Form Your Own Ohio S Corporation
If you're interested in starting an S corporation in Ohio, you should know from the very start that you can do the work yourself. Now, this isn't to say that you shouldn't work with a good local attorney or accountant. If you've got lots of complexity and a big budget, getting a professional involved in the work of setting up a new S corporation can be a great investment.
But here's the thing: You don't have to get a professional's help. You can, quite candidly, do the work yourself.
How can that even be, you ask? Well, somewhat surprisingly, you only need to take three, relatively simple steps to form an S corporation:
Form either a limited liability company or corporation by submitting an Ohio LLC "Articles of Organization" form or an Ohio Corporation "Articles of Incorporation" form to the Secretary of State Client Service Center, P.O. Box 670, Columbus, Ohio 43216. (If you choose to pay for expedited processing for either the "Articles of Organization" or the "Articles of Incorporation" forms, you will need to send your form to P.O. Box 1390 instead of P.O. Box 670.)
Note that the precise web addresses where you can go to download these forms change regularly. But you should be able to Google or Bing on the form names and quickly get to the free pdf the state provides.
Apply for an employer identification number using the SS-4 "Application for Employer Identification Number" form. If you're an Ohio S corporation, you'll either mail this form to: EIN Operation, Internal Revenue Service, Cincinnati, OH 45999 or you can fax the complete application to 859-669-5760. (Click here to get or to see the form.)
Elect to have your new LLC or corporation file its taxes using the Subchapter S tax accounting rules by sending a completed 2553 form to: Department of Treasury, Internal Revenue Service, Cincinnati, OH 45999 or by faxing the completed form to 859-669-5748. Note the preceding address and fax number are correct for Ohio S corporations at the time of this writing, but you shouldn't use them without double-checking and further, other states sometimes use different mailing addresses or a different phone number (Click here to get or see the 2553 form.)
Getting Additional Help
The set up forms come with instructions that many people can use to figure out on their own how to complete the documents. The State of Ohio's free forms, for example, are particularly easy to complete on your own.
If you want a bit of extra help and coaching through the process, however, we also provide two kits for Ohio businesses that want to form an S corporation.
The LLC Version of my do-it-yourself kit is a downloadable e-book with information about the benefits and drawbacks of forming a limited liability company in the state of Ohio, as well as detailed steps to walk you through forming your own LLC, obtaining an Employer Identification Number, and electing to have your LLC treated as an S corporation. Additionally, I include two sample operating agreements; one operating agreement for single member LLCs and the other for multiple-member LLCs.Purchase and Download
Regular Corporation Version
I also sell a do-it-yourself S corporation kit that explains how to form an S corporation using a traditional Ohio corporation. This kit explains the pros and cons of incorporating a business in Ohio, and it walks you through the process of incorporating your business, obtaining an Employer Identification Number, and making the election to be treated as an S corporation. I include a set of sample corporate bylaws, which may be used by you or your attorney as a starting point for drafting up your own set of bylaws.Purchase and Download
Additional Information You May Find Useful
If you want additional information about how to maximize the tax savings related to running a business or investment venture, you may also be interested in one of our downloadable e-books (see descriptions below). Each book covers a category of tax planning topics that easily save a business owner significant amounts of income or self-employment taxes (potentially thousands of dollars a year) and is instantly downloadable.
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