Starting a business in Ohio is exciting, but there are several details to consider. Here are some things to think about before joining the hundreds of thousands of businesses that are registered in the Buckeye State.
Considerations for Opening a Business in Ohio
It may sound simple, but creating a business plan is one of the most important things you’ll do as you prepare to start your Ohio business. You’ll want to have a clear understanding of what your business is and is not prior to registering your business name and legal structure with the State of Ohio. This type of planning and thinking ahead helps prepare your business for success. It also makes it easier to decide on your location and what type of business you should register as (such as an LLC or S Corp).
You’ll want to consider how your taxes will be affected by various business structure options. It’s also important to do some research into state and federal laws to determine if you need to be certified or licensed in industry-specific areas in order to legally do business in the State of Ohio. Even if your field doesn’t absolutely require a certification or licensure, it’s typically a good idea to obtain it. For example, a day care facility that is operated in compliance with state/federal regulations is more likely to attract parents than a day care facility that has no governing body.
Laws to Understand When Starting a Business in Ohio
If you are selling retail items, you’ll want to have an understanding of Ohio’s vendor licensing requirements. Depending on the type of business you are starting, you may also want to look into OSHA requirements, zoning requirements, environmental requirements, permits, licenses, intellectual property/patent requirements, insurance, and more.
Prep Your Business for Success
According to a recent Forbes article, 7 out of every 10 new businesses survives for at least two years and a third stay in business for at least a decade. But starting a new business in Ohio can involve a lot of trial and error for new business owners, and success is never guaranteed. The team at The Law Office of Tom Somos, LLC is here to support you as you build your business.
Click here to download our “Forming Your Business in Ohio” whitepaper to learn how to set your business up for success in the State of Ohio. If you’re ready to start your business, contact our office today at 614-488-2270.