New Business Filings in Ohio Up in May

COLUMBUS, Ohio – New business filings in Ohio were up in May as entrepreneurs continue to show optimism despite the inflation and other economic concerns.

Ohio Secretary of State Frank LaRose announced 16,409 new business filings in May, up 12% from May 2022.

Although new business filings are still below record-setting numbers, Ohio is ahead of the 2022 pace by more than 3%, with 83,055 total filings in the first five months of 2023.

New businesses filed in Ohio grew at a record-setting pace in 2019, 2020 and 2021, leading to 197,010 new businesses filed in 2021.

The National Federation of Independent Business reports small-business optimism has tracked at its lowest level in nearly 50 years for the past 17 months, with small-business owners reporting inflation as the single largest problem they face.

However, LaRose said his office is working to strengthen Ohio’s business climate, including working with the Legislature to protect Ohio businesses from business identity theft and other business-related fraud.

“Our goal is to make Ohio a destination for entrepreneurs,” LaRose said.

Here are some of the efforts to benefit new businesses in Ohio:

• Streamlined certifications for minority-, women- and veteran-owned businesses, as well as a simplified process to incorporate a limited liability company.

• $99 filing fees for new businesses, less than neighboring states.

• An expanded Ohio Business Resource Connection, which provides access to private and public resources to assist businesses, as well as roundtable events to inform entrepreneurs and assist in their business growth.

Pictured at top: Photo by Tim Mossholder. (Pexels.com)

Published by The Business Journal, Youngstown, Ohio.