Do I Have to Renew My LLC Every Year in Ohio?

If you are in Ohio and have an LLC, you might be asking if you need to renew it annually. No, Ohio LLCs do not need to be renewed yearly, to make a long story short. However, there are still a few crucial considerations when it comes to keeping your Ohio LLC in good shape.

Although you don’t have to renew your Ohio LLC annually, you do have to submit a report. Every year, by the 15th day of the fourth month following the conclusion of your LLC’s fiscal year, you must submit the report. For instance, your annual report would be due on April 15 of the following year if your fiscal year ended on December 31.

Through the website of the Ohio Secretary of State, the annual report may be submitted online. The report submission fee is $50. Your LLC could face fines and even be dissolved if you don’t submit your annual report on time. What Takes Place if I Dissolve My Limited Company?

You must submit Articles of Dissolution to the Ohio Secretary of State’s office if you desire to dissolve your LLC. The existence of your LLC is formally dissolved via this form. Before filing for dissolution, you must make sure that all of your LLC’s unpaid taxes and bills are settled. Can I close my current business and open a new one? You can dissolve your Ohio LLC and form a new one, yes. It’s crucial to remember that forming a new LLC does not release you from the debts or duties imposed by your previous LLC. Additionally, you must ensure that your new LLC is properly registered and complies with all applicable regulations in the state of Ohio. My LLC: Can It Affect My Personal Credit? Although the finances of your Ohio LLC are separate from your personal finances, there are several circumstances in which the debts or liabilities of your LLC may have an effect on your personal credit. For instance, your personal credit may suffer if you personally guarantee a loan for your LLC and the LLC is unable to pay back the loan. You should be careful when personally guaranteeing any loans or obligations for your LLC and keep your personal and corporate finances separate.

As a result, even if your Ohio LLC doesn’t need to be renewed annually, it’s still crucial to submit your annual report on time and to properly dissolve your LLC if you wish to close it. It is possible to establish a new LLC, but it’s crucial to be mindful of any unpaid debts or contractual commitments from your prior LLC. In order to prevent any damage to your personal credit, it’s also crucial to keep your personal and corporate finances separate.