The importance of picking the right business structure for your startup cannot be stressed enough.
It affects a number of aspects in your business like taxes, the involved paperwork, and future business growth. This is the reason why you must choose the right business structure the first time.
You have to secure the right business structure to maximize its benefits for your business. Use our step-by-step guide on how to do so. Also, if you’ve tapered your choices into two, this comparison chart should come in handy.
The next step after the business structure has been chosen is to register the business with the Corporations Division of the Ohio Secretary of State.
For an easier and stress-free way to handle this registration process, online incorporation companies such as LegalZoom (for $149) and IncFile (for $49) cater to this task.
On the other hand, being a hands-on entrepreneur, you can also accomplish the incorporation process on your own. The guides below will walk you through the process of forming a business with the corresponding business structures.
As soon as the steps above have been accomplished, you are now duly registered as an Ohio business. Now, all you need to do next is to complete the steps below.
As soon as you have incorporated your Ohio business, it is time to put things into motion. You have to make a business plan, one, to attract the necessary financing and two, to define a clear path of what the business wants to achieve and how it’s going to achieve it.
While writing a business plan isn’t the easiest of tasks, it’s not rocket science as well. You can actually write your own business plan. Use the resources below to help you.
When you start business operations, it is wise to open a separate bank account for your business. This should be a standard procedure to ensure that finances and expenses between your personal savings and business account are not mixed up.
Recommended Resource: For a guide on the best banking accounts specifically for your business, check this roundup list.
Taking care of all your Ohio business tax requirements is also an important facet to successfully run business operations. Given that there are several tax types that are necessary to run a business, it can get quite complicated. To get started, register at the Ohio Business Gateway.
Recommended Resource: To better complete the requirements for Ohio business taxes and sort out your finances for easier accounting tasks, you can use Xero. A simple small business accounting application, Xero can simplify your business tax life. Try the 30-day free trial period now.
Business licenses are a must in every startup. It is a requirement to operate legally in Ohio, so you should set aside sufficient time to delve into the numerous Ohio business licenses and permits required for your business.
Recommended Resource: For easier and more convenient research of the necessary licenses and permits, you can avail of this professional business license research package. Alternatively, the resource roundup found on the SBA website is also a good reference.
A business website represents your business’ image to the general audience and to your targeted consumers.
As such, it is important that you have a professional website that speaks about your business’ brand. Through Bluehost, you can install WordPress with just a single click and begin creating a customized website.
Resource for Getting Started: To begin customizing a business website for your startup, use this guide to walk you through each step.
Please be reminded that this article on incorporating a business is only an informational guide. For more information on the entire incorporation process or how to start a business, speak with a business counselor or a business lawyer.