If you’re thinking about setting up an LLC in Ohio, there are a few key benefits you should be aware of. Here’s a look at some of the biggest advantages of setting up an LLC in Ohio:
One of the biggest benefits of setting up an LLC is that it offers its owners limited liability protection. This means that if your LLC is ever sued or incurs debt, your personal assets will be protected. Only the assets of the LLC itself will be at risk. This is a major advantage over other business structures, such as sole proprietorships and partnerships, which offer their owners no such protection.
Another big benefit of setting up an LLC is that it offers its owners pass-through taxation. This means that any profits or losses your LLC incurs will be “passed through” to you and reported on your personal tax return. This is advantageous because it allows you to avoid double taxation, which is what occurs when both the business and the owner are taxed on the same income.
Unlike other business structures, LLCs offer their owners a great deal of flexibility when it comes to management. An LLC can be managed by either one or more individuals (known as members) or by a professional manager. This flexibility gives LLCs a significant advantage over corporations, which must be managed by a board of directors.
If you do choose to have a professional manager run your LLC, it’s important to note that this individual does not need to be a resident of Ohio. In fact, they can live anywhere in the United States.