50 State Series: How to move your LLC or corporation out of Ohio and keep your EIN

Attorney and CPA Chad D. Cummings explains Ohio’s tax reality in this presentation. While the state is reducing its individual income tax rate to a competitive 2.75 percent, over six hundred municipalities impose their own local income taxes that can push the combined rate well above five percent in many areas. Ohio also relies on a Commercial Activity Tax based on gross receipts rather than profit, creating burdens that do not exist in states with no income tax. This presentation shows how redomestication allows Ohio business owners to transfer their company to a new state without dissolving the entity, without creating a new company, and on a completely tax-free basis while preserving the same FEIN, contracts, credit history, and bank accounts. If you own a business in Ohio, the headline state rate improvement is helpful, but the effective rate you actually pay may justify a better solution. Learn more: https://www.cummings.law/redomestication/