You may have heard people refer to their “LLC.”
Perhaps you’ve thought about starting one of your own. But what exactly is an LLC? What is the purpose of an LLC in the State of Ohio?
Today, we turn to Ohio Revised Code, Chapter 1705.02 for a quick definition. It reads as follows:
A limited liability company may be formed for any purpose or purposes for which individuals lawfully may associate themselves, including for any profit or nonprofit purpose, except that, if the Revised Code contains special provisions for the formation of any designated type of corporation other than a professional association, a limited liability company shall not be formed for the purpose or purposes for which that type of corporation may be formed. At the request or direction of the government of the United States or any agency of that government, a limited liability company may transact any lawful business in aid of the national defense or in the prosecution of any war in which the United States is engaged.
Many of our clients form LLCs to pursue a lifelong dream of starting a business, such as a photography or consulting business. As the code indicates, LLCs can be formed for almost any purpose, which makes them a flexible solution for many situations.
Forming an LLC in Ohio?
If you’re thinking about forming an LLC in the State of Ohio, feel free to contact our firm to ask any questions you may have. We’re happy to help you evaluate your options and move your dreams forward.