Filing An Ohio LLC
Many new business owners find value in registering their company as an Ohio Corporation. A Corporation can offer tax benefits to owners. It also provides instant credibility and peace of mind to customers and clients. However, the process of forming the company can be stressful, especially to first-time owners. Owners must ensure that they are diligent during the filing process.
Steps To Filing an Ohio Corporation
Choose A Name
The first thing that new owners should do is choose a name for their Ohio Corporation. The state of Ohio requires companies to include an indicator in their name. In this case, businesses will want to add something like, “Corporation,” “Incorporated,” “Limited,” or “Company.” They can also add an appropriate abbreviation, such as “Inc.” Also, Ohio does not allow two Corporations to share a name. To ensure that the name they select is unique, owners can use the DoMyLLC Name Availability Check Page.
Choose An Agent For Service Of Process
After selecting a name, owners will then need to choose a registered agent, also known as a statutory agent. The registered agent is responsible for accepting all legal correspondence on the company’s behalf. Experienced business owners know that a registered agent is critical to a company’s success, which is why they often opt to hire a professional third-party company, such as DoMyLLC, to serve as their registered agent.
File Articles Of Incorporation & Pay Filing Fees
Once prospective owners have chosen a name and registered agent, they can file Articles of Incorporation with the Secretary of State’s office. The fee to do so is $99. Owners can also choose to pay optional preclearance of $50 as well as an optional expedite fee ranging from $100 to $300. Information that owners will need to provide on these forms includes:
- Name, address, phone number, and email for the return address
- Whether the Corporation is a Community Development Corporation
- The name of the company
- The location of the principal office
- Effective date
- Number of shares, type of shares, and the par value of shares
- Amount of initial stated capital
- Name, address, and signature of the statutory agent
- Signature of incorporators
File Initial Report
The Ohio Corporation will not need to file Initial Report.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After incorporators have filed the Articles of Incorporation, they should hold the initial corporate meeting. Those who filed Articles of Incorporation are responsible for overseeing the initial meeting. Incorporators should appoint individuals to the board of directors at this meeting and record this information in the corporate records. Directors will serve on the board until the next annual meeting of the shareholders, where they will be up for re-election.
Once the board is in place, directors can define the roles of officers and elect individuals to serve in these positions. Directors can also draft and adopt corporate bylaws. Bylaws are an internal operating manual that are a matter of corporate compliance. The Ohio Corporation cannot exist or transact business until the board of directors has adopted bylaws. Bylaws are not available to the public, but the Corporation may need to provide them to banks and insurers.
While at the initial corporate meeting, the board of directors can also issue stock. They are responsible for approving all stock issuance throughout the life cycle of the Corporation. The Articles of Incorporation predefines the amount of stock that they can issue. The board should also maintain a stock ledger, which will promote clarity for investors. The ledger helps to protect the corporate veil.
Obtain Employer Identification Number
The Ohio Corporation will need to contact the IRS to obtain an Employer Identification Numbers. The Corporation will need this number to hire employees, pay taxes, and open a business bank account.
File Ohio Required Annual Reports
An Ohio Corporation is fortunate in that they do not need to file an Annual Report. However, were the company to expand across state lines, officers may need to submit such reports.
Although the Corporation will not need to file Annual Reports, there are still yearly administrative requirements. The Corporation must file both state and federal taxes. It also must renew all licenses and permits.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we offer comprehensive administrative services to help owners of either a new or existing Ohio Corporation. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Ohio’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
By handling your administrative needs, we allow you to dedicate yourself fully to growing your business. Be sure to contact us today to learn more.