When businesses undergo significant transitions such as acquisitions, mergers, or sales, notifying the Ohio Bureau of Workers' Compensation (BWC) using the U118 form is a critical step for ensuring compliance with state regulations. This form serves as a formal notification to the BWC when one business is succeeding another in whole or in part in the operation. It includes different sections that must be completed by both the former and the succeeding employers, detailing the specifics of the transaction and ensuring that the new employer is properly established for workers' compensation coverage if they do not already have it. Importantly, the U118 form triggers a review process by the BWC to evaluate the succession for experience rating purposes, which can significantly affect the workers' compensation insurance premiums of the succeeding employer. The information required spans from general data about the businesses involved to detailed transaction specifics, such as the extent of the business purchased, details on continuity of operation, employee rosters, and certifications by the parties involved. For those new to the realm of business transitions, navigating the completion and submission of the U118 form is essential for a smooth transition and maintaining compliance with Ohio's workers' compensation rules.
| Question | Answer |
|---|---|
| Form Name | U118 Form |
| Form Length | 4 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 1 min |
| Other names | oforn u 118, ohio u 118 form, bwc form u 118, oh acquisition |
