COLUMBUS — Ohio Secretary of State Jon Husted has announced 7,945 new entities filed to do business in Ohio during May 2015.
This number is a slight improvement from the same period last year, when 7,820 new entities filed.
So far in 2015, 42,363 new businesses have been formed in Ohio, maintaining course for 2015 to be a record-breaking year for the state. At the same point in 2014, 41,594 new business entities were filed.
The state has experienced record business growth each year for the past five years, beginning in 2010. Under the leadership of Husted, the state has made it possible for more than 80 percent of all filings to be done online, with one in two companies now being established electronically through the Secretary of State’s Ohio Business Central service.
The General Assembly has recently given approval to House Bill 3, which will reduce the filing fee for new businesses in Ohio by 21 percent. Husted urged the General Assembly to undertake this initiative in January, after responsible fiscal stewardship over the Secretary of State’s office has reduced operating expenses by more than $14 million over the past four years, representing a 16 percent cut from the previous administration.
The bill is now awaiting the governor’s signature, and once signed, it will mark the first time this fee has been cut in modern history and will make Ohio the least expensive state in the region to start and maintain a new business.
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 Husted hopes will add to the 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, 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.