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How To Assess LLC Taxes In Ohio

There are benefits to owning a business, and even more when you have an LLC just protecting your personal assets at the same time. Many people will file for a limited liability company in the state of Ohio simply because of the tax benefits. If you are not aware of what they are, you should simply know that forming an LLC in Ohio is one of the smartest things you can do for your business. The following information will discuss the tax benefits and breaks that you may be able to access as a result of creating a limited liability company in Ohio for your company.

 

LLC Taxes In Ohio

Since LLCs are not technically taxable entities, which means you do not have to file taxes for them, they are pass-through entities where you will be responsible for paying the taxes for your business. Ohio is a state that does impose tax remission obligations, withholding, and filing considerations. It is important to withhold some of your earnings in order to pay taxes to the Ohio Treas., and that amount could be around 5% is related to your gains, losses, and expenses.

 

LLC Taxes In Ohio

How To Set Up Your LLC In Ohio

To take advantage of this, you will need to first set up your LLC. This always begins with determining what the name is going to be. If you have a business in Ohio, it does not necessarily have to have the same name. However, if you want to have an identical name for your LLC, you can always check to see what is available. On the Ohio Secretary of State website and the business name database, you can search for the name of your business. If it is available, you have 180 days to reserve and file for this name which you can reserve for just $39 using the name reservation form.

 

You Will Need To Get A Registered Agent

Registered agents represent businesses or people that have a physical place of business or mail can be sent. As intermediaries for this mail, they will receive what could be legal documents for you, alert you to their presence, and then forward them to you at their earliest convenience. This is mandatory when you have an LLC. In some states, you can name yourself, but in Ohio, you have to pay someone to provide you with the service. Once that is set up, you can then move forward toward setting up your limited liability company by first filling out your Articles of Organization.

 

What You Should Know About Ohio Articles Of Organization

The Articles of Organization in Ohio is a form, Form 5303A, then you can download from the main Secretary of State website. It is for creating a domestic limited liability company, and you must include many components to complete it. This includes the name of the LLC, then the LLC will be started, and how long it will be in action. Additionally, the purpose of the LLC must also be stated. You also need to present information such as its physical address, phone number, and the email address available. The registered agent that you have retained is going to need to sign this document, plus provide their name and address. Likewise, all of the authorized representatives, managers, and members of the LLC must also sign. This will then be sent by mail, or you can actually submit this online, for a filing fee of just $99.

 

Filling Out Your Operating Agreement

The Operating Agreement, even though it is not mandatory, represents one of the most important documents that you can have at your disposal. When you fill it out, you will list the duties, liabilities, powers, rights, and obligations associated with all of the people involved with your LLC. These people may include the members of the LLC, and you also should include your bylaws. This document is useful when you’re trying to explain to a judge that your LLC is really a separate entity. This is only necessary when you are in litigation with someone trying to take your assets, even though your limited liability company is set up. As long as you are complying with regulatory requirements, and paying your taxes on time, the judge should side with you regarding keeping your assets.

 

Why Would You Need One Of These In Ohio

In Ohio, it’s good to have a limited liability company. Make sure that when you file for one you will have your EIN number set up already. Any business licenses for your company should also be active. By doing this, when your LLC finally comes through, you can then start running your business.

 

How Long Does It Take To Get Your LLC In Ohio?

To get your LLC in Ohio, you have three different options. You can do this the standard way which means it will take about six weeks. If you do this with expedited processing, it can be done in as little as 10 business days. If there is rush processing available, in just a few days, it can be improved and your LLC will be active.

 

Should This Be Done By A Professional?

If a professional work with you, they can answer any questions that you may have, they can also fill out the paperwork for you as well. You may not recognize how easy it is to do until you start to complete the process. However, there are some people that would prefer someone do this for them. It can be a difficult task to even find the name of your company or fill out the Articles of Organization. Once it’s done, and they have submitted it, you will see that this was a good investment of your money to ensure that your LLC will go through on schedule.

Forming an LLC in Ohio doesn’t have to take long at all. Whether you do this through regular means, or through an expedited process, you will soon have this final protection for your company. You now also know how taxes are assessed, and ultimately paid, in Ohio, plus you understand that your LLC is a pass-through entity that leaves you responsible for the taxes that are owed. Find out more today about creating an LLC in Ohio.