NEW: Mollis Releases First Quarter Data for New Business Creation

Tuesday, May 22, 2012

GoLocalProv News Team

Nearly 2,000 new business entities registered with the Secretary of State’s office from January through March, making it the best first quarter in four years, according to data released today by Secretary of State A. Ralph Mollis.

The first quarter saw 1,976 new business entities register with the Secretary of State’s office, the most since 2,030 registered from January to March 2008. In addition, first quarter filings rose for the second consecutive year for the first time since 2006-2007. But overall, new registrations rose just 1.7 percent from the 1,942 reported for January through March a year ago.

The first quarter results are consistent with the data that the Secretary of State’s office reported for calendar year 2011, when the number of new filings increased year-over-year for the first time since 2007. But, overall the number of new business entities grew just 1 percent from 6,778 in 2010 to 6,846 last year.

“We are starting to see small signs of improvement. It’s fair to view this data with cautious optimism,” said Mollis.

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.

Secretary of State’s Business Services Division also works with start-ups and oversees recording commercial liens, registering notaries public and protecting corporate trademarks.
 

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