Government

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Fewer New Businesses File Documents in January

February 23, 2015

COLUMBUS — The number of new entities that filed documents with the Ohio secretary of state’s office declined slightly in January, totaling 7,505 compared to 7,780 in January 2014.

In releasing the numbers, Secretary of State Jon Husted said the percentage of business filings being approved has increased over the last three years. Rejection rates, most often due to paperwork errors, Husted said, dropped 6.6% over the last three years — down from 19.3% in January 2012 to 12.7% last month.

In 2014, Ohio experienced the fifth consecutive year of record new business filings with 93,775 new businesses filing documents. These numbers were up from 2013, in which 89,735 filed, Husted said.

In October 2013, Husted’s office launched Ohio Business Central, allowing businesses to file some of the most commonly-used forms online.

New business filings are classified as forms that declare the formation of a business entity, including for-profit, nonprofit and professional corporations, limited liability companies, partnerships, limited partnerships and limited liability partnerships. Filing as a business in Ohio does not guarantee the company will begin operations, be profitable or create jobs, Husted noted.

Published by The Business Journal, Youngstown, Ohio.