COLUMBUS – More than 9,600 new entities filed to do business in Ohio during February, which is an impressive number, but is less than the more than 10,000 entities formed during the same month a year ago.
In February, 9,634 new entities filed to do business, compared to 10,204 a year ago, according to figures released by Ohio Secretary of State ZJon Husted. Husted said 80 percent of all new businesses are now started online through Ohio Business Central, which launched in 2013.
In 2017, 117,429 new businesses registered with the Secretary of State’s office, surpassing the previous record set in 2016 of 105,009. Last year also marked the eighth consecutive year the state has seen a record number of new business filings. In all, Ohio has seen a rise of 46.3 percent in filings from 2010 to 2017.
From the time Ohio Business Central was launched until the end of February, the Secretary of State’s office has processed 354,952 online filings. In August 2017, all filings needed to start or maintain a business in Ohio may now be submitted online.
February marked 28 months since the cost of starting and maintaining a business was reduced in the Buckeye State by 21 percent. This change has saved Ohio businesses more than $6 million.
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.
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.