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Ohio Taxation While you can still have an S Corporation in the state and enjoy the federal tax savings, it is an S Corporation for federal tax purposes only - not for state tax purposes, where the corporation will be treated as a regular C Corporation.
The cost to start an S corp varies by state, based on filing fees and state taxes, but you can expect to pay between $800 to $3,000, excluding any lawyer's fees, should you choose to hire one.
To form an Ohio S corp, you'll need to ensure your company has an Ohio formal business structure (LLC or corporation), and then you can elect S corp tax designation. If you've already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.
To form an Ohio S corp, you'll need to ensure your company has an Ohio formal business structure (LLC or corporation), and then you can elect S corp tax designation. If you've already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.
The filing fee for the formation is $99. You may need to pay additional fees if you want to expedite the processing time. Submit the appropriate formal paperwork to the Secretary of State. Forming a business entity requires you to follow the naming guidelines of the state.
All corporations must incorporate with the Ohio Secretary of State to lawfully conduct business in Ohio. A corporation must file Articles of Incorporation (Articles) with the Ohio Secretary of State before it transacts business in Ohio.
The annual tax for S corporations is the greater of 1.5% of the corporation's net income or $800.
Step 1: Form an LLC or corporation. If you want to start a corporation, submit a completed Articles of Incorporation. The filing fee for the formation is $99. You may need to pay additional fees if you want to expedite the processing time. Submit the appropriate formal paperwork to the Secretary of State.