Selecting the Ohio Corporation or LLC Name
As you set out to pick a name for your corporation in Ohio, it should be remembered that the name will be need to be original and will identify you as a separate entity transacting business in the state. The name of your corporation must end with “Incorporated,” “Corporation,” “Corp” or “Inc.”, while limited liability companies must end with “Limited Liability Company” or “LLC”.
Since the name of your business will be identifying your corporation or Limited Liability Company (LLC) as a unique entity, the name will likely not be accepted if it could mislead the public or if it too closely resembles the name of another corporation or LLC formed in Ohio.
During the process of naming your business, you may not use any type of punctuation marks such as dashes, periods or commas in name selection. While not required by the state of Ohio, it may be advantageous to try to name your corporation or LLC so that it identifies with the goods or services you provide.
Selecting a Board of Directors
A corporation within Ohio can have several members that serve as director but it is only required to have one if there is only one shareholder in the company. If there is more than one shareholder in the company, there must be a corresponding director for each shareholder up to a minimum of three. Since the board is responsible for the management of your corporation, it is usually suggested that the board be comprised of individuals that are officers or shareholders who have some type of daily involvement with the corporation. Ohio requires that a director of a board be at least 18 years of age.
Ohio based orporations are expected to file the Ohio Franchise Tax Report, Form FT-1120 annually whether a “C” or “S” corporation. The amount of tax is dependent on a number of factors and the minimum tax in Ohio is $50.00.
A Limited Liability Company within Ohio is required to file as either a corporation or a partnership dependent on the election made on the SS-4. Ohio maintains an individual income tax so employers are expected to withhold state income tax. Ohio maintains a sales and use tax ranging from 6.5% to 8% depending on the county.
The registered agent must have a physical street address within Ohio state. PO boxes are not acceptable, within Ohio.
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