It is simple to change the name of a Limited Liability Company (LLC) in Ohio by submitting a Certificate of Amendment to the Ohio Secretary of State. As of 2021, it will cost $50 to change an LLC’s name in Ohio. In Ohio, changing an LLC’s name entails a few straightforward processes, which we will go over in this article.
You must first select a new name that is available and meets with the Ohio Secretary of State’s naming guidelines if you want to change the name of an LLC in Ohio. The new name needs to stand out from all previous names of entities that have been registered with the Ohio Secretary of State. You must submit a Certificate of Amendment to the Ohio Secretary of State once you have decided on a new name. The current name of the LLC and the new name, as well as the day the change takes effect, must all be listed on the Certificate of change.
The name change of an LLC in Ohio may incur additional fees in addition to the $50 filing charge. For instance, the operating agreement for the LLC might need to be changed to reflect the new name. The upgrading of the LLC’s name on various legal documents, such as contracts, licenses, and permits, could also incur charges.
Although renaming an LLC in Ohio is a very straightforward process, it is crucial to take all the required precautions to make sure that the change is accurately represented in all legal documents and records. The LLC’s name needs to be updated appropriately or there could be financial and legal repercussions.
In Ohio, an LLC may be modified or updated. An LLC’s name can be changed, but it can also have its members added or taken away, its business purpose can be altered, and its operating agreement can be modified. Similar to changing a company’s name, updating an LLC in Ohio requires filing a Certificate of Amendment with the Secretary of State of Ohio.
An LLC is regarded as a perpetual entity in Ohio, which means it does not have a set end date. However, the Ohio Secretary of State has the authority to dissolve an LLC for noncompliance with state laws or regulations, either voluntarily or involuntarily.
The operating agreement of an LLC shall contain instructions on how to dissolve an LLC in Ohio. The Ohio Revised Code offers default guidelines for removing members if the operating agreement does not. The procedure generally entails getting the other members’ approval and filing an update to the LLC’s Articles of Organization with the Ohio Secretary of State.
Depending on the particular requirements and objectives of the business owner, either an LLC or a S Corporation should be formed. Both LLCs and S Corporations provide their owners with limited liability protection, but there are some significant variations. S Corporations are subject to tougher ownership and management regulations but may provide their owners with tax benefits. LLCs provide more management and ownership flexibility but may be subject to self-employment taxes. To establish which company type is ideal for their particular scenario, business owners should speak with a certified legal or tax specialist.
In Ohio, a fictitious name is a name that a business or company uses that is distinct from the legal name of the entity. A trade name is a name used to identify a business or company. A fictitious name is often registered with the county where the business is located, whereas a trade name is typically registered with the Ohio Secretary of State.