With all the buzz about Ohio these days, we thought we’d discuss the benefits of incorporating a business in Ohio. It’s not just an important states for politics – Ohio can be a great state for your client to start their new business.
For example, Ohio corporations and LLCs don’t have to file annual or biennial reports with the Secretary of State. Additionally, the Ohio Corporate net income tax rate, or CAT Return, is .26% of the business’s gross revenue. This tax applies to every entity and has a $150 minimum payment.
Now for the steps on how to incorporate a business in Ohio…
First, discuss potential business names with your client. An Ohio corporation must have a name that, subject certain exceptions under state law, is distinguishable from any other registered Ohio business entity and any reserved names on record.
Further, the name may not contain language that states or implies the corporation is connected with a government entity or that it is a business entity organized for a purpose other than that permitted by state law and its articles of incorporation. Attorneys Corporation Service, Inc. will run quick and accurate a business name availability check and reserve your desired name for you if it is available.
The Ohio Secretary of State states that an Ohio incorporation’s Articles of Incorporation must be filed with its office. Additionally, the Articles must include information pertaining to:
The incorporators, with their name and address
The Corporate Purpose(s)
Director Information, but names are not required
The number of shares and the par value of shares that the corporation is authorized to issue
The initial stated capital of corporation, if any
The address of the corporation’s principal office
If you are pressed for time, allow Attorneys Corporation Service, Inc. to draft and file your Articles on your behalf, using our economical Draft N’ File service.
An Ohio corporation must have a statutory agent, or what many refer to as a Registered Agent, in Ohio. This person or business is designated to receive official state correspondence and notice if the corporation is “served” with a lawsuit.
The Ohio statutory agent must be a natural person residing in the state or an Ohio-licensed corporation with authority to transact business in the state and that has a business address in the state. What’s more, a written acceptance by the statutory agent must be filed along with the articles. Attorneys Corporation Service, Inc. offers Registered Agent services in Ohio and all 50 states for $99 per year.
For more information on incorporating a business in Ohio or for any additional business filing services related to the process, such as a customized corporate kit, please check us out online or contact an experienced customer service professional today.