State sees surge in new business registrations

Secretary of State’s Office Sees a 21% Increase in Business Registrations

FRANKFORT, Ky. (WTVQ) – The state saw a marked increase in new businesses forming in 2021, according to Secretary of State Michael Adams who said his office  saw a total of 52,774 business formations and foreign qualifications this year, which marks a 21 percent increase from 2020.

“Kentuckians are an industrious and resilient people,” Adams said. “When our people were laid off due to economic disruptions and government-ordered lockdowns, they responded by becoming entrepreneurs.”

Limited liability companies, or “LLCs,” were the most common new business entity formed. In total, 40,448 new Kentucky LLCs were formed in 2021, a 23 percent increase over last year. Even during the onset of the COVID-19 pandemic, 32,806 LLCs were formed in 2020, a 20 percent increase over 2019, which saw 27,234 LLCs formed.