![]() ![]() You can withdraw a salary or profits (in the form of dividends) any time you’d like, at which point you’ll pay taxes on what you withdraw. They’re treated as a separate legal entity, which means you’ll be tracking the assets and debts of the company, rather than your own. LLCs aren’t as complicated as corporations, but offer more liability protection than a sole proprietorship or partnership. The downside is that these types of businesses leave you, the business owner, vulnerable to legal action.Ī more popular choice in Ohio is an LLC. You can start almost immediately, and you won’t have to file any ongoing paperwork like annual reports. In terms of simplicity, sole proprietorships and partnerships can’t be beat. There are many types of businesses for entrepreneurs to choose from, including sole proprietorships, partnerships, limited liability companies (LLCs), and corporations (including C-corporations and S-corporations). Once you’ve decided on the nature of your business, you’ll need to decide how to structure your company. For example, Columbus is home to numerous small business organizations, all of which exist to help businesses like yours succeed. And because the state’s massive population is distributed in big cities, mid-sized cities, and rural areas alike, you’ll have no shortage of options of where to start your business.ĭepending on where you go, you may also have access to grants, credits, and other initiatives designed to attract more entrepreneurs to the area. ![]() In Ohio, you’ll find a lower-than-average cost of living, and more than 927,000 active small businesses. Nestled in the heart of the Midwest, Ohio serves as a middle ground between big cities like New York and Chicago, and boasts an impressive number of big cities of its own, including Cleveland, Columbus, and Cincinnati. Ohio is an ideal state for entrepreneurs looking to start a business. Steps to getting a Tax ID (EIN) Number and Register Your Business in Ohio ![]()
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