Secretary of State Mark Ritchie said Minnesota will set a state record in new business filings by the end of the 2009 calendar year. Ritchie said his office has been averaging 5,400 new business filings per month this year, significantly outpacing filing rates in 2007 when the current record was set. Business filings include Minnesota-based companies and entities based outside of the state conducting business in Minnesota.
If current trends hold, the office will top 63,000 representing a 15 percent increase over 2008 totals. This new state record would also be the largest one-year gain in new business filings since 2002. In 2007 the office handled 55,782 filings and in 2008 the total was 55,137.
"New business filings are on pace to set an all-time high for 2009," Ritchie said. "This is positive economic news for Minnesota."
"The Office of the Secretary of State is a primary contact point in state government for new businesses," said Ritchie. "We are working to make sure Minnesota's entrepreneurs receive fast and efficient service from our office. In addition, we have expanded our resources to help new businesses get the support they need from a wide range of public, private, and nonprofit agencies. Small businesses remain the number one engine for new job creation in our state, so everything we do to help these new companies, contributes to our economic recovery."
Under Minnesota law, sole proprietors operating under their own name are not required to file. However, all corporate and nonprofit entities operating in the state must file with the Office of the Secretary of State.