Corporate Name Requirements
* The name shall end with or include word or abbreviation “Company”, “Co.”, “Corporation”, “Corp.”, “Incorporated” or “Inc.” The name must be distinguishable from the name of another domestic or foreign corporation authorized to do business in the state or from any trade name. The name shall not contain language that implies it is connected with a government agency of any state or the United States.
Articles of Incorporation Requirements
- Minimum Number – Three or more, except that where the shares of a corporation are owned by less than three shareholders, that corporation may have less than three directors but that number may not be less than the number of shareholders.
- Residence Requirements. – No provision.
- Age Requirements – Must be 18 years old.
- Directors are not required to be listed in the articles of incorporation.
- The officers are not required to be listed in the articles of incorporation.
- An increase in the shares may cause an increase in the initial filing fee.
- A domestic corporation incorporated on or after January 1, 1993 must file its first statement of continued existence on or before July 1 of the year following its year of incorporation and each July 1 thereafter. A filing fee of $5 will be charged.
Income Tax Rate
- Ohio no longer has a corporate franchise/income tax.
For more information on taxes, visit Ohio Department of Taxation
- Shareholders have limited liability protection
- May be listed and traded as a publiccorporation on the stock market or “over the counter”
- Has a separate and independent tax status from its owners
- Profits are not subject to “double taxation”
- Corporate losses may be “passed through” to share holders
- Shareholders are afforded the same protection as C Corp.
- Contains characteristics of both corporation and partnership
- Shareholders may take advantage of “Pass-Through” taxation
- Limited liability for share holders
Not for profit corp
- Eligible for tax-exempt status
- Limited Liability protection
- Qualify for public and private gains