LLC domestication is a procedure that enables a firm to change its state of incorporation and turn into a limited liability company there. Due to Ohio’s acceptance of LLC domestication, an LLC created in another state may transfer its jurisdiction there and become an Ohio LLC.
Limited liability companies, or LLCs, are seen as a hybrid form that combines the limited liability protection of a corporation with the pass-through taxation of a partnership or sole proprietorship. Accordingly, the profits and losses of the LLC are not taxed; instead, they are passed through to the owners for reporting on their personal tax returns.
It’s crucial to have a physical address to utilize as the registered agent address when forming a corporation. However, as a PO Box is not a real address, it cannot be used as the registered agent address. The registered agent is the person or organization chosen by the LLC to receive official correspondence and other essential communications.
The individual who files the required paperwork to establish an LLC is known as the incorporator. The incorporator does not need to be an Ohio resident and can be any adult over the age of 18. However, it is advised that the incorporator be someone who is knowledgeable about the obligations and legal procedures associated with creating an LLC.
While stockholders might be very important to an LLC’s success, they cannot act as the company’s registered agent. The LLC’s legal documents and other necessary notices must be delivered to the registered agent on behalf of the LLC during regular business hours. The registered agent must have a physical presence in Ohio.
In conclusion, Ohio does permit LLC domestication, and it’s critical that the registered agent have a real address. Anyone above the age of 18 may be the incorporator, but it is advised to have someone knowledgeable about the legal requirements. Shareholders are not permitted to act as the LLC’s registered agent.
Does Ohio Permit Domestication of LLC?