need to obtain liability insurance, workers' compensation insurance, or other types of insurance.
  6. Open a Bank Account: Set up a bank account for your business. This will help you keep personal and business finances separate, which is important for legal and tax purposes.
  7. Familiarize Yourself with Tax Laws: As a business owner, it is important to be aware of Ohio and federal tax laws. You may want to consult with an accountant or tax advisor to determine your tax obligations.

It is important to note that there may be additional steps or requirements depending on the specific nature of your business. It is also important to consult with an attorney or other qualified professional to ensure that you are following all applicable laws and regulations.