Ohio New-Business Filings Reach 8,151 in June

COLUMBUS, Ohio — A total of 8,151 new entities filed to do business in Ohio during June, up from 7,660 a year ago. So far this year, 50,514 new businesses have been formed in Ohio, maintaining course for 2015 to be another record-breaking year for the state.

At the same point in 2014, 49,254 new businesses had filed startup documents, according to Jon Husted, Ohio secretary of state.

New business filings are classified as forms filed with the office of the secretary of state 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.

The Ohio General Assembly in June approved a 21% cut to the cost of starting and maintaining a new business in Ohio. This was made possible by a reduction in office operating expenses of more than $14 million over the past four years, Husted said.

The cost reduction, which takes effect this fall, is the first time this fee has been cut and will make Ohio the least expensive state in the region to start and maintain a new business, Husted said, adding that Ohio has experienced record business growth each year for the past five years.

It is now possible for more than 80% of all filings to be done online, and one in two companies is being established electronically.

Copyright 2024 The Business Journal, Youngstown, Ohio.