LLC is short for limited liability companies. An LLC combines the features of both a corporation as well as a partership. When an LLC is formed, they must meet the requirements for their particular state.
Why would I want to form an LLC?
Forming an LLC is a great way to limit your personal liability. For small businesses, forming an LLC is ideal because it offers flexibility and simplicity. When someone does business with your LLC company, they are interacting in a financial transaction with the business and not you personally. In the event that your LLC is sued, you are protected from being held personally responsible for civil damages.
How do I go about forming an LLC?
First and foremost, you must research and find out what your state laws require as regards to filing for an LLC. Each state is different but typically you will need to:
Select a business name that that is unique
Complete the required state documentation for the LLC
Pay the state fee and file the document in the state that you
Create an LLC Operations Agreement which reflect rules that the members/owners will adhere to
Obtain Required Business License, Federal Tax ID etc
Here is a link to the requirements for filing an LLC in Ohio: http://www.citmedialaw.org/legal-guide/forming-llc-ohio