LaRose: Ohio business filings reflect national inflation concerns
Ohio added more than 13,000 new businesses in September, according to the latest data released by the Secretary of State’s Business Services Division. Despite the robust number of new businesses, this is the first filing in four months that doesn't report a year-over-year increase.
A report reflecting no increase in September is in alignment with the recent conditions reported by the NFIB. The NFIB Small Business Optimism Index scored 90.8 this month, below the 49-year average of 98 for the 21st consecutive month. Inflation and labor quality are found to be the top concerns of small businesses around the nation. Secretary Frank LaRose is successfully using all the tools in the toolbox to assist Ohio business owners in overcoming these challenges:
• 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 in the Ohio Senate sponsored by Sen. Michael Rulli (R-Salem).
Quick Facts:
• 13,579 new businesses were created in September 2023.
• 142,426 new businesses have been created so far in 2023.
• Ohio is 36,210 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.