Economic Development

More Increases in Startup Documents Filed with Ohio

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COLUMBUS, Ohio  — The month of May was the second-best for new business formation in Ohio history with 10,712 new entities filing to do business, an increase of 2,116 compared to May 2016, reports the office of the Secretary of State Jon Husted.

During the first five months of the year, 53,345 entities filed to do business in Ohio, up nearly 7,000 from 2016. A record high 12,827 entities filed documents in March.

Earlier this year, Husted announced that 2016 was the seventh consecutive year the state has seen a record number of new entities filing to do business. “Ohio is well on its way to another record year,” he says.

Husted attributes the increases to the online business filing site established in 2013 and a 21% reduction in the cost of filing documents to start and maintain a business.

New business filings are classified as forms that declare the formation of a business entity. These include 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 notes.

Published by The Business Journal, Youngstown, Ohio.