Business formations in R.I. surge in 3Q

By PBN Staff
Twitter: @ProvBusNews

PROVIDENCE – More than 1,500 new businesses registered with the R.I. Secretary of State’s office during the three months ended September 30, making it the best third quarter in five years, according to data released Thursday by Secretary of State A. Ralph Mollis.

During the first quarter, 1,676 new business entities registered with the Secretary of State’s office. This was the most registrants in Rhode Island during a third quarter since 2007.

Third-quarter filings surged 9.5 percent from the 1,531 businesses that registered during the three months ended September 30, 2011. The jump was largely attributed to an increase in the creation of Rhode Island-based limited liability companies.

The news of the third-quarter surge comes after a modest increase of 2.5 percent during the second quarter, when 1,873 businesses registered with the Secretary of State’s office.

According to a release, Rhode Island is poised to have its first back-to-back years of business formation growth since 2006 and 2007.

“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 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.