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New business filings going up in Ohio

Photo of Merle F. Wilberding

As the economy continues to improve, it appears that more and more people in Ohio are looking to own their own businesses this summer. The Dayton Business Journal is reporting that more than 9,000 new businesses filed with the state's Secretary of State's Office last month.

Ohio Secretary of State Jon Husted announced that his office received 9,348 new business filings in July. That was the second-most number of filings for any month this year, and is well above the numbers from July 2014, when just 6,922 new entities filed with the office.

Numbers could continue to go up in the next few months, once a 21 percent reduction in the costs of starting and maintaining a new business goes into effect this autumn. This move came at Husted's request, and will be the first such cut "in modern history," according to the Business Journal.  It could be that many people considering starting a business are waiting until it is cheaper to take action.

There have been a total of 59,862 new businesses formed in Ohio this year so far, a significant increase over the 56,179 new businesses filed by this point in 2014.

For people already in business, or those thinking about starting a business, these numbers could suggest increased competition. However, this should not necessarily scare people out of starting a new business, whether through a corporation or basic partnership. Obviously, these new businesses will be competing in a variety of fields, and not all will be well-planned and assisted by an experienced attorney.

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