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Ohio LLC and INC Annual Filing Requirements

Once you form a new business, the foremost pre-requisite or requisite of every state in the USA, including Ohio, that you need to focus on is being legally compliant. This refers to meeting all internal as well as external business compliance requirements. So, if you were to form a limited liability company then you would need to meet Ohio LLC annual requirements, which are mostly external requirements and involve paying taxes and filing various paperwork with the state government. This guide has been created to provide you with an insight into different annual filing requirements in the state. The guide will give an overview of LLC and Corporation annual filings along with state and other business taxes as applicable.

Ohio LLC Annual Filing Requirements

The annual requirements for limited-liability companies being formed in Ohio will be governed by the 2022 Ohio Revised Code Title 17 – Corporations-Partnerships, Chapter 1706 – Ohio Revised Limited Liability Company Act. The Ohio LLC annual requirements may be different from those of other forms of entities like sole proprietorships, Corporations, and partnerships. If you start a limited liability company in this state then the important annual requirements are categorized as under.

No annual report for Ohio LLCs

The annual report as required by most states in the USA, should not be confused with the financial statement released by companies at the end of a financial year. This report is a type of basic information record that contains facts related to your company like names and addresses of your registered agent as well as members or managers. It is often considered to be a comprehensive report regarding the activities of a limited liability company throughout the preceding year. The LLC annual filing in Ohio laws doesn’t require you to submit any annual report. It is simply not required for a traditional LLC, but if you form a domestic Professional LLC then you will have to be compliant with the Ohio LLC annual requirements for a yearly report.

A professional LLC will need to submit a Biennial Report. This type of report is submitted once every two years. You can submit it offline or online with a fee of $25. As a part of the Ohio LLC annual requirements, this report has to be filed within July 30 of even-numbered years.

Ohio LLC Taxes

Ohio LLC taxes are an important annual requirement for all new and existing companies in this state. A limited liability company is considered a pass-through tax entity. Hence, federal income tax for the LLC actually passes through from the company to the individual members. The end result is that the limited liability companies don’t pay any federal income taxes. Instead, the members have to file the same on their individual tax returns. Apart from this, as a part of Ohio LLC’s annual requirements, the company may be subjected to a variety of state taxes:

  • Commercial activity tax (CAT) – One of the important Ohio LLC taxes is the commercial activity tax, also known as the annual privilege tax or even franchise tax. This tax will be applicable if the taxable gross receipts of a limited-liability company doing business in Ohio are more than $150,000.
  • Ohio employer tax – The laws pertaining to LLC annual filing in Ohio may require you to file state employer taxes, which are also known as payroll taxes. LLCs in Ohio are obligated to collect, report, remit, and document taxes that have been withheld from employees. This simply refers to the fact that employers conducting business in Ohio are responsible for withholding individual income tax from the salary of their employees. The percentage of wages being withheld is 6.2%.
  • Sales and Use Tax – The third important tax as part of Ohio LLC’s annual requirements is the sales and use tax. The statewide sales tax base rate is 5.75 percent, and regional transit authorities and counties may levy additional sales or use tax as applicable. The maximum local sales tax rate, however, is 2.25 percent.

Ohio Corporation Annual Filing Requirements

Once you establish a corporation in Ohio, you must adhere to Ohio Corporation’s annual requirements. These requirements have to be fulfilled in order to maintain good standing in the state. These requirements can vary according to the type of domestic or foreign corporation you form. Corporation annual filings and requirements are governed by the 2022 Ohio Revised Code, Title 17 – Corporations-Partnerships, Chapter 1701 – General Corporation Law. If you start a business corporation in this state then the important annual requirements are categorized as under.

No annual report for Ohio Corporations

In most US states, business entities, including corporations, have to file an annual report, which is also known as a statement of information, periodic report, or biennial report. There are, however exceptions like Corporation annual filings in Ohio states that there is no requirement for this type of entity to file a yearly report. The importance of a yearly report lies in the fact that this short document provides information pertaining to the owner of the company, products or services being sold, and other relevant information.

However, if you form a professional corporation in Ohio or a Nonprofit Corporation, the requirement of an annual report will arise. The Ohio Corporation annual requirements for a professional corporation require submission of a Biennial Report (once every two years), while a nonprofit corporation has to submit a Statement of Continued Existence. The fee for either is $25.

Ohio Corporation Taxes

One of the greatest benefits of incorporating in Ohio is that the state does not have any corporate income tax, unlike in many other states in the USA. However, the state does have what is known as the Corporation Franchise Tax, which is considered one of the foremost Ohio Corporation taxes. Let’s take a look at some of the applicable taxes in the state for business corporations.

  • Ohio Income Tax – If anyone earns from the corporation, such as shareholders, they will be required to file Ohio income tax. The state’s standard rates are applicable, and they range from 2.765 percent to 3.990 percent, varying according to the amount of taxable income.
  • Sales and Use Tax – This is one of the important Ohio Corporation taxes, and the current sales tax rate statewide is 5.75 percent. The sales tax will be applicable if you are selling physical products like books, electronics, appliances, furniture, etc. It also applies to certain services like Lawn Care Services or Exterminating Services. The use tax is one of the important Ohio Corporation annual requirements but is applicable only if you purchase any physical products from outside the state for use within the state. The use tax rate is a maximum of 2.25 percent, while the combined average sales and use tax rate in Ohio is 7.24 percent.
  • Commercial Activity Tax (CAT) – This tax is a part of the Corporation’s annual filings and will be applicable to your corporation if the gross receipts in a calendar year are more than $150,000. It will also be applicable to out-of-state corporations with Ohio-based gross receipts amounting to more than $500,000.

Need any Assistance in Ohio LLC or INC Annual Filing?

Annual requirements, also known as annual compliances, vary from one state to another, although certain requirements remain the same. Although Corporations or LLCs’ annual filing in Ohio doesn’t mandate the filing of annual reports, certain taxes are required to be filed. If you need detailed information pertaining to taxes or annual reports in Ohio, IncParadise can assist you with the same.

IncParadise, as your registered agent in Ohio, is an expert in new business formation services and can help you with your Ohio LLC formation or incorporation. We also offer many additional services like EIN and foreign qualifications among others.

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