How Do You Obtain An Ohio Repossession Business License?
The state of Ohio does not require a repossession license be held by a company. A general business license is necessary, with no special certifications or licenses pertaining to recovery. Ohio does have standards and laws that must be followed in the repossession process. The laws are in place to protect the title holder or debtor and the repossession agent. Contact the Internal Revenue Service (IRS) to obtain a federal identification number (FEIN). This is necessary for proper tax procedures for your new repossession business. You can file for this number online at the IRS website. Contact the Ohio Business Gateway (see Resources) to file the necessary paperwork to register your business name with the state after you file for your FEIN. This is necessary if you plan to run your repossession business as a sole proprietorship or an LLC business type. File for a state taxation account with the state of Ohio if you plan to have employees and will be withholding taxes from them. Registerin
