2020 IACA Merit Award Submission RI Business Data Hub Contact Information Maureen Ewing, Director of Business Services RI Department of State, Office of Secretary of State Nellie M Gorbea 148 W River Street, Providence, RI 02904 mewing@sos.ri.gov (401) 222-3093 Introducing the RI Business Data Hub In May 2019, the RI Department of State, Business Services Division launched the RI Business Data Hub,1 a collection of reports and interactive visualizations that use the vast volume of data we collect to tell the story of the business landscape in Rhode Island As the central business registry for all Rhode Island business entities,2 the RI Department of State, Business Services Division has been collecting, indexing, and displaying great quantities of business data for centuries While we offer data subscriptions for our bulk corporate data and have been diligently working to digitize our historic corporate records for easy public consumption, a casual user searching our corporate database can only find information on one entity at a time They could not research registered entities by location or by business activity, both of which are extremely useful Prior to the launch of the RI Business Data Hub, our staff frequently received requests for information such as: • • • The number of restaurants in a particular municipality; Trends in the largest industries doing business in Rhode Island; and The number of minority or women-owned businesses registered in Rhode Island; These questions were posed both by members of the general public – those looking to conduct market research in preparation for starting a business or in an effort to advertise more effectively – and by other state agencies interested in identifying new audiences or emerging business trends Because of the limits on the data we were collecting and how we were collecting it, we found we were unable to answer these questions The Idea Since taking office in 2015, Secretary of State Nellie M Gorbea has made it her mission to transform the RI Department of State from its traditional role as a filing cabinet into a true hub of information With that goal in mind, the Business Services Division set out to evaluate the data we collect and to determine what stories that data can tell We identified several gaps in the data points we record: • • • • the true nature of an entity’s business activity; demographic information; employment information; and income information In response, we began collecting additional data from our registered entities, we piloted an extensive data cleanup project in partnership with a local University, and we brought a data analyst onboard to work with that data This work lead to the creation and publication of the RI Business Data Hub https://www.sos.ri.gov/divisions/business-services/business-data-hub/ The RI Department of State does not collect registration information from Sole Proprietorships or General Partnerships The Journey Increased Data Collection Having identified the gaps in the data we were previously collecting from our registered entities, we implemented two main policy changes in the fourth quarter of 2016 First, we began requiring entities to report their primary business activity by indicating an appropriate NAICS code3 as part of its annual report filing Previously, our database contained only an open text field for each entity to describe its primary purpose This limitation lead to wildly different descriptions which proved impossible to chart across different entities The NAICS code offered a much clearer and uniform solution Because the NAICS code is typically associated with tax filings, we expected some pushback from our frequent filers and from the law community to our collection of these codes In preparation for the anticipated response, we provided ample resources on our website and on each annual report form to clearly explain what a NAICS code is and the purpose for which we intended to use it This extensive information campaign worked, as we did not experience any negative feedback on the collection of this new data point Second, we attached a voluntary survey to both digital and paper annual reports, asking the entity to provide the following information: • • • whether the business owner self-identifies as a woman, veteran, disabled and/or member of a socially and economically disadvantaged group;4 how many full-time employees the business has; and the gross revenues for the business during the previous year It is important to note that this information is both voluntary and self-reported, and we make certain this is clear to the entities receiving the survey Data Cleanup In the third quarter of 2018, the Business Services Division partnered with the Roger Williams University Mario J Gabelli School of Business and the Alan Hassenfeld Fellowship Program as part of a mutually beneficial data project As part of this collaboration, we benefited from the newly cleaned-up data and the University benefitted by providing real-world, applicable experience to its students The team undertaking the project included students pursuing both undergraduate and graduate degrees in business and economics The undergraduate team conducted research and applied more accurate NAICS codes to entities who had entered incorrect or incomplete codes and appropriately classified those few entities who had not indicated any code at all Using the newly cleaned and more accurate data points, the graduate team combined that information with census data to analyze ten years of economic and business trends in Rhode Island, including a comparison of our business landscape to that of our region and of the entire U.S At first, we collected two-digit NAICS codes; however, after reviewing the usefulness of that data, we began requiring six-digit NAICS codes in the first quarter of 2017 As defined by the SBA’s 8(a) program In-House Data Analytics In the first quarter of 2019, the RI Department of State hired a full-time Senior Data Analyst to evaluate