Ohio (United States of America)

The Government of Ohio is the governmental structure as established by the Constitution of Ohio. The Government of the U.S. state of Ohio consists of the Executive, Judicial, and Legislative branches.

• The legislative branch, the Ohio General Assembly, is made up of two houses: the Senate and the House of Representatives;
• The Executive Branch is responsible for executing the laws that are created by the state's legislative branch and defined by the state's Judicial branch;
• The Judicial branch is headed by the Ohio Supreme Court, which has one chief justice and six associate justices, each elected to staggered six-year terms.

In 2019, the real GDP of Ohio was $54.1 billion. The GDP per capita of Ohio was $70,991 in 2019.

Aircraft engine manufacturing accounts for nearly 75% of Ohio's aerospace and defense industry workforce. Dayton is designated as the state's aerospace hub due to its high concentration of aerospace and aviation technology. Bioscience accounted for a large portion of Ohio’s economy, with about 15% output. Other sectors of the economy include: healthcare, pharmacies, education, agriculture, energy, R&D, etc.

Currency:

United States Dollar (USD)

The corporate laws of Ohio are user-friendly and often adopted by other states as a standard for testing corporate laws. As a result, the corporate laws of Ohio are familiar to many lawyers both in the US and internationally. Ohio has a common law system.

Type of Company/Corporation:

One IBC supply incorporation in Ohio service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.

Business Restriction:

The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.

Company Name Restriction:

The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";

• May contain the name of a member or manager;
• Must be such as to distinguish it upon the records in the office of the Secretary of State from the name on such records of any corporation, partnership, limited partnership, statutory trust or limited liability company reserved, registered, formed or organized under the laws of the State of Ohio or qualified to do business.

• May contain the following words: "Company," "Association," "Club," "Foundation," "Fund," "Institute," "Society," "Union," "Syndicate," "Limited" or "Trust" (or abbreviations of like import).

Company Information privacy:

No public register of company officers.

Just 4 simple steps are given to start a business in Ohio:

• Step 1: Select basic Resident/Founder nationality information and other additional services that you want (if any).
• Step 2: Register or log in and fill in the company names and director/ shareholder(s) and fill in the billing address and special request (if any).
• Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal, or Wire Transfer).
• Step 4: You will receive soft copies of necessary documents including Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in Ohio is ready to do business. You can bring the documents in the company kit to open a corporate bank account or we can help you with our long experience of Banking support service.

* These documents required to incorporate a company in Ohio:

• Passport of each shareholder/beneficial owner and director;
• Proof of residential address of each director and shareholder (Must be in English or certified translation version);
• The proposed company names;
• The issued share capital and par value of shares.

Read more:

How to start a business in Ohio

Share Capital:

There is no minimum or a maximum number of authorized shares since Ohio incorporation fees are not based on the share structure.

Director: 

Only one director required 

Shareholder:

Minimum number of shareholders is one 

Ohio company taxation: 

Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.

• Us Federal Taxation: US Limited Liability companies structured for partnership tax treatment with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return.
• State Taxation: US limited liability companies that conduct no business in the recommended states of formation with non-resident members are generally not subject to state income tax and are not required to file a state income tax return.

Financial statement

Local Agent:

Ohio law requires that every business have Registered Agent in the State of Ohio who may be either an individual resident or business that is authorised to do business in the State of Ohio

Double Taxation Agreements:

Ohio, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimised by providing credits against Ohio taxation for taxes paid in other states. 

In the case of corporate taxpayers, double taxation is minimised through allocation and appointment rules related to the income of corporations engaged in multi-state business. 

License Fee & Levy:

To form a corporation, the Articles of Incorporation need to be filed with the Secretary of State. The cost to file is US$ 99.

To form an Ohio LLC, file the Articles of Organization with the Secretary of State. The cost to file is US$ 99.

Read more: 

• Ohio trademark 
• Ohio business license 

Payment, Company return due date:

Ohio Filing Due Date: Business tax returns are due by April 15 — or by the 15th day of the 4th month following the end of the taxable year (for fiscal year filers).

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