H&M’s Justin Linscott had the honor of speaking at Columbus Startup Week along with Allison DeSantis, Director of Business Services, Office of The Ohio Secretary of State John Husted. Justin and Allison’s session was entitled “How to Become an LLC” and touched upon everything from how to register your business as an LLC to all of the financial considerations and tax matters that business owners need to consider when starting a new venture.
Detailed information about the LLC process was shared during the hour long session, held at Vue Columbus, where Columbus Startup Week Basecamp 2017, Powered by Chase for Business is set up. Allison and Justin presented on the main stage to a room full of attendees who were armed with great questions, which made for a very interactive session.
Allison shared that the LLC form for Ohio is basic and can be filled out online. She explained that it costs $99.00 to register your business. She suggested that entrepreneurs register their business name before embarking on any business practices such as ordering marketing materials or placing signs on doors. This way, the business owner can be sure that their business name is available and preserved for their use. She shared that open business names can be searched on the Secretary of State’s website or, a quick phone call or email to the office will let you know if the desired business name is an option. Learn more about registering your LLC with the State of Ohio by clicking here: https://www.sos.state.oh.us/SOS/
Justin presented during the second half of the session and touched on the financial elements that come into play when deciding your entity structure. Justin encouraged those in attendance to have good advisors in their corner from the beginning, including an attorney, accountant and insurance professional. In addition to registering with the Secretary of State’s office, Justin explained that new businesses should also register with the Ohio Business Gateway: http://business.ohio.gov/starting/ He explained the ins and outs of planning for and paying quarterly taxes, payroll taxes, commercial activity tax, etc. Justin also shared what businesses planning to sell goods should also register for a vendor’s license.
Justin and Allison enjoyed fielding questions from those in attendance. It’s a difficult task to cover everything that one must know about starting an LLC is just a one-hour session. Justin and Allison stayed after to visit with attendees and address additional concerns.
If you have specific questions about starting a business, please reach out to Holbrook & Manter. We would be happy to assist you and place you on the road to success.