Limited Liability Partnership (LLP): When you have multiple partners but want protections like those granted an LLC, the LLP is the type of entity you may want to use.General Partnership: When two or more people start a business together, they create a partnership that must be registered with the state.You’ll also have to register a DBA, or “Doing Business As,” with the state of Ohio if you name your business something other than your own legal name.
Learn more about why a sole proprietorship might be the best option for you. Sole Proprietorship: A sole proprietorship is the default business type for a single-owner business that doesn’t choose its own entity type.Another reason to form a corporation is so that you can divide shares among people or other companies. A corporation is typically chosen by businesses that expect to scale quickly. Corporation: A corporation can be set up as different types, an S-corp and a C-corp, depending on how it will be taxed.Read more about how an LLC works in Ohio. It offers a unique tax benefit of being able to select how you want to be taxed while still receiving liability protection. Limited Liability Company (LLC): An LLC is often thought of as the most popular business entity type for small businesses.The most popular business types that you can choose from are: Each entity type comes with its own unique rules and potential tax or operational benefits. There are multiple types of entities that you can choose from for your business. For most business entities, you’ll need to register online through Ohio’s portal. Registering your business with the state of Ohio is required, and it’s a very important step to take in order to protect yourself personally from any potential mistakes your business might make in the future.