Government

Ohio New Business Filings Up in November

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COLUMBUS, Ohio — The number of new business entities filing to do business in Ohio rose 9.4% in November, up to 7,732  from 7,231 during the same month last year, reports Secretary of State Jon Husted.

The state is on course for 2016 to be a record-breaking year for new businesses in Ohio with 6,139 more entities having filed to do business this year than at the same point in 2015 — a record year.

Between 2010 and 2015, Ohio saw a 21.8% increase in new business filings, Husted said. While recognizing these numbers can’t provide a complete picture of Ohio’s jobs climate, they are an important indicator of economic activity, he noted.

New business filings are 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 said his office is making the process of starting and maintaining a new business in Ohio simpler and more cost-effective. In 2013, he announced his office would overhaul the paper-only filing system with the launch of Ohio Business Central, which allows businesses to be formed through the click of a button and in significantly less time.

This streamlined operation paved the way for reducing the cost of starting and maintaining a business in the Buckeye State by 21%, which has saved Ohio businesses $2,696,794 so far, according to Husted.

Published by The Business Journal, Youngstown, Ohio.