Dinn, Hochman & Potter, LLC

Ohio business formation has another record year

Entrepreneurs in Ohio apparently could not have picked a better time or place to start their businesses. The Buckeye State is quickly gaining a reputation for being friendly to those in various stages of business formation, and the numbers from last year's filings have broken records once again. For the ninth straight year, more new businesses than ever before registered in Ohio, and Secretary of State Jon Husted hopes to keep the trend positive.

Husted has enacted numerous programs to simplify and streamline the process for starting and operating a business in this state. This includes reducing the cost of registering a business, shortening the processing time, and taking advantage of technology to allow business owners to handle the process of filing and renewing their business registration online. Currently, about 75 percent of Ohio entrepreneurs start their businesses online although all forms needed for the process are available on the state's website.

Husted credits these and other changes with the record-breaking number of new businesses in the past year. In 2018, the state accepted registrations from 125,204 new businesses. This was an increase from the 117,429 registrations in the previous year. This does not mean every business was successful or indicate the status of the state's employment rate, but it suggests the economy is moving in a positive direction.

Business formation is a challenge. Entrepreneurs in Ohio likely appreciate the efforts the state makes to assist in their success. For more individualized assistance, many turn to a skilled attorney to help them with the legal aspects of structuring and building a successful enterprise.

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