Persons who engage in business activities need to consider in what legal form they should do so. By way of example, there is the sole proprietorship form of business arrangement. It is basically an individual operating in his/her own name, or under a fictitious name. It may be the most preferred, or the least preferred form, depending upon the circumstances.
An alternative form is the corporation, or the limited liability company. These forms enjoy the substantial advantage of limited liability. When properly done, an individual can engage in business without subjecting his/her personal assets (house, etc.) to liability for the acts or conduct of the corporation or the limited liability company. These companies must utilize some form of the following in their name: Co., Company, Inc., Incorporated, Limited, Limited Liability Company, etc. Additionally, papers need to be filed with the state of Ohio, and various other documentation must be created.
What form of business arrangement you choose should be discussed with your legal counsel and with your accountant. It is an important decision.
Likewise, once a form is selected, it must be maintained. It cannot be organized and forgotten. A corporation, by way of example, exists on paper. There must be documentation to show that it is properly conducting certain activities. Your lawyer will help you with this.