R.I. business creations pick up after slowdown at close of 2013

A total of 1,989 new business entities registered with the R.I. Secretary of State’s Business Services Division in the first three months of 2014, the secretary’s office announced Thursday. More

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R.I. business creations pick up after slowdown at close of 2013

COURTESY THE OFFICE OF THE SECRETARY OF STATE
IN THE FIRST quarter of 2014, Rhode Islanders registered 1,989 new business entities with the secretary of state's office, 4.35 percent more than total new filings during the same three-month period in 2013, Secretary of State A. Ralph Mollis announced Thursday.
Posted 4/3/14

PROVIDENCE – A total of 1,989 new business entities registered with the R.I. Secretary of State’s Business Services Division in the first three months of 2014, the secretary’s office announced Thursday.

The first-quarter figure represents a 4.35 percent increase over the 1,906 new businesses registered during the same period last year, and a 23.1 percent increase over the fourth-quarter 2013 figure of 1,616.

“This is a clear sign the economy may be improving, so this should be viewed with optimism,” said Secretary of State A. Ralph Mollis in a release. “The data shows entrepreneurs are confident in Rhode Island’s long-term potential, and are placing business roots right here in Rhode Island, where they know they can grow and be successful.”

In January, the Business Services Division reported that business creations for the full year of 2013 totaled 7,199, an increase of 1.1 percent compared with 2012.

The Business Services Division offers resources to start, maintain and grow a business, including forms for business filings, a first-stop business information center, notary public services, authentications, probate forms and trademark protection.

Most newly formed business entities in Rhode Island choose a corporate structure that requires registering with the secretary of state, according to the release. More than 70,000 limited-liability companies and for-profit and nonprofit corporations are currently registered.

For more information about the Secretary of State’s Business Services Division, visit www.sos.ri.gov/business/.

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