If another business has a similar name registered, you can use the name anyway with consent by submitting the Consent of Use of Similar Name form. The office will search to make sure the name you want to use is not already taken. To register your business name in Ohio, you simply need to submit a form to the secretary of the state. Corporations are formed by filing Articles of Incorporation and paying the $99 fee. Corporations can opt for various tax treatments and avoid self-employment tax. Some vendors and banks may ask your partnership for a Statement of Partnership Authority, which can be obtained from the Ohio secretary of state for a $99 fee.Īlthough a corporation is more expensive to start than other types of business entities, it protects its owner from personal liability in the case of a lawsuit. Both a sole proprietorship and general partnership are pass-through entities, which means the owners report profits and losses on their individual tax returns. Like a sole proprietorship, this entity does not need to register with the state and carries personal liability for business debts. When two or more individuals start a business together, it's known as a general partnership. This is the easiest type of entity to establish but carries the downside of total personal liability for business debts and obligations. A sole proprietor is an individual who opens his or her own business. Choosing a Business EntityĪvailable legal structures for your business include the limited liability company (LLC), corporation, sole proprietorship, and partnership.
If you've written a business plan, these are the next steps to becoming a business owner. Ohio business registration is the process of establishing a legal business entity in the state.
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