Ohio CorporationĬorporations also offer strong liability protection but are more rigidly structured than LLCs. You’ll need to file paperwork with the Ohio Secretary of State to start your Ohio LLC. As an LLC owner, you’re in charge of your company’s business organization, management structure, and tax designation.
LLCs are a popular choice for small business owners because they combine robust liability protection with flexibility. The most commonly formed business entities that offer liability protection are LLCs and corporations. Your personal assets, including the money in your personal bank accounts, your home, and your cars, are at risk if your business runs into financial trouble.įormally establishing your company as a separate business entity and registering with the state is the best way to protect your personal assets. And if your company owes debts, those debts are yours. However, sole proprietors and general partnerships offer no legal separation between your business and you as an individual, meaning that you have zero liability protection. Many new business owners begin as sole proprietors or as a member of a general partnership because neither require registering with the state of Ohio.
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