Ohio Professional Corporation Form

What is the Ohio Professional Corporation

The Ohio Professional Corporation is a specific type of business entity designed for licensed professionals, such as doctors, lawyers, and accountants. This structure allows professionals to provide services while limiting personal liability for business debts and obligations. By forming a professional corporation, individuals can protect their personal assets from claims against the corporation, ensuring a degree of financial security while maintaining the integrity of their professional practice.

How to use the Ohio Professional Corporation

Utilizing an Ohio Professional Corporation involves several key steps. First, professionals must ensure they meet the eligibility criteria, which typically includes holding a valid professional license in Ohio. Next, they need to file the appropriate documentation with the Ohio Secretary of State, including articles of incorporation. Once established, the corporation can operate under its name, enter contracts, and hire employees. It is essential to adhere to state regulations and maintain proper records to ensure compliance and protect the corporation's status.

Key elements of the Ohio Professional Corporation

Several key elements define the Ohio Professional Corporation. These include:

• Limited Liability: Protects personal assets from business liabilities.
• Professional Licensing: Only licensed professionals can form this type of corporation.
• Corporate Structure: Must have a board of directors and follow corporate formalities.
• Tax Considerations: May be subject to different tax treatments compared to other business entities.

Steps to complete the Ohio Professional Corporation

Completing the Ohio Professional Corporation involves several steps:

1. Verify eligibility based on professional licensing requirements.
2. Choose a unique name for the corporation that complies with state regulations.
3. Prepare and file articles of incorporation with the Ohio Secretary of State.
4. Obtain any necessary business licenses or permits.
5. Set up a corporate record book to maintain important documents.

Legal use of the Ohio Professional Corporation

The legal use of the Ohio Professional Corporation is governed by specific state laws. Professionals must ensure compliance with the Ohio Revised Code and any regulations applicable to their profession. This includes adhering to ethical standards and maintaining proper corporate governance. Additionally, the corporation must file annual reports and pay any required fees to remain in good standing with the state.

Required Documents

To establish an Ohio Professional Corporation, several documents are required:

• Articles of Incorporation, detailing the corporation's purpose and structure.
• Professional licenses for all individuals involved in the corporation.
• Bylaws that outline the operational procedures of the corporation.
• Employer Identification Number (EIN) from the IRS for tax purposes.