Daily Court Reporter - News January 2017 was Third Best Month for New Businesses in Ohio History
January 2017 was Third Best Month for New Businesses in Ohio History
Ohio Secretary of State Jon Husted recently announced 10,033 new entities filed to do business in Ohio during January 2017, an increase of 1,409 entities when compared to January 2016. This makes only the third time that the number of new business filings received in a single month has surpassed 10,000; the first time being in March 2015 and the second being March 2016.
It has also been 15 months since Secretary Husted reduced the cost of starting and maintaining a business in the Buckeye State by 21 percent. As of January 2017, Ohio businesses have saved over $3 million.
January’s record comes on the heels of Secretary Husted’s announcement that 2016 was the seventh consecutive year the state has seen a record number of new entities filing to do business in Ohio (read more). In 2016, 105,009 new businesses registered with the Secretary of State’s office, surpassing the previous record set in 2015 of 97,746 new entities by 7,263 businesses. In all, Ohio has seen a rise of 30.1 percent in filings from 2010 to 2016.
A focal point of Secretary Husted’s administration has been to make the process of starting and maintaining a new business in Ohio simpler and more cost-effective for entrepreneurs. In 2013, the Secretary 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. Since Ohio Business Central was launched, 206,254 entities have been formed online and over 50% of new Ohio businesses are created using the tool.
Secretary Husted has also started a partnership with Google’s “Let’s Put Our Cities on the Map” program to put additional tools for success in the hands of new Ohio entrepreneurs.
Though the most visible role of the Secretary of State is that of chief elections officer, the office is also the first stop for individuals or companies who want to file and start a business in Ohio. While recognizing these numbers can’t provide a complete picture of Ohio’s jobs climate, they are an important indicator of economic activity that Secretary Husted hopes will add to the ongoing discussion of how to improve the state’s overall climate for business.
New business filings are classified as forms filed with the Ohio Secretary of State that declare the formation of a business entity, including for-profit, non-profit 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.
Date Published: February 23, 2017