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Secretary of State Mollis Releases Third Quarter Data on New Business Entity Creation

PROVIDENCE, RI -- The number of new business entities created from July through September grew for the first time since 2007, ending four consecutive years of decline in the third quarter, according to data released today by Secretary of State A. Ralph Mollis.

For the period, 1,676 new business entities registered with the Secretary of State's office. That is up nearly 9.5 percent compared to the 1,531 reported a year ago. A jump in the number of Rhode Island-based limited liability companies being created accounted for the majority of the increase.

"There definitely are signs that the economy is beginning to catch some winds in its sails. How far it will take us is hard to predict, but I'm hopeful," said Mollis.

The latest results come after the state saw new business formations rise a modest 2.5 percent in the second quarter -- when 1,873 new business entities registered with the Secretary of State's office compared to the same quarter a year ago. But, through three quarters of 2012, the state is poised to have its first back-to-back years of growth since 2006 and 2007.

Most newly formed business entities in Rhode Island choose a corporate structure that requires registering with the Secretary of State. More than 60,000 limited liability companies and for-profit and non-profit corporations are currently registered.

Through his First Stop Business Information Center, Mollis helps new businesses apply for financing, obtain permits and connect with government agencies. In addition to its work with start-ups, the Secretary of State's office also oversees recording commercial liens, registering notaries public and protecting corporate trademarks.

Secretary of State Mollis is committed to making it easier for Rhode Islanders to vote, making it easier to do business in Rhode Island and making government more open and accessible. For more information about the programs and services the Secretary of State offers Rhode Islanders, visit sos.ri.gov.

MEDIA CONTACT: Chris Barnett at 222-4293.

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Related links

Department or agency: Office of the Secretary of State

Online: http://www.sos.ri.gov/

Release date: 10-18-2012

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