Improvements Offer New Ways for Ohio Entrepreneurs to Operate Their Business
Big changes are being implemented that will make Ohio a better place to start a business. Ohio Secretary of State Frank LaRose announced more options are now in place for limited liability companies (LLCs) to manage and structure themselves in ways that will provide the certainty and confidence they require to be successful. In January of 2021, the Ohio General Assembly passed and the Governor subsequently signed into law the Revised Limited Liability Company Act, SB 276. This important piece of legislation serves as the first major revision since 1994. The new law addresses the ambiguity in state law regarding the governance of limited liability companies.
The changes include:
- Implementing flexibility for structuring LLCs.
- Allowing a single LLC to establish one or more “series” of assets.
- Providing clarity and predictability for Ohioans looking to start and grow their limited liability company.
These changes, which took effect February 11, 2022, further position Ohio as one of the most business-friendly states in the nation.
“Ohio job creators have been creating new businesses at a record-breaking pace,” said LaRose. “As our state economy evolves, we’ve seen a big surge in the number of businesses filing as an LLC, and these improvements are going to go a long way toward solidifying Ohio as a destination state for entrepreneurs.”
As the front door for all new business, the Secretary of State’s office receives and processes all new business filings in the state of Ohio. With the implementation of the new LLC Act, the Secretary of State’s office has drafted new filing forms and updated the Ohio Business Central filing system.
Establishing a new business in Ohio has become increasingly quick, easy, and inexpensive through the Ohio Secretary of State’s Ohio Business Central website, OhioBusinessCentral.gov. Ohio’s business-friendly climate and the array of resources available to Ohio entrepreneurs have helped Ohio maintain our economic momentum.
- Learn more about how the modernization of Ohio’s limited liability companies better serves Ohio business owners with this fact sheet.
- Click here to download free-use stock images and b-roll from the Ohio Secretary of State Business Services Division.
- Are you an entrepreneur? Click here to learn what you need to do to take advantage of these improvements!
