Ohio business filings slow down again in November

Ohio November business filings are down 444 businesses compared to the previous year's data. For several months, Ohio's business filings have alternated between increases and decreases compared to year-over-year. Given the pattern, an off month that is consistent with the NFIB Small Business report is to be expected.

For the 23rd consecutive month, the national small business optimism index is below the 50-year average of 98. Similarly to the month of October, business owners are pointing to inflation as the most important problem in business operations. Mixed with inflation, business owners are reporting higher nominal sales and unfilled job openings as challenges.

The Ohio Secretary of State's office is still striving for a record-breaking year in full faith of Ohio's strong local economy. To meet those goals, Ohio Secretary of State Frank LaRose continues to implement these strategies:

• Working with the state legislature to streamline certifications for minority, women, and veteran-owned businesses and modernize the process for limited liability companies (LLCs) to register in Ohio.

• Fighting to keep business fees low. In Ohio, a new business can be registered for $99.

• Expanding the Ohio Business Resource Connection, a compilation of private and public resources available to assist businesses.

• Hosting dozens of roundtables throughout the state with community, legislative and business leaders to spread the word about the resources available for entrepreneurs looking to start or grow their businesses.

• Advocating for legislation to protect Ohio businesses from business identity theft and other business-related fraud. Follow Senate Bill 98, which was passed in the Ohio Senate on Dec. 13, 2023, for updates as it moves through the legislative process in the Ohio House. Ohio State Senator Michael Rulli (R-Salem) is sponsoring the important legislation.

Quick Facts:

• 12,568 new businesses were created in November 2023.

• 169,442 new businesses have been created so far in 2023.

• Ohio is 9,194 new business filings away from another record breaking year.

NOTE: 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.