How to form an Ohio LLC?
The first and somewhat most difficult part of the whole LLC setup process is finding a name of the LLC that you'll be happy with. Once you find a name that you're happy with and that is available, you or Incorporate Fast would draw up documents called the Articles of Organization. We at Incorporate Fast are very familiar with the whole LLC process. Therefore we can help you eliminate hours of precious time by setting up the LLC for you. Once the documents are prepared, they are submitted to the Secretary of State for approval and we'll get confirmation sometime thereafter.
Form a Ohio Limited Liability Company to Control Risk
When a Ohio LLC is set up, you are in fact creating a separate entity from that of the owners of that corporation. Therefore, if your company is involved in litigation, there are legal provisions and UCC Code to protect the owners, directors, and share holders from personal liability. This is not the case if you operate your business as a sole proprietorship. By forming an LLC, you are afforded the full protection of the laws of Ohio and you would not be liable for all the debts and obligations of the LLC.
Naming your Ohio LLC
Limited Liability Companies are allowed to use the identifiers LLC, and Limited Liability Company. The name of the LLC must not be identical to an entity (corporation or LLC) already on file with the Secretary of State. The state of Ohio is one of the more lenient states when it comes to a name being available, for example Run LLC would not conflict with Running LLC. However, the Secretary of state still does not distinguish between words such as “the”, “a” “and” or any other conjunction. It also does not recognize distinction using spaces, alternate punctuation, or the use of capital letters. Even the designation of the company descriptor is not distinguishable such as ltd, LLC or L.L.C. Lastly, the words "bank", "banking" and "trust" are words that are restricted and need prior approval before it is used in a LLC name.
What is required to maintain Corporate Status?
In order to maintain corporate status, it is vital that you keep your personal assets from your business assets. You should take extra precaution from paying any obligation of the corporation with any personal assets. Failure to maintain this separation may expose your personal assets to litigation should a lawsuit arise.
Also, to maintain good standing, you are required to file annual filing with the Secretary of States office. Like most states, this filings purpose is to update the Secretary of State with the most current information about the members, addresses and registered agent information.
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