One of the most preferred business structures in the business ecosystem is the limited liability company (LLC). Mainly because aside from the tax flexibility that a pass-through formation offers, a less troubling legal documents compliance, and that ideal credibility for customers, an LLC offers very flexible business management and profit distribution for its members.
Behind those utopian attributes of an LLC, there are legal fees that you might want to know before being urged to start one. As a legally recognized business entity, the state truly makes sure that your LLC is cohering within its legal matters. And among the states which are great to consider, Ohio is leading the LLC business landscape. Hence, look into this blog and discover the required fees that you want to know in forming an LLC in Ohio:
The Articles of Organization Fee
First of all, you want to know how much does a LLC cost in Ohio for identifying the fee in filing the Articles of Organization, from which it proves the organizational formation of your LLC with the Secretary of the State. The regular fee for this only costs $99 which takes from three to seven business days of processing. But if you want your business establishment to be urgently processed, you may think of several additional fees costing: $199 for two business days processing; $299 for one business day processing; $399 in just four-hour processing that would be only available for those who submitted the requirements completely to the State Secretary.
The Reservation for Name Fee
Choosing an LLC name is indeed one of the crucial steps when starting an LLC. Among the LLCs in Ohio, you might not want to have a twin business just because you forgot to reserve the name that was chosen or created. Hence, LLC name reservation is indeed important. What the Ohio Secretary of State could do is to find and search if your desired name is still available through the help of their database systems. If the name is still available, you may now fill out Form 534A that could reserve your chosen LLC name for 180 days. As the latest name reservation fee, you could file this necessary document for only $39 from which could also be processed urgently by adding $100 for two business days; $200 for one business day; and $300 for four-hour business processing. The acceptability of the name could be advised through firstly filing the pre-clearance that costs $50.
When forming an LLC, you should know that the validity of the business operation only lasts for five years. Thus, a renewal method is a must. You must also know that the renewal application form must be filed during the last six months of your five-year period of LLC validity. In this case, the file that you must fill out is Form 523A that costs a $25 fee.
Choosing an LLC is indeed great for its lists of advantages that you want to enjoy in the business establishment. However, along with these are the fees that we should first know for us to assess the essential capital that we should have prepared.