new business

Business formation in R.I. on rise during 1Q

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SECRETARY of State A. Ralph Mollis said nearly 2,000 new businesses registered with the Secretary of State’s office during the three months ended March 31.
Posted 5/22/12

PROVIDENCE – Nearly 2,000 new businesses registered with the R.I. Secretary of State’s office during the three months ended March 31, making it the best first quarter in four years, according to data released Tuesday by Secretary of State A. Ralph Mollis.

During the first quarter, 1,976 new business entities registered with the Secretary of State’s office. This was the most registrants during a first quarter since 2,030 new businesses registered during the first three months of 2008.

First-quarter filings rose 1.7 percent from the 1,942 businesses that registered during the three months ended March 31, 2011.

First-quarter results are consistent with data reported for the calendar year 2011, during which the number of new-business filings increased year over year for the first time since 2007.

Overall, the number of new business entities in the Ocean State grew 1 percent from 6,778 in 2010 to 6,846 in 2011.

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

According to a release, most newly formed business entities in Rhode Island choose a corporate structure that requires registering with the Secretary of State’s office.

Across the state, more than 60,000 limited liability companies, for-profit and nonprofit corporations are currently registered.

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