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Secretary of State Mollis Releases First Quarter Data for New Business Registrations

PROVIDENCE, RI -- The number of new business entities created in the first quarter fell slightly compared to a year ago, according to data released today by Secretary of State A. Ralph Mollis.

From January through March, 1,906 new business entities registered with the Secretary of State's office, down nearly 4 percent compared to the first quarter of 2012, when 1,976 registered. It is the first time there has been a year-over-year decline in the first quarter since 2009 to 2010.

"The economy has been giving off mixed signals for awhile, so this shouldn't be viewed with alarm. The only thing we may be able to read into this is that many people still have confidence in Rhode Island's long-term potential," said Mollis.

The first quarter results are a modest contrast with what the Secretary of State's office reported for calendar year 2012, when the number of new filings increased for two consecutive years for the first time since 2007.

Mollis tracks quarterly business filings because most newly formed business entities in Rhode Island choose a corporate structure that requires registering with his office. More than 70,000 limited liability companies and for-profit and non-profit corporations are currently registered.

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: 04-22-2013

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