George Ammar an Ohio Chief Financial Officer located in Cleveland, Ohio.is the Founder and Owner of Ohio CFO LLC and is CPA certified. He prioritizes his health and fitness to live an active and healthy lifestyle. George S Ammar believes that a successful business man will only remain successful by completely looking after his health. He believes wholeheartedly in the power of sleep and also being an early riser.
The first important step when starting an LLC is to choose a name that complies with the state naming requirements of Ohio and is easily searchable and catchy. It must include the phrase Limited Liability Company as does the company CFO LLC owned by George S. Ammar. There are a list of restricted words such as bank, attorney and university.
The next step you have to do is check that the name is available in Cleveland, Ohio. In this modern age the next step is to check that the URL is available as a web domain. Even if you don’t initially wish to set up a website, you do not want someone else to take the web domain for your proposed web domain. You should then set up a professional email account using your business name.
In Ohio you need to nominate a statutory agent which is also called a Registered Agent. This is a business that agrees to receive all of the legal paperwork relating to your LLC. This agent must also be a resident of Cleveland Ohio and authorized to transact business in Ohio. It is useful if they are easy to find in the directory.
The next legal step is that you must file the articles of organization with the Ohio secretary of state, these are the legal documents setting out your business. These will need to confirm whether you are member managed or manager managed. This relates to who makes the profits for the company and whether they are shared between shareholders or just to the Directors.
The next legal requirement for a business in the state of Ohio is to create an operating agreement. This is a legal document outlining who owns the company and how your LLC will operate. This document is very important as it will ensure that your companies ethos, rules of conduct, what you will do and how you will do it are set out for all parties to see. This document is important if there is ever conflict between business partners. This is not something that you may want to think about at this stage in the business, but it is highly recommended by any legal representative.
We are nearly there, just a little more resilience required, the next step is to obtain an EIN for your business which is an Employer Identification number this is essentially a social security number for the company. You will need to have this when you open your business bank account, it will be required for federal and state tax purposes and it will be required before you are able to legally take on any employees.