New Biz Filings Up Slightly In MN This Year
The number of new business filings in the state of Minnesota so far this year remains relatively flat, increasing about 1.4 percent over the same period in 2013.
New business filings for the first half of 2014 totaled 31,502, compared to 31,060 for the same period in 2013.
That number takes into account not only new business incorporations and the introduction of new limited liability companies (LLC), but also nonprofits and “new assumed names”—which are essentially extra names that businesses may operate under, in addition to their full legal names.
Filings for new limited liability companies—the most common legal structure for new businesses in Minnesota—was 15,992, up from 15,495 during the same period in 2013, according to data provided by Secretary of State Mark Ritchie’s office.
“New business filings are one indicator of the strength of Minnesota’s economy, and these numbers show our state continues to be a great place to do business and find employment,” Ritchie said in a statement.
Last year, Minnesota reported the third-highest annual total of new business filings in state history at 58,260.
The highest annual total was reported in 2009, when the state reported more than 63,000 new filings. The following year, filings slid to about 55,200. A spokeswoman from Ritchie’s office said in the past, however, that the 2009 spike could be attributed in part to a change in filing practices that the Minnesota Department of Commerce implemented.