Secretary of State Michael Adams
FRANKFORT, KY (December 30, 2021) – Secretary of State Michael Adams announced his Office saw a marked increase of new businesses forming in 2021.
There was 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.
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