and connect our records to information from other trustworthy sources in order to tell compelling and useful data stories The Analyst’s first project was designing and publishing the RI Business Data Hub The Result The RI Business Data Hub was launched on May 6, 2019 to coincide with National Small Business Week The Hub brings together interactive data visualizations, a comprehensive Business & Economic Report spanning the years 2008-2017,5 information about how to purchase our bulk data subscriptions, and an option to submit feedback and specific data story requests with an eye for continuous improvement Using the cleaned-up data6 from our partnership with Roger Williams University, relevant census data, and Microsoft Power BI, the Data Analyst designed three interactive visualizations: • • • RI’s Business Landscape o Used to track trends in entity types registered, explore business longevity, and discover common business activity in Rhode Island In Your City/Town o Used to identify what types of entities are conducting business in a particular municipality, as well as location-specific employment, education, and income levels Survey Says… o Using the self-reported, voluntary survey data, this tool helps users explore ownership, employment, and gross revenue data by city or town or by industry Each visualization contains several pools of data represented by a different style of diagram By making a selection from one of the available drop-down menus or clicking on a portion of a diagram, the user can drill down to details on the topic of most interest to them Our staff can also use this to answer the type of questions posed above, though the volume of these questions has significantly decreased since the launch of the RI Business Data Hub Our Business Services team includes a brief overview of the Hub during its regular presentations to RI entrepreneurs and small business owners and consistently receives extremely positive, complimentary reviews of the tool Since its launch ten months ago, we have recorded 10,232 total visits to the RI Business Data Hub, 8,909 of which were unique views Produced by Roger Williams University Mario J Gabelli School of Business on behalf of the Rhode Island Department of State For the purpose of the RI Business Data Hub, the data is scrubbed of identifying information before being translated into the visualizations The Future The RI Business Data Hub was designed with ample room to grow The Business Services Division continues our partnership with Roger Williams University and looks forward to finding more and better data sources to pair with our ever-improving data set While the Hub has enjoyed an excellent reception, we have several improvements in our sights These include: • • • More data visualizations, including a visualization specific to non-profits to coincide with our newly developed resources for non-profits;7 Automation of data updates; and Higher ratio of survey participation leading to improvement of the Survey Says… visualization.8 Lessons Learned Along the road to implementation, the Business Services Division learned a very important lesson: collect data in a way that is clean and easy to cross-reference It was also essential to encourage entity participation in responding to voluntary data requests Data: Collect Early, Update Often Having collected statutorily required business registration information for centuries, it was essential to this project that we begin collecting additional data early to ensure we had a large enough sample size to be able to discern ongoing and newly emerging trends It was important to us to properly educate our customers prior to and during the change in our process to minimize, as far as possible, any potential concerns We also found that it became necessary to alter the types of information we were collecting9 in order to create results that met our and our customers’ expectations This evaluation is an ongoing process, and starting data collection very early on allowed us to better analyze and refine the information we intended to collect Just as important, once we had a data story we were ready to share, was finding a way to make that story continually relevant To create the visualizations in the RI Business Data Hub, the Data Analyst invested significant time scrubbing and massaging the data available to her This worked well for the initial launch; however, that level of time investment is not sustainable and she is now seeking a way to automate the data cleaning process Doing so would not only reduce the regular workload for her, having up-to-the-minute data included in the visualizations would make them much more useful and relevant to the end user Voluntary Survey Reporting Because our office is not statutorily required to collect ownership, financial or employment data, we were sure to make very clear on the survey provided to entities that their participation is https://www.sos.ri.gov/divisions/business-services/non-profit/ On average, 25% of entities filing an annual report complete the survey Early on in our collection process, we moved from requiring two-digit NAICS codes to six-digit NAICS codes We also updated the categories into which we asked business owners to self-categorize to better align with the data needs of other state and local agencies appreciated, but voluntary Since we cannot require entity participation, it is lower than we would prefer Part of our ongoing improvement to the RI Business Data Hub is taking measures to encourage better voluntary participation Attachments • • Sample Survey for LLCs Rhode Island Secretary of State Business & Economic Report 10-Year Overview (20082017) LLC WELCOME PACKET Dear Business Owner, As your Secretary of State, I am committed to ensuring that starting, managing, and growing a business in Rhode Island is easier than ever I am confident you will find our Business Services Division offers a wealth of tools and resources to help you keep your business on track As part of this