small business

More new R.I. businesses, more closings in 2011

Posted 1/13/12

PROVIDENCE – For the first time since the recession, more Rhode Island businesses were started during 2011 than the previous year, although more of them also closed last year than in 2010, a summary of filings from the secretary of state’s office shows.

The 6,846 new commercial entities that filed with the state in 2011 was 66 more than filed in 2010, an increase of just under 1 percent. The last time total filings rose for the year was 2007, when a near-record 7,837 new businesses filed. Going back to 1996, the highest total number of filings was 7,864 in 2004.

The modest jump in new filings for 2011 was led by gains in limited liability companies and partnerships, which rose by 206 compared with 2010.

Filings for new domestic and foreign businesses proper declined by 94 for the year.

There were 6,627 business closings in 2011, up 7 percent from 6,183 in 2010.

In 2008, 7,071 businesses closed during the year, the largest number during the decade.

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More info about starting a business in RI is posted on the Secretary of State's website.

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