How Do I Form a Single-member LLC in Ohio?

by

Steps to Form an LLC in Ohio

  • Choose a unique business name
  • Register with the Secretary of State
  • Obtain required licenses and permits
  • Pay applicable taxes and fees like sales tax, payroll tax, and franchise tax

Structuring a Single-Member LLC

  • To form a single-member LLC: Choose a business name, register with the Secretary of State, obtain licenses and permits, pay applicable taxes and fees.
  • A single-member LLC has one owner, protects personal assets, and allows the owner to control taxation and management.
  • The LLC can be either member-managed or manager-managed.

Differences Between Single-Member and Multi-Member LLCs

  • Single-member LLCs are like sole proprietorships with one owner, offering better tax options but potentially less creditor protection than multi-member LLCs.
  • Multi-member LLCs have stronger protection from creditors through charging orders, which provide a lien on LLC distributions.

Leave a Comment