Minimal Compliance Requirements LLCs are subject to limited state mandated annual filing requirements and ongoing formalities. While corporations are typically required to have at least an annual meeting of directors and shareholders (and initial meeting of the same), adopt bylaws, and keep minutes of all meetings and all formal corporate resolutions, an LLC is not required to do any of those things (see the explanation of an operating agreement, above). The LLC members may have whatever meetings they wish and may document any such things as they wish, however they are not required to do so.
The Business Inquiries allow users to search and retrieve data and images maintained in the Business Database. The Business Database is a collection of files that records business filings submitted to, and approved by the Ohio Secretary of State. The database maintains records For Profit Corporations, Non-Profit Corporations, Professional Associations, Foreign Corporations, Foreign Name Registrations, Business Trusts, Real Estate Trusts, Fictitious Names, Trade Names, Limited Liability Companies,Limited Liability Partnerships, Limited Partnerships, Trademarks, Service Marks, and Name Reservations. These filings are recorded and maintained in accordance with the Ohio Revised Code.
Versatile Tax Status One of the most advantageous aspects of the LLC is that it has the ability to choose how it is treated as a taxable entity. According to the IRS an LLC is, by default, federally taxed as a partnership (in the case of a multi-member LLC) or as a sole proprietor (in the case of a single member LLC). The LLC, however, may elect to be taxed as a C- or S-corporation at any time the members so choose.
Outside of the normal statement filing season, you may fill out a Statement of Change form with the date you went out of business, the status and disposition of any equipment owned or used by you at the time the business closed. If any of the property was sold to another person or business, please indicate the buyer's name and address. Make sure to identify any property that reverted to your own personal use as household personal property.
Please note that we cannot guarantee the results or outcome of your particular procedure. For instance, the government may reject a trademark application for legal reasons beyond the scope of LegalZoom's service. In some cases, a government backlog can lead to long delays before your process is complete. Similarly, LegalZoom does not guarantee the results or outcomes of the services rendered by our legal plan attorneys or attorney-assisted products. Problems like these are beyond our control and are not covered by this guarantee.
Some businesses are prevented from forming an LLC, however. Typically financial companies such as banks, financial trust companies and insurance agencies can't file as an LLC. LLCs are sometimes limited for industries in certain states, too. For example, if you live in California, you can't form an LLC if you're an architect, accountant or licensed health care provider. Check out our LLC information by state for more details on your state.
In this case, you need to write a remark about that circumstance on the Business Property Statement, or on an attachment to it. Also fill out Part III (Equipment Belonging To Others) of the form. If you own any small equipment, such as a printer, copier, etc., that you are using in the business, you should report these costs under Part II of the Business Property Statement and also Schedule A.