Ohio commonly referred to as the Industrial Capital of the United States presents just the right platform for businesses. Company incorporation in Ohio is beneficial as the state is ranked 3rd in the country for friendliest tax environment according to a report by the Quantitative Economics and Statistics Practices (QUEST). The total exports of the state amounted to 3.2% of total US exports and are home to 25 Fortune 500 companies. Some of the companies on this “crème de la crème” list include Cardinal Health Inc., Kroger Co., Procter & Gamble, Marathon Petroleum, Macy’s, Goodyear Tire & Rubber, Parker-Hannifin, and Fifth Third Bancorp among others.
Why Choose Ohio for Incorporation?
There has been a steady growth in incorporation in Ohio especially of small businesses thanks to the strong tax reforms. The unemployment rate is at 4.7% and gradually showing healthy signs as more and more people are getting jobs.
Now let’s take a look at some of the salient benefits that are responsible for fuelling growth of small businesses:
- Ohio Foreign Trade Zone: If you set up company in Ohio under the Foreign Trade Zone (FTZ) program then you can avail of lower costs, which in-turn will boost business profits through a variety of duty savings benefits. The program is overseen by the U.S. Department of Commerce. Information & Application
- Grants, Loans, and Tax Credits: There are a variety of business incentives made available to start-ups as well as existing business entities in the form of grants, loans, bonds, and tax credits. These incentives are classified under different programs implemented by the Ohio Development Services Agency. Some popular programs include:
– State Small Business Credit Initiative (SSBCI)
– Advanced Manufacturing Program (AMP)
– Conversion Facilities Tax Exemption
– Collateral Enhancement Program (CEP)
– Innovation Ohio Loan Fund
– Ohio Brownfield Fund
How do you incorporate in Ohio?
What is the process through which you can set up company in Ohio? What type of documentation is required? Can the registration documents be filed online? If you are confronted with these questions then the following steps will help you in understanding how incorporation works in Ohio:
Type of Business
What type of business do you want to form? You can choose to form domestic or foreign Corporation or any other business like a domestic or foreign limited liability company, partnership, Limited Partnership (LP), Limited Liability Partnerships (LLP), and Professional Associations. The first step towards company incorporation in Ohio is choosing the type of business you want to form.
Business Entity Name
What is the next step towards company incorporation in Ohio? The next step is to identify and reserve a name and this can be done as follows:
- Naming Requirements: According to OH Rev Code § 1705.05 for LLC and OH Rev Code § 1701.05 for corporation, a business name should contain the words should contain words like “corporation”, “incorporated”, “limited liability company” or abbreviations like “corp.”, “inc.”, “ltd.”, “L.L.C.”, ”Ltd., ” or similar abbreviation.
- Business name search: You need to search for a business name that is not in use currently. You can conduct name availability search here.
- Name Reservation: Once you have identified business entity name, you can reserve the name pursuant to Ohio Revised Code §§1701.05(E), 1702.05(E), 1703.06, 1705.05(E) and 1746.06(D). You will have to submit Form 534B with the Secretary of State for name reservation and it will be valid for a period of 180 days from the date of filing.
- Trade Name/Fictitious Name Registration: if you set up company in Ohio as a foreign corporation or LLC the you will have to register the trade name pursuant to Ohio Revised Code §1329.01(B)(4).
Choose a Registered Agent
Whether you form a corporation or an LLC business entity, in order to transact business in the state of Ohio, you will have to maintain a registered agent pursuant to OH Rev Code § 1705.06 for LLC and OH Rev Code § 1701.07 for Business Corporations.
We are one of the respected registered agents in Ohio and will be responsible towards initiating incorporation in Ohio through processing of your “Articles of Organization”, and “Articles of Incorporation” for domestic entities and “Application for Registration” and “Application for License” for foreign business entities.
Articles of Incorporation and Application for License
You will be required to file “Articles of Incorporation” pursuant to OH Rev Code § 1701.04, if your business is a domestic corporation. You will have to file a “Application for License” pursuant to Ohio Revised Code §1703.13, if it is a foreign business entity. In order to streamline the process of incorporation in Ohio, we can file documents on your behalf through the online process or through expedited process.
Date Stamped Copies
As a part of the process of company incorporation in Ohio, we will ensure, you receive date-stamped and filed copies that verifies the state has filed as well as formed your corporation.
Costs and Fees associated with Ohio Incorporation
What would it cost to set up company in Ohio? Check Fees here!