effort, we have included the following helpful materials in this packet: • About My Business: Business Snapshot and Annual Task List This fillable form is an easy way to keep track of important information about your business and reminds you of the actions you must take annually to remain in good standing Congratulations on taking the first step in starting your Limited Liability Company in Rhode Island! • About My Records: Business and Financial Documents There are many aspects to starting a business that happen behind the scenes This resource helps break down important legal and accounting considerations • Life of a Rhode Island Business This infographic lays out the steps you should take to keep your business in compliance with the RI Department of State, the IRS, the RI Division of Taxation, and your local municipality • About Employment: Employer Basics This chart describes the agencies you should contact when you’re ready to hire employees and the requirements you must fulfill for each RI Business Services CONTACT • Contact List This helpful list provides the contact information for state agencies and other business-friendly groups for easy future reference corporations@sos.ri.gov In addition to these resources, our RI Business Website (sos.ri.gov/ divisions/business-services) is available 24/7 to help you navigate managing and growing your business sos.ri.gov 401.222.3040 @RISecState I wish you all the best in your new endeavor ADDRESS Sincerely, RI Department of State 148 W River St., Providence, RI 02904 Nellie M Gorbea Secretary of State Monday through Friday 8:30 am – 4:30 pm LLC Tip Complete your Snapshot ABOUT MY BUSINESS Business Snapshot and Annual Task List ENTITY INFORMATION to make accessing important information about your LLC easy! NAME OF LLC (List the name exactly as it appears in the database) Keep track of the information on file with the RI Department of State IDENTIFICATION NUMBER (The nine-digit number assigned to your LLC) RESIDENT AGENT/RESIDENT OFFICE (List your resident agent and their RI street address) NAME OF AGENT (Resident Agent) ADDRESS OF AGENT (Resident Office) CID/PIN (Use these identifiers to submit online filings) MANAGEMENT STRUCTURE (Who manages your LLC?) Members (owners) Manager(s) (hired assistance) TAX DESIGNATION (How you chose to be taxed federally) Partnership Corporation Disregarded as an entity separate from its member(s) RI Business Services PAGE OF LLC FEDERAL INFORMATION Keep track of the information on file EMPLOYMENT IDENTIFICATION NUMBER (EIN) (The nine-digit number assigned to identify your business) with the IRS FISCAL YEAR END (Tax accounting period) Calendar year (Dec 31) Fiscal year (last day of any other month) _ MANDATORY ANNUAL FILINGS STATE FILING – ANNUAL REPORT (FORM 632) Keep track of the filings you must submit to FILING OFFICE: RI Department of State PERIOD TO FILE: September – November ANNUAL FILING FEE: $50 the RI Department of State, the RI Division of Taxation and the IRS STATE FILING – TAX RETURN (FORM 1065) FILING OFFICE: RI Division of Taxation DEADLINE TO FILE: By March 15 Minimum $400 corporate tax due FEDERAL FILING – RETURN FILING OFFICE: Internal Revenue Service PERIOD TO FILE*: _ *Depending on your tax structure, your LLC may use a personal or corporate return The filing period for each varies See irs.gov for more information RI Business Services PAGE OF LLC PROFESSIONAL ADVISORS ATTORNEY (Name and contact information) Keep track of your financial, legal, and insurance support team ACCOUNTANT (Name and contact information) INSURANCE – LIABILITY COMPANY NAME POLICY NUMBER COVERAGE PERIOD INSURANCE – WORKERS’ COMPENSATION COMPANY NAME POLICY NUMBER COVERAGE PERIOD LICENSING STATE AGENCY Keep track of your state and local licenses TYPE OF LICENSE LICENSE NUMBER EXPIRATION DATE MUNICIPALITY TYPE OF LICENSE/PERMIT RI Business Services LICENSE NUMBER EXPIRATION DATE PAGE OF Rhode Island Business & Economic Report – 10-Year Overview (2008-2017) Rhode Island Business Entity Trends – Year End Totals year drop followed by year rise in the total number of new entity filings (Table 2) Sharpest increase occurred in 2017 by a 7.1% increase compared to 2016 Number of the Domestic Profit Corporation new filings have been dropping at an annual rate of -3.62% Domestic and Foreign LLCs are increasing in number of new filings with annual averages of 3.85% and 4.81%, respectively Domestic and Foreign Limited Partnerships faced a decrease in new filings (-1.7%, -5.37% CAGR, respectively) Foreign Non-Profit Corporation new filings increased by 4.95% annually, however, Domestic Non-Profit Corporation new filings slightly decreased with the annual rate of 0.85% 90,000 Other 80,000 70,000 Foreign 60,000 50,000 Domestic Non-Profit 40,000 Domestic Limited 30,000 20,000 Domestic Profit Corporation 10,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 New Entity Filings 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Other Foreign Domestic Non-Profit Domestic Limited Domestic Profit Corporation 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Employment & New Entity Filings Nonfarm Employees (thousands) New Entity Filings 500 10000 480 8000 460 6000 440 4000 420 2000 400 New Entity filings Foreign LLCs had the fastest annual increase rate of 9.44%, Foreign NonProfit Corporations had the next fastest annual growth rate of 4.88%, followed by Domestic LLCs, and Foreign Limited Partnerships Number of Domestic Profit Corporations dropped with an annual rate of -2.67% Active Entities Nonfarm Employees (thousands) Total number of active entities increased from 66,352 to 82,319, with an annual 10-year growth rate of 2.18% (Table 1) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Rhode Island Business & Economic Report – 10-Year Overview (2008-2017) Rhode Island Inactive Entity Trends – Year End Totals Number of inactive entities fluctuated during 2008-2017 with no observable trend (Table 8) There were 6,694 inactive entities at the end of 2017 Majority