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New business filings are poised to set record in 2018

Ohio's economy suffered through the last decade, as the period known as the Great Recession took hold of the assets and investments of working-class Americans. The rate of foreclosures on homes and layoffs in different industries left many Buckeyes less able to maintain their independence.

But those dark times are in the past, and the economy is taking off in new ways. Although many old businesses and investments never recovered, signs of new businesses are looking up in Ohio. In addition, Buckeyes have seen more than three years of reduced costs for business formations, which has saved people in the state more than $8 million since the change.

November 2018 saw 9,035 new entities file with Ohio's Secretary of State to do business in the state, which is 477 more than November 2017. That brought the year's total to 116,410 new businesses, which is 7,683 more than the eleven-month period in 2017.

Convenience has also made the process easier as well as cheaper for founders of new businesses in Ohio. Four out of five new businesses were started online through the government's service launched in 2013. All necessary filings for business formation are now online for Ohioans.

When it comes to starting a business with the legal form to survive and thrive in the future, there is no substitute for the professional advice of a lawyer. An attorney can help founders of businesses decide the proper legal form to protect officers from liability and properly share responsibilities and privileges. Legal representation can protect businesses from several threats that would endanger managers' and workers' careers.

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