Growth Trends for Related Jobs
How to 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. Registering with the state can be done by telephone or online through the Ohio Business Gateway.
Establish a Worker's Compensation account with the state of Ohio by filing Form U3 if you plan to have any employees. Be prepared to furnish information about your business such as the type of business practice and an 8-month estimated payroll budget.
Understand the laws associated with repossession in the state of Ohio. Ohio is a "peaceful repossession" state. This means that there cannot be a breach of peace during the repossession process.
Learn more about Ohio's repossession laws by researching the Ohio Revised Code. Some of the highlights of the state laws pertaining to repossession include the inability of the repossessing agent to enter the home or garage of the debtor or title holder to reposes the property. These laws state that there is not a need for advanced notification of the repossession and that there cannot be any breach of peace or threats used to gain possession of the collateral.