of the inactive is comprised of the revoked entities (75% in 2017) Inactive Entities 8,000 7,000 Other 6,000 Conversion, Expired, Merged Dissolved, Withrawn, Cancelled Revoked Entity 5,000 4,000 3,000 2,000 1,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 New and Inactive Entities Number of Entities 80% 4000 60% 40% 2000 20% 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Revoked Entities (2008-2017) Average life before revokation 12 1000 500 0 Other 16 1500 Foreign NonProfit 20 2000 Foreign Corporation 2500 Life (Years) Average yearly revokations Foreign LLC Revoked Domestic Profit Corporations were active for more than 10 years 100% 6000 Domestic NonProfit Revoked Professional Service Corporations lasted over 13 years 120% 8000 Domestic Corporation Largest number of revocations are issued to the Domestic LLCs, with an average of 2,211 notices Ratio 140% Domestic LLC Around 4,663 entities are revoked on average, with an average life of years and months (Table 9) Inactive 10000 Number of Entities The increase in the yearly total number of new filings, accompanied by an almost stable number of inactive entities, resulted in a stable increase in total number of active entities with a yearly rate of 2.18% New Filings New Filings to Inactive Ratio The Ratio of new filings to the number of inactive entities have increased from 105% in 2008 to 128% in 2017 (Tables & 8) Rhode Island Business & Economic Report – 10-Year Overview (2008-2017) Rhode Island and National Economic Factors Unemployment rate is at 4.46% in 2017 (Tables & 4) Minimum wages in Rhode Island have increased from $7.4 per hour in 2008, to $9.6 per hour in 2017 Rhode Island National 12 Unemployment % In 2008 Unemployment rate was 7.81%, and reached the highest rate of 11.2% in 2010 National unemployment rate is at 3.98% in 2017 Unemployment Rate 10 2008 House Price Index (HPI) had a year fall until 2013, followed by year rise to 2017 (Tables & 4) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2016 2017 House Price Index (1980:Q1=100) Rhode Island National 600 HPI in RI in 2017 is 527.31, still lower than the 2008 index of 538.12 500 HPI 400 The national House Price Index had recovered after the recession and ended higher with 399.11 in 2017 300 200 100 2017 National HPI is lower than Rhode Island by 24% 2008 Real median household income in 2017 ended strongly higher than the rate in 2008 (Tables & 4) Real median household income in Rhode Island shows fluctuations with highest year-over-year increase rate of 11.97% in 2012 Real median household income in the US in year 2017 was $53,907 in 2008 dollar, with $3,478 increase over 10 years 2010 2011 2012 2013 2014 2015 Real Median Household Income (2008 $) Rhode Island 2008 Dollar In 2017 median household income was $58,314 (adjusted to 2008 dollars), in comparison with $53,373 per household in 2008 2009 National 65000 60000 55000 50000 45000 40000 35000 30000 25000 20000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Rhode Island Business & Economic Report – 10-Year Overview (2008-2017) New England Comparative Analysis Average hourly earnings in Rhode Island had a strong 10-year annual growth rate of 1.83% (Table 5) Average Hourly Earnings - All Employees 33 31 29 Connecticut The average hourly earnings increased to $27 per hour in 2017 from $22.5 per hour in 2008 27 Maine In New England, Maine had the highest 10-year increase rate, followed by Massachusetts, with 2.05% and 1.99%, respectively 21 Total nonfarm employees in Rhode Island had moderate 10-year annual increase of 0.27% (Table 5) Massachusetts had the highest annual rate of 0.84% among the New England States 25 Massachusetts 23 New Hampshire Rhode Island 19 Vermont 17 15 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Total Nonfarm Employees (Thousands) 4000 3500 3000 Connecticut 2500 Maine 2000 Massachusetts 1500 New Hampshire 1000 Rhode Island Vermont 500 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Real GDP in Rhode Island has increased by billion dollars in 10 years (Table 5) Real GDP (Millions, Chained 2012 Dollars) 500000 450000 400000 Massachusetts, New Hampshire, and Vermont had compound annual increase rates of 1.74%, 1.36%, and 0.75% Rhode Island follows with a compound annual growth rate of 0.58% Connecticut 350000 Maine 300000 250000 Massachusetts 200000 New Hampshire 150000 Rhode Island 100000 Vermont 50000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Rhode Island Business & Economic Report – 10-Year Overview (2008-2017) Rhode Island Active Entities – Year End Totals Table Entity Type 10-Year CAGR 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Domestic Profit Corporation (Year over Year % Change) 23,156 22,234 -4.0% 20,864 -6.2% 20,288 -2.8% 19,766 -2.6% 19,193 -2.9% 18,937 -1.3% 18,351 -3.1% 18,011 -1.9% 17,670 -1.9% -2.67% Domestic Limited Liability Company Domestic Limited Liability Partnership Domestic Limited Partnership Domestic Limited Total (Year over Year % Change) 19,236 106 2,357 21,699 20,323 99 2,378 22,800 5.1% 21,542 90 2,407 24,039 5.4% 22,460 107 2,380 24,947 3.8% 23,531 106 2,379 26,016 4.3% 24,545 110 2,406 27,061 4.0% 26,011 111 2,403 28,525 5.4% 27,340 114 2,418 29,872 4.7% 29,088 105 2,416 31,609 5.8% 30,852 107 2,426 33,385 5.6% 4.84% 0.09% 0.29% 4.40% 6,974 6,675 -4.3% 7,404 10.9% 7,479 1.0% 7,491 0.2% 7,667 2.3% 7,730 0.8% 7,144 -7.6% 7,833 9.6% 7,879 0.6% 1.23% 9,840 3,388 627 456 41 14,352 10,034 3,815 634 451 51 14,985 4.4% 10,480 4,333 630 535 47 16,025 6.9% 10,708 4,728 642 564 52 16,694 4.2% 11,040 5,187 630 591 54 17,502 4.8% 11,328 5,709 646 574 55 18,312 4.6% 11,694 6,306 656 628 60 19,344 5.6% 11,873 6,901 673 615 67 20,129 4.1% 12,176 7,631 678 688 71 21,244 5.5% 12,456 8,351 701 698 66 22,272 4.8% 2.39% 9.44% 1.12% 4.35% 4.88% 4.49% 38 58 28 50 33 626 11 864 38 58 28 50 33 653 11 891 3.1% 38 56 28 49 33 19 695 11 945 6.1% 38 43 28 49 33 20 706 11 944 -0.1% 38 43 29 48 33 21 701 11 939 -0.5% 39 42 29 48 33 20 766 10 1,003 6.8% 38 42 29 48 33 24 809 