Originally from:
Legal Aspects of Doing Business in North America - 2nd Edition - Loose leaf
Legal Aspects of Doing Business in North America - 2nd Edition - Electronic
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Ohio
John T. Murray
Murray & Murray Co. LPA
Sandusky, Ohio
Establishment of Enterprises
In General
Ohio law recognizes a variety of business enterprises. This chapter provides an
overview of the most common, including corporations, limited liability
companies, and partnerships. In selecting the appropriate type of business entity,
one should look at the financial resources available, the purpose for the
enterprise, future plans for expansion, the need for capital and tax planning, the
time required for formation, and the need for limited liability.
If you will be the only owner, either a corporation or a limited liability company
(LLC) are possibilities. An individual can also operate his or her business
without forming either, becoming a sole proprietorship by default. A business
with multiple owners can be a general or limited partnership, a corporation, or a
limited liability company. If no conscious decision is made, a business with two
or more owners will automatically be a general partnership.
Under Ohio law, the organization of businesses is governed by the Ohio Revised
Code (ORC). The ORC regulates common rules of formation, governance, and
specific laws for the creation and closing of business entities.
Formation
Filing Entities in General
For-profit and non-profit corporations, limited liability companies (LLC) and
limited partnerships must file with the Ohio Secretary of State. The following
comprise the common steps for establishing a filing entity:
• Selecting a name for the entity with the Secretary of State;
• Filing Articles of Incorporation or Articles of Organization; and
• Payment of the appropriate filing fee for the entity.
In addition to the general requirements, specific requirements exist for the each
entity, which are discussed below.
Ohio
Establishment of Enterprises
Acquisition of Realty
Taxation
Currency Regulation, Capital and Profit Transfer Investment
Incentives
Competition Law
Intellectual Property Protection
Employment Law
Banking Law
John T. Murray Murray & Murray Co. LPA Sandusky, Ohio
