The Ohio Secretary of State approves and keeps a registry of business names. Your farm’s name should be memorable and let customers know the purpose of your business.įrom a legal perspective, business names must be registered with the secretary of state in Ohio if the business engages in commerce under any name other than the legal name of the owners (for sole proprietorship and partnerships) or if the business is a corporation or limited liability company. Marrison, OSU Extension Educator & Associate ProfessorĪ recent question received by the Ohio Ag Manager Team was: “How do I register my farm’s name in Ohio?” First, remember that choosing the right name for your farm business is important. Nevertheless, LLCs provide limited liability protection for their members – meaning members generally aren’t liable for the debts or actions of the company – unlike sole proprietorships and partnerships.By: David L. Instead, the business’ profits and losses are passed to the LLC members, who report this information on their federal tax forms.Ī commercial activity tax also applies to LLCs in Ohio, which means LLC members may be subject to a higher self-employment tax than they’d have with other entities ( sole proprietorships and partnerships). For instance, the Internal Revenue Service (IRS) considers LLCs to be “pass-through” tax entities, so the corporation does not pay its own corporate federal income taxes. Many entrepreneurs choose this business entity because it’s flexible and gives its owners, or “members,” more control over how their businesses operate.Īdditionally, LLCs often offer several tax benefits to their members. In 2017, the National Association of Small Businesses found that more than 35% of U.S.
Small Business Administration reported that there are more than 2.2 million small business owners in Ohio.
0 kommentar(er)