10 1,051 4.8% 38 42 29 47 34 26 822 10 1,067 1.5% 38 40 29 47 34 61 807 10 1,089 2.1% 38 41 29 49 35 66 823 10 1,113 2.2% 66,352 67,585 1,233 1.9% 69,277 1,692 2.5% 70,352 1,075 1.6% 71,714 1,362 1.9% 73,236 1,522 2.1% 75,587 2,351 3.2% 76,563 976 1.3% 79,786 3,223 4.2% 82,319 2,533 3.2% Domestic Non-Profit Corporation (Year over Year % Change) Foreign Profit Corporation Foreign Limited Liability Company Foreign Limited Liability Partnership Foreign Limited Partnership Foreign Non-Profit Corporation Foreign Total (Year over Year % Change) Bank Benefit Corporation Consumer's Cooperative Credit Union Housing Authority Insurance Loan And Investment Non-Profit Producers' Cooperative Port Authority Power of Attorney Professional Service Benefit Corporation Professional Service Corporation Transportation Utility Other Total (Year over Year % Change) TOTAL Yearly Change (number) (Year over Year % Change) 2.56% 2.18% Rhode Island Business & Economic Report – 10-Year Overview (2008-2017) Rhode Island New Entity Filings – Year End Totals Table Entity Type 10-Year CAGR 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Domestic Profit Corporation (Year-over-Year % Change) 1229 1152 -6.3% 1087 -5.6% 1010 -7.1% 962 -4.8% 944 -1.9% 903 -4.3% 892 -1.2% 870 -2.5% 850 -2.3% -3.62% Domestic Limited Liability Company Domestic Limited Liability Partnership Domestic Limited Partnership Domestic Limited Total (Year-over-Year % Change) 3359 38 38 3,435 3283 44 40 3,367 3304 40 36 3,380 3412 41 27 3,480 3651 44 23 3,718 3599 40 21 3,660 3932 49 26 4,007 4165 38 28 4,231 4337 29 27 4,393 4901 35 32 4,968 3.85% -0.82% -1.70% 3.76% -2.0% 0.4% 3.0% 6.8% -1.6% 9.5% 5.6% 3.8% 13.1% 451 471 4.4% 476 1.1% 445 -6.5% 421 -5.4% 445 5.7% 443 -0.4% 435 -1.8% 449 3.2% 414 -7.8% -0.85% 1127 736 26 33 37 1,959 1046 701 34 16 55 1,852 992 705 20 23 53 1,793 970 790 32 26 61 1,879 1057 828 22 16 59 1,982 1098 917 34 14 55 2,118 1035 896 26 17 47 2,021 1050 1046 40 23 57 2,216 1055 1128 32 21 59 2,295 1042 1177 35 19 60 2,333 -0.78% 4.81% 3.02% -5.37% 4.95% 1.76% -5.5% -3.2% 4.8% 5.5% 6.9% -4.6% 9.6% 3.6% 1.7% 57 58 39 42 32 32 37 38 31 33 32 34 32 35 24 27 39 42 -9.4% -27.6% -23.8% 18.8% -13.2% 3.0% 2.9% -22.9% 55.6% 6900 -238 -3.3% 6778 -122 -1.8% 6846 68 1.0% 7121 275 4.0% 7200 79 1.1% 7408 208 2.9% 7809 401 5.4% 8034 225 2.9% 8607 573 7.1% Domestic Non-Profit (Year-over-Year % Change) Foreign Profit Corporation Foreign Limited Liability Company Foreign Limited Liability Partnership Foreign Limited Partnership Foreign Non-Profit Corporation Foreign Total (Year-over-Year % Change) Professional Service Corporation Benefit Corporation Miscellaneous New Filings Other Total (Year-over-Year % Change) TOTAL Yearly Change (number) (Year-over-Year % Change) 62 64 7138 -4.12% 1.89% Rhode Island Business & Economic Report – 10-Year Overview (2008-2017) Rhode Island Economic Indicators (10-Year Overview) Table Rhode Island Economy Wealth & Income Median Household Income (2008 $) Per Capita Personal Income (Chained 2009 $) Sales & Gross Receipts Taxes (billion, 2008 $) Total Taxes (billion, 2008 $) Business & Employment Unemployment Rate Average Hourly Earnings (S per hour) Minimum Wage Rate ($ per hour) All Employees: Total Nonfarm (thousand) Total Wages and Salaries (million $) Economic Factors Real Total GDP (billion, chained 2012 $) House Price Index (1980:Q1=100) Homeownership Rate (percent) Initial Jobless Claims Continuing Jobless Claims Rental Vacancy Rate (percent) Resident Population (million) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 CAGR 53,373 41,977 1.381 2.761 51,943 41,053 1.389 2.595 51,089 42,513 1.387 2.536 47,043 42,934 1.376 2.597 52,674 44,126 1.383 2.690 52,144 43,701 1.402 2.709 53,379 43,968 1.391 2.705 50,622 45,768 1.472 2.904 55,206 45,795 1.494 2.930 58,314 - 0.89% 0.97% 0.88% 0.66% 7.808 22.5 7.4 481 21.67 10.975 22.52 7.4 459 20.91 11.200 22.67 7.4 458 21.48 11.025 23.73 7.4 461 22.01 10.392 25 7.4 465 22.66 9.267 25.42 7.8 472 23.45 7.708 25.1 479 24.57 6.000 24.94 485 25.6 5.208 25.99 9.6 490 26.11 4.458 26.97 9.6 494 27.04 -5.45% 1.83% 2.64% 0.27% 2.24% 50.447 538.12 64.5 1,772 15,995 8.7 1.055 50.214 494.99 62.9 2,230 22,935 8.4 1.054 51.468 473.35 62.8 1,914 18,342 7.1 1.053 51.269 452.43 63.4 1,839 16,477 7.9 1.052 51.642 440.06 62.1 1,698 14,572 6.8 1.053 52.085 438.83 61.5 1,521 12,787 6.1 1.053 52.208 449.85 61.8 1,466 11,940 6.7 1.055 53.039 470.17 58.9 1,291 10,333 4.4 1.056 53.106 492.02 56.3 1,263 9,677 3.7 1.058 53.454 527.31 56.6 1,143 9,163 3.5 1.060 0.58% -0.20% -1.30% -4.29% -5.42% -8.70% 0.05% Source: Federal Reserve Economic Data – Federal Reserve Bank of St Louis, Link: https://fred.stlouisfed.org All Employees: Total Nonfarm in Rhode Island, Thousands of Persons, Annual, Not Seasonally Adjusted, Dataset: SMU44000000000000001A All-Transactions House Price Index for Rhode Island, Index 1980:Q1=100, Quarterly, Not Seasonally Adjusted, Dataset: RISTHPI - Averaged Annually Average Hourly Earnings of All Employees: Total Private in Rhode Island, Dollars per Hour, Annual, Not Seasonally Adjusted, Dataset: SMU44000000500000003A Continued Claims (Insured Unemployment) in Rhode Island, Number, Weekly, Not Seasonally Adjusted, Dataset: RICCLAIMS - Averaged Annually Homeownership Rate for Rhode Island, Percent, Annual, Not Seasonally Adjusted, Dataset: RIHOWN Initial Claims in Rhode Island, Number, Weekly, Not Seasonally Adjusted, Dataset: RIICLAIMS - Averaged Annually Real Median Household Income in Rhode Island, 2017 CPI-U-RS Adjusted Dollars, Annual, Not Seasonally Adjusted, Dataset: MEHOINUSRIA672N - Adjusted to 2008 Dollars Real Per Capita Personal Income for Rhode Island, Chained 2009 Dollars, Annual, Not Seasonally Adjusted, Dataset: RIRPIPC Real Total Gross Domestic Product for Rhode Island, Millions of Chained 2012 Dollars, Annual, Not Seasonally Adjusted, Dataset: RIRGSP Rental Vacancy Rate for Rhode Island, Percent, Annual, Not Seasonally Adjusted, Dataset: RIRVAC Resident Population in Rhode Island, Thousands