Ohio entrepreneurs who intend to start their own businesses may wonder how to begin the process. Creating a business can seem confusing, because many things must be completed before the company can operate. A basic overview might help business owners avoid getting overwhelmed.
First, the owner chooses a type of business formation. For an limited liability company or corporation, it is necessary to register the entity with the Ohio Secretary of State. Sole Proprietorships or partnerships do not register. It is important to also determine whether permits or licenses will be needed to operate the business. Then, the owner will need to obtain an employer identification number from the Internal Revenue Service. A bank account in the company's name helps ensure availability of funds to start the business. Next, the owner must contact the Ohio Department of Taxation to register.