Why Ohio Is One Of The Best Places To Start A Business
Once you have established a sole proprietorship, partnership, corporation, non-profit organization or limited liability company (LLC), you are required to obtain Ohio business tax ID or Federal Tax Identification Number for business identification with IRS. Aside from taxation purposes, EIN is required when working with various business and government agencies.
With a population of more than 800,000 people, Hamilton County home is considered as the 3rd most populous county in Ohio and Cincinnati. The county’s major highlights include logistical benefits, arts, entertainment and professional sports.
The business community is literally filled with stories of successful businesses that produced most of the major household items for US retail and industrial commerce. Ohio is home to giant corporations like Proctor & Gamble, Fifth Third Bank, GE Aviation, Macy’s, General Cable, Kroger and 9 Fortune 500 companies. The region ranks in the United States Top 10 list for national and international headquarters of Fortune 500 companies. Ohio ranks higher than New York, Boston, Chicago and Los Angeles.
The economy of Hamilton County is powered partly by REDI Cincinnati, a 15-county Regional Economic Development Initiative entity that is responsible for job creation. REDI Cincinnati is considered as the contact point of businesses in Northern Kentucky, Southwest Ohio and Southeast Indiana.
Aside from the impressive range of arts, cultural and recreational activities that provide entertainment to residents and visitors, Cincinnati boasts of two major sports league teams, NFL Bengals and MLB’s Reds.
The Cincinnati Opera is the 2nd oldest company in the United States. It is a world-class company with Cincinnati Ballet, Cincinnati Symphony Orchestra and Cincinnati Arts Museum. Meanwhile, Hamilton County Fair is the oldest fair in Ohio that attracts visitors from other states. Other attractions include park systems, Cincinnati Zoo & Botanical Garden, Eden Park, Cincinnati Union Terminal and the National Underground Railroad Freedom Center.
However, irrespective of the size or kind of business established in Ohio, it is required to obtain Ohio business Tax ID as identification for the business. In most cases, it is suggested to obtain the Tax ID during the planning process to facilitate the process of business licensing, opening a bank account and applying for financing.