of Persons, Annual, Not Seasonally Adjusted, Dataset: RIPOP State Government Tax Collections, Total Sales and Gross Receipts Taxes in Rhode Island, Thousands of Dollars, Annual, Not Seasonally Adjusted, Dataset: RISLGRTAX - Adjusted to 2008 Dollars State Government Tax Collections, Total Taxes in Rhode Island, Thousands of Dollars, Annual, Not Seasonally Adjusted, Dataset: RITOTLTAX - Adjusted to 2008 Dollars State Minimum Wage Rate for Rhode Island, Dollars per Hour, Annual, Not Seasonally Adjusted, Dataset: STTMINWGRI Total Wages and Salaries in Rhode Island, Thousands of Dollars, Quarterly, Seasonally Adjusted Annual Rate, Dataset: RIWTOT - Averaged Annually Unemployment Rate in Rhode Island, Percent, Monthly, Seasonally Adjusted, Dataset: RIUR - Averaged Annually 10 Rhode Island Business & Economic Report – 10-Year Overview (2008-2017) National Economic Indicators (10-Year Overview) Table National Economy 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 CAGR Wealth & Income Median Household Income (2008 $) Per Capita Personal Income (Chained 2009 $) 50,428 41,055 50,075 39,376 48,766 39,623 48,022 40,772 47,931 41,729 49,609 41,373 48,848 42,586 51,363 44,235 52,973 44,412 53,907 - 0.67% 0.88% Business & Employment Unemployment Rate Average Hourly Earnings ($ per hour) Federal Minimum Wage ($ per hour) All Employees: Total Nonfarm Payrolls (million) Total Wages and Salaries (trillion $) Wages and Salaries, All employees (index, 2008=100) Consumer Price Index (2008=100) 5.192 21.57 6.2 137.24 6.142 100 100 8.617 22.17 6.9 131.30 5.859 101.72 99.64 8.975 22.59 7.25 130.35 5.976 103.31 101.28 8.342 23.04 7.25 131.94 6.217 104.92 104.48 7.450 23.47 7.25 134.17 6.491 106.67 106.64 6.767 23.96 7.25 136.37 6.673 108.48 108.20 5.667 24.46 7.25 138.94 7.017 110.55 109.96 4.842 25.01 7.25 141.82 7.385 112.99 110.09 4.458 25.66 7.25 144.35 7.607 115.57 111.47 3.983 26.31 7.25 146.62 7.966 118.42 113.85 -2.61% 2.01% 1.58% 0.66% 2.63% 1.71% 1.31% 15.605 356.41 67.8 417,942 3,335,942 3.84 15.209 336.54 67.35 573,731 5,808,288 -0.36 15.599 322.74 66.83 459,000 4,543,731 1.64 15.841 310.33 66.13 408,604 3,743,302 3.16 16.197 309.52 65.48 374,615 3,319,673 2.07 16.495 321.58 65.15 343,308 2,987,346 1.46 16.900 338.15 64.48 308,288 2,597,904 1.62 17.387 355.88 64.48 278,019 2,266,750 0.12 17.659 375.64 63.4 262,642 2,135,660 1.26 18.051 399.11 63.88 244,692 1,960,538 2.13 1.47% 1.14% -0.59% -5.21% -5.18% -0.057 Economic Factors Real GDP (trillion, chained 2012 $) House Price Index (1980:Q1=100) Homeownership Rate Initial Jobless Claims Continuing Jobless Claims Inflation Rate (consumer prices) Source: Federal Reserve Economic Data – Federal Reserve Bank of St Louis, Link: https://fred.stlouisfed.org All Employees: Total Nonfarm Payrolls, Thousands of Persons, Monthly, Seasonally Adjusted, Dataset: PAYEMS - Averaged Annually All-Transactions House Price Index for the United States, Index 1980:Q1=100, Quarterly, Not Seasonally Adjusted, Dataset: USSTHPI - Averaged Annually Average Hourly Earnings of All Employees: Total Private, Dollars per Hour, Annual, Seasonally Adjusted, Dataset: CES0500000003 Consumer Price Index: Total All Items for the United States, Index 2015=100, Annual, Not Seasonally Adjusted, Dataset: CPALTT01USA661S Continued Claims (Insured Unemployment), Number, Weekly, Seasonally Adjusted, Dataset: CCSA - Averaged Annually Employment Cost Index: Wages and salaries for All Civilian workers in All industries and occupations, Index Dec 2005=100, Annual, Not Seasonally Adjusted, Dataset: CIU1020000000000I Federal Minimum Wage Rate under the Federal Fair Labor Standards Act, Dollars per Hour, Annual, Not Seasonally Adjusted, Dataset: STTMINWGFG Homeownership Rate for the United States, Percent, Annual, Not Seasonally Adjusted, Dataset: USHOWN Inflation, consumer prices for the United States, Percent, Annual, Not Seasonally Adjusted, Dataset: FPCPITOTLZGUSA Initial Claims, Number, Weekly, Seasonally Adjusted, Dataset: ICSA - Averaged Annually Real Gross Domestic Product, Billions of Chained 2012 Dollars, Annual, Not Seasonally Adjusted, Dataset: GDPCA Real Median Household Income in the United States, 2017 CPI-U-RS Adjusted Dollars, Annual, Not Seasonally Adjusted, Dataset: MEHOINUSA672N - Adjusted to 2008 Dollars Real Per Capita Personal Income for United States, Chained 2009 Dollars, Annual, Not Seasonally Adjusted, Dataset: RPIPCUS Total wages and salaries, BLS, Billions of Dollars, Annual, Not Seasonally Adjusted, Dataset: BA06RC1A027NBEA Unemployment Rate: 20 years and over, Percent, Monthly, Seasonally Adjusted, Dataset: LNS14000024 - Averaged Annually 11 Rhode Island Business & Economic Report – 10-Year Overview (2008-2017) New England Economic Indicators (10-Year Overview) Table New England 2008 2009 2010 2011 2012 2013 Average Hourly Earnings of All Employees: Total Private, Dollars per Hour, Annual, Not Seasonally Adjusted a Connecticut 27.7 27.8 28.1 28.2 28.1 28.0 Maine 19.0 19.2 19.5 20.0 21.0 21.0 Massachusetts 26.4 26.8 27.1 27.6 28.1 28.9 New Hampshire 22.7 22.7 23.0 23.0 23.7 24.3 Rhode Island 22.5 22.5 22.7 23.7 25.0 25.4 Vermont 21.4 22.4 23.0 23.0 22.8 22.8 2014 2015 2016 2017 CAGR 28.2 21.3 29.5 24.3 25.1 23.2 29.1 21.9 30.4 24.9 24.9 24.1 30.4 22.3 31.2 25.7 26.0 24.3 31.2 23.2 32.1 26.3 27.0 24.4 1.18% 2.05% 1.99% 1.50% 1.83% 1.36% 1,650 602 3,365 639 471 307 1,662 605 3,432 646 479 310 1,674 611 3,499 656 485 312 1,679 618 3,565 668 490 313 1,681 623 3,608 675 494 314 -0.11% 0.09% 0.84% 0.40% 0.27% 0.22% Real Total Gross Domestic Product, Millions of Chained 2012 Dollars, Annual, Not Seasonally Adjusted c Connecticut 259,722 248,041 247,461 242,020 243,801 241,081 Maine 53,921 53,064 53,776 53,088 52,874 52,505 Massachusetts 412,601 408,062 424,581 434,724 444,330 444,866 New Hampshire 65,017 64,450 66,442 66,840 67,689 68,800 Rhode Island 50,447 50,214 51,468 51,269 51,642 52,085 Vermont 27,437 26,997 28,111 28,733 28,887 28,499 237,558 53,418 453,479 69,474 52,208 28,491 241,987 