In Ohio, the most common structure for real estate enterprises is an LLC. This is due to the ease with which a limited liability corporation (LLC) may be formed and operated.
If your real estate firm is sued, an LLC may safeguard your personal assets (vehicle, home, money). LLCs also provide credibility and tax-saving possibilities.
It Is Simple to Form a Real Estate LLC in Ohio
In Ohio, you may form a real estate LLC by filing Articles of Organization with the OH Secretary of State. In Ohio, forming a real estate LLC costs $99.
The first step in organizing a real estate LLC is to choose a firm name. You must offer your company a distinct name that complies with Ohio naming regulations.
When you submit your Articles of Organization, you will formally register your name.
Determine if the name is available in Ohio. Make sure the company name you choose isn’t currently in use by doing an online LLC name search.
Examine if your company’s name is accessible as a web domain. You may choose to purchase the URL in order to prevent others from using it.
You must name a registered agent, also known as a statutory agent in Ohio, when you submit your Articles of Organization.
The statutory agent of your real estate LLC might be a person or a registered agent service. Although you may act as your own statutory agent, many company owners choose to employ a registered agent service.
Consider the following while selecting a statutory agent:
You must complete Form 533A – Articles of Organization with the Ohio Secretary of State to register your Ohio LLC. This may be done online or in the mail.
An LLC operating agreement is a legal document that defines your real estate LLC’s ownership and member responsibilities.
An operating agreement may benefit even single-member LLCs.
You may include conditions in your real estate LLC operating agreement as long as they do not contradict Ohio law.
The US Internal Revenue Service (IRS) uses an Employer Identification Number (EIN) to identify and tax firms. It’s essentially a business’s Social Security number.
Following the Formation of a Real Estate LLC