#COLUMBUS OHIO BUSINESS LICENSE SEARCH LICENSE#
You are issued a business license because the government regulates businesses and this is one type of regulation. In addition to the tax, which is usually a flat tax per year – average about $40 per year, you may have to go thru inspections to get the business license. So, for example, you are a small home business selling stuff online. The small business is taxed on the basis of the nature of business, its location, the number of employees and several other factors such as the gross annual receipts. This type of tax license is different from income, sales, or employment tax. All small businesses, even home or online businesses must register for occupational business tax. Though it is called a business license, an occupational business license, a home occupation permit etc., It is a type of tax registration.
The LLC is a corporate entity that affords a lot of protections for you. This is because the LLC is a separate entity and it can sue or be sued for its actions. The plaintiff can only get that $50, instead of going after your house or automobile or personal accounts.īottom line, you avoid paying for the liability from your personal assets. So suppose you have $50 dollars in the LLC account and no other assets, Form 5472 is an information return for tax purposes and after an LLC is liquidated, it must file aįinal Form 5472 as well as when adding members.Īn LLC can help you avoid personal liability for debts or wrongs committed during business transactions.įor example, you become an LLC instead of a sole proprietor - you become a sole proprietor by filing a DBAĪnd getting a business license - someone slips and falls in your store, which is under the LLC, the plaintiff No formalities such as corporate minutes to hold unless you filed an IRS form and you treat your LLC as a "C" corporation.Īll LLCs need an IRS EIN after setting the LLC up, and a Responsible Person as well s keeping track of members and LLCs financial transactions and a filing of Form 5472.įoreign persons will have to report individually the transactions. LLCs were first created in Wyoming in 1987 and have become the preferred entities because LLCs are not bound by the same rigid rules of corporations and require Partnerships and corporations and preferable because they allow you to save on taxes.įor example, the “New LLC Law” that became effective in 2018 and the 20% reduction in business taxes for small businesses earning less than $157,500. Limited liability companies (“LLCs”) are hybrid entities that blend pass-through taxation of
Limited liability for the debts and actions of the LLC.
#COLUMBUS OHIO BUSINESS LICENSE SEARCH PLUS#
Setting up or forming a limited liability company (LLC) online is simple, easy and affordable, inexpensive process for under $60 plus state fees.Īn LLC is a corporate structure and you will not be held personally liable for the company debts or liabilities because, similar to a corporation, owners have DBA for OH business in Columbus, OH Formation and Set Up
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