53,634 469,900 71,190 53,039 28,770 241,682 54,563 477,688 72,559 53,106 29,175 238,943 55,599 490,175 74,408 53,454 29,567 -0.83% 0.31% 1.74% 1.36% 0.58% 0.75% All Employees: Total Nonfarm, Thousands of Persons, Annual, Not Seasonally Adjusted b Connecticut 1,699 1,627 1,608 1,624 1,638 Maine 617 596 593 595 598 Massachusetts 3,318 3,211 3,222 3,259 3,311 New Hampshire 649 628 624 627 634 Rhode Island 481 460 458 461 465 Vermont 307 297 298 301 305 Source: Federal Reserve Economic Data – Federal Reserve Bank of St Louis, Link: https://fred.stlouisfed.org a Datasets: SMU09000000500000003A, SMU23000000500000003A, SMU25000000500000003A, SMU33000000500000003A, SMU44000000500000003A, SMU50000000500000003A b Datasets: SMU09000000000000001A, SMU23000000000000001A, SMU25000000000000001A, SMU33000000000000001A, SMU44000000000000001A, SMU50000000000000001A c Datasets: CTRGSP, MARGSP, MERGSP, NHRGSP, RIRGSP, VTRGSP 12 Rhode Island Business & Economic Report – 10-Year Overview (2008-2017) Rhode Island 2017 Entities in Good Standing – All US Zip Codes* Table Industry Sector Accommodation, Food Services Administrative, Waste, Remediation Agriculture, Forestry, Fishing, Hunting Arts, Entertainment, Recreation Construction Educational Services Finance and Insurance Health Care, Social Assistance Information Management of Companies and Enterprises Manufacturing Mining, Quarrying, Extraction Other Services (except Public Administration) Professional, Scientific, Technical Public Administration Real Estate, Rental, Leasing Retail Trade Transportation, Warehousing Utilities Wholesale Trade Unspecified TOTAL* Domestic Profit Corporation 1,352 692 148 314 2,384 121 508 779 146 57 1,336 53 1,350 1,436 20 2,233 1,778 418 38 652 81 Domestic Limited Liability Company 1,029 525 184 585 1,538 212 509 779 226 142 611 24 1,146 2,073 18 10,640 1,000 439 41 426 4,869 Domestic Non-Profit Corporation 16 25 11 322 26 440 18 1,109 50 11 5,146 42 72 77 57 15,896 27,016 7,448 Domestic Total 2,397 1,242 343 1,221 3,948 773 1,035 2,667 422 200 1,958 77 7,642 3,551 110 12,950 2,787 863 86 1,081 5,007 Foreign Profit Corporation 102 936 17 69 1,592 67 1,659 226 459 128 863 28 325 2,091 23 490 476 188 60 698 1,147 Foreign Limited Liability Company 162 649 44 604 43 1,075 221 312 109 347 183 910 15 1,082 252 70 120 345 1,208 Foreign Non-Profit Corporation 16 58 22 122 351 40 13 2 1 19 Foreign Total 267 1,593 28 129 2,198 168 2,756 569 775 238 1,213 36 859 3,041 51 1,574 730 259 181 1,045 2,374 TOTAL* 2,664 2,835 371 1,350 6,146 941 3,791 3,236 1,197 438 3,171 113 8,501 6,592 161 14,524 3,517 1,122 267 2,126 7,381 50,360 11,644 7,767 673 20,084 70,444 Note: This table includes entities in good standing (excluding all inactive types plus entities under 60 day revocation notice at the time of preparing this report) Partnership entities (Domestic Limited Liability Partnership, Domestic Limited Partnership, Foreign Limited Liability Partnership, and Foreign Limited Partnership) and other entity types are not included (please see Table for aggregated data) * Numbers slightly differ from 2017 year end totals at the time of preparing this report Report prepared in quarter of 2018 13 Rhode Island Business & Economic Report – 10-Year Overview (2008-2017) Rhode Island 2017 Entities in Good Standing – Primary Address in Rhode Island* Table Industry Sector Accommodation, Food Services Administrative, Waste, Remediation Agriculture, Forestry, Fishing, Hunting Arts, Entertainment, Recreation Construction Educational Services Finance and Insurance Health Care, Social Assistance Information Management of Companies and Enterprises Manufacturing Mining, Quarrying, Extraction Other Services (except Public Administration) Professional, Scientific, Technical Public Administration Real Estate, Rental, Leasing Retail Trade Transportation, Warehousing Utilities Wholesale Trade Unspecified Domestic Profit Corporation 1,320 676 146 295 2,321 115 469 759 128 48 1,286 52 1,326 1,375 16 2,099 1,727 399 33 625 61 Domestic Limited Liability Company 980 506 180 541 1,484 201 486 729 214 128 585 24 1,095 2,001 18 9,597 970 404 33 399 4,092 Domestic Non-Profit Corporation 15 22 11 301 25 423 14 1,081 45 4,988 37 43 74 3 34 Domestic Total 2,315 1,204 337 1,137 3,830 739 969 2,569 387 177 1,880 76 7,409 3,413 77 11,770 2,705 809 69 1,027 4,187 TOTAL in RI* Percentage of total with Primary address in RI 15,276 96.1% 24,667 91.3% 7,143 95.9% 47,086 93.5% Note: Table excludes entities with primary zip code outside the State of Rhode Island, or with unspecified primary zip code This table includes entities in good standing (we are excluding all inactive types plus entities under 60 day revocation notice) Only the Domestic entities are reported Other entity types are not included (please see Table for aggregated data) Foreign entities and other entity types are not included * Numbers slightly differ from 2017 year end totals at the time of preparing this report Report prepared in quarter of 2018 14 Rhode Island Business & Economic Report – 10-Year Overview (2008-2017) Rhode Island Inactive Entities Table Inactive Type 2008 2009 2010 Bankruptcy Cancelled Consolidated Conversion Dissolved Expired Mastership Merged Receivership Revoked Entity Withdrawn 88 48 601 328 98 25 5,363 223 106 TOTAL Yearly Change (number) (Year-over-Year % Change) Table Revocations (2008-2017) Domestic Limited Liability Company Domestic Profit Corporation Domestic Non-Profit Corporation Foreign Limited Liability Company Foreign Profit Corporation Foreign Non-Profit Corporation Professional Service Corporation Benefit Corporation TOTAL 6,780 2012 130 2011 15 165 2014 107 2015 2016 2017 155 145 146 179 753 86 157 952 86 181 1092 68 43 12 4,630 216 108 814 66 34 11 4,548 249 2013 168 130 931 75 56 636 63 55 551 86 49 677 79 54 4,358 230 42 18 4,223 166 52 20 4,572 179 45 4,363 229 212 989 74 38 18 5,043 173 123 5,060 260 38 11 4,466 245 6,304 -476 -7.0% 5,582 -722 -11.5% 5,886 304 5.4% 6,031 145 2.5% 5,968 -63 -1.0% 5,582 -386 -6.5% 6,173 591 10.6% 6,132 -41 -0.7% 6,694 562 9.2% 200 Total Number of Revocations Yearly Average Average Life 22,107 12,563 2,794 2,211 1,256 279 years & months 10 years & months years & months 3,329 5,462 184 333 546 18 years & months years & months years & months 183 18 - 13 years & months year & 10 months 46,626 4,663 years & months 15 Rhode Island Business & Economic Report – 10-Year Overview (2008-2017) 2 1 2 1 1 1 1 1 29 47 20 31 28 61 226 69 81 97 15 21 13 18 100 32 49 37 33 124 106 71 29 172 48 15 13 67 33 10 36 9 32 17 13 77 41 18 56 11 64 80 48 55 37 88 329 109 111 154 22 12 22 18 33 109 115 19 79 67 15 176 153 103 32 219 71 Utilities 152 289 61 77 81 251 968 333 357 506 80 26 60 45 126 437 319 62 199 261 55 501 369 240 130 553 152 2 1 4 1 12 Total 4 4 97 71 33 13 27 66 266 111 145 122 27 14 21 23 54 72 75 31 69 64 130 159 59 33 103 64 Wholesale Trade 1 101 156 79 63 91 178 516 182 153 299 51 35 51 52 64 183 125 40 151 99 41 249 272 186 61 353 128 Unspecified 26 4 1 Transportation, Warehousing 14 70 12 24 21 39 158 43 41 109 10 11 12 11 19 75 48 11 30 33 60 72 32 22 99 42 Retail Trade Real Estate, Rental, Leasing 13 4 34 16 13 2 4 15 21 16 Public Administration 51 42 18 14 16 35 228 54 82 110 12 10 15 19 15 72 63 13 50 23 73 88 73 33 148 33 Professional, Scientific, Technical 29 29 16 23 22 16 12 10 92 11 32 53 17 24 30 27 25 36 16 43 Other Services (except Public Administration) 31 17 19 50 20 40 33 16 12 13 Mining, Quarrying, Extraction 50 96 82 35 48 129 284 126 57 167 56 35 52 55 20 177 126 31 71 60 30 70 124 81 70 161 93 Manufacturing 20 29 10 12 26 62 19 27 42 8 23 23 19 10 24 15 182 55 17 61 21 Management of Companies and Enterprises Construction 15 12 11 10 10 9 16 20 17 Information Arts, Entertainment, Recreation 13 22 16 15 39 104 44 28 63 14 10 61 31 12 31 16 13 40 40 29 17 58 17 Health Care, Social Assistance Agriculture, Forestry, Fishing, Hunting 33 52 21 27 16 42 166 66 54 81 11 14 11 11 56 37 64 55 50 140 54 45 15 114 33 Finance and Insurance Administrative, Waste, Remediation Barrington Bristol Burrillville Central Falls Charlestown Coventry Cranston Cumberland East Greenwich East Providence Exeter Foster Glocester Hopkinton Jamestown Johnston Lincoln Little Compton Middletown Narragansett New Shoreham Newport North Kingstown North Providence North Smithfield Pawtucket Portsmouth Educational Services Table 10 Jurisdiction Accommodation, Food Services Rhode Island 2017 Entities in Good Standing – Primary Address in Rhode Island (by Jurisdiction) 14 19 15 10 16 99 32 30 65 8 6 32 21 23 21 35 44 22 11 37 19 705 1029 436 398 429 1041 3696 1270 1276 1965 340 194 322 291 434 1488 1078 271 917 823 288 1941 1703 1024 503 2231 797 16 Rhode Island Business & Economic Report – 10-Year Overview (2008-2017) 244 14 51 60 26 34 145 15 41 108 50 24 26 48 19 14 100 19 27 20 40 16 14 11 20 48 18 12 69 18 40 12 87 158 152 53 44 315 42 72 110 63 20 34 11 65 12 13 21 20 115 12 27 15 18 53 109 21 26 248 19 32 70 50 11 3 25 8 1 14 16 62 78 25 26 176 10 38 32 43 1529 30 591 16 22 91 146 281 88 104 624 34 152 209 162 43 92 119 52 48 298 21 51 84 42 6 2211 29 142 298 348 118 125 1084 71 213 259 181 426 16 148 888 17 139 30 66 99 53 28 195 18 59 77 69 10 13 15 50 18 15 10 42 74 122 48 40 315 31 96 96 78 1 1 33 41 24 12 87 20 21 17 Total 60 Wholesale Trade 87 Utilities Manufacturing 518 Unspecified Information 234 Transportation, Warehousing Health Care, Social Assistance 142 Retail Trade Finance and Insurance 323 25 Real Estate, Rental, Leasing Educational Services 138 Public Administration Construction 16 Professional, Scientific, Technical Arts, Entertainment, Recreation 133 Other Services (except Public Administration) Agriculture, Forestry, Fishing, Hunting 484 Mining, Quarrying, Extraction Administrative, Waste, Remediation Providence Richmond Saunderstown Scituate Smithfield South Kingstown Tiverton Warren Warwick West Greenwich West Warwick Westerly Woonsocket Accommodation, Food Services Table 10 cont Jurisdiction Management of Companies and Enterprises Rhode Island 2017 Entities in Good Standing – Primary Address in Rhode Island (by Jurisdiction) Continued 8344 177 564 1162 1623 599 546 3957 308 870 1210 835 TOTAL 2315 1204 337 1137 3830 739 969 2569 387 177 1880 76 7409 3413 77 11770 2705 809 4187 69 1027 47086 Note: Table includes entities in good standing (we are excluding all inactive types plus entities under 60 day revocation notice) This table only includes entities with primary zip code inside the State of Rhode Island This table also only includes Domestic LLCs, Profit Corporations, and Non-Profit Corporations Foreign entities and other entity types are not included Please refer to Table for more details Number of entities is not representative of the size of the entities in terms of total revenue or total employment 17 Rhode Island Business & Economic Report – 10-Year Overview (2008-2017) Business Portal Rhode Island Business Portal is designed to help you access the tools that you will need to plan, start, and maintain your business or non-profit To find out more, go to: http://sos.ri.gov/divisions/business-portal Business Basics page assists you to learn about writing a business plan, structuring your business, and the costs and fees Annual Report page lists deadlines and fees File online page is now available to file your annual report electronically NAICS code is the North American Industry Classification System that is the standard used by federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S business economy To learn more, go to: http://sos.ri.gov/divisions/business-portal/naics/naics CONTACT US 401-222-3040 corporations@sos.ri.gov 148 West River Street Providence, RI 02904-2615 This report is prepared in a partnership between the Office of the Rhode Island Secretary of State Business Division and the Roger Williams University Mario J Gabelli School of Business Copyright © 2019 Roger Williams University Mario J Gabelli School of Business and the Rhode Island Department of State 18