January 2002 Press
For Immediate Release Contact: Elizabeth Reaves
New Business Starts Stay Steady
Despite Economic Slowdown
Secretary of State Deb
Markowitz Reports Continued Growth in New Business Starts for
Montpelier. Secretary of State Deb
Markowitz announced today that the number of new Vermont businesses
registered with her office’s Corporations division during the year 2001
continued to increase. The 6529 new Vermont business starts in 2001
include businesses that have been formed as corporations, as limited
liability companies and those using a tradename. This number exceeded
last year’s experience that saw 6466 new Vermont based businesses.
"The fact that there were more new
businesses this year than last is good news, even though the percentage
of increase has continued to slow" said Secretary Markowitz. "Our
business starts statistic tells an interesting story in light of our
overall economic downturn." Markowitz said, "The continued growth in
business starts is likely the result of Vermonters’ entrepreneurial
spirit. When times get tough, Vermonters look for new ways to make ends
meet – and starting a small business may be one of those ways."
It is notable that in 2001 there
were fewer newly established domestic corporations than in 1999 and
2000, but an increase in Limited Liability Companies (LLC). LLC’s are a
new type of business entity authorized by the legislature in 1995. "It
is not surprising that there was a lot of activity among limited
liability companies," said Secretary Markowitz, " LLCs are the wave of
the future in the business community because they offer both flexibility
in organizational structure and tax status." "What is surprising,
however," Markowitz said, "is that almost all of the new business growth
this year was in LLCS and that most of the LLCs that were formed were
new business entities, and not simply conversions from traditional
In addition to growth in for-profit
enterprises, the Secretary of State’s office also saw a continued
strength in its nonprofit corporation filings. The 395 new filings this
year was down slightly from 407 last year, but still higher that the 386
filed in 1999.
The national economic downturn was
most clearly reflected in a marked downturn in Vermont’s out of state
corporations filing to do business within the state. This year only 768
new out of state corporations filed to do business in the state,
compared with 894 in 2000. This is the fewest number of filings since
1993 when only 739 new out of state corporations filed with the state.
The Office of the Vermont Secretary
of State licenses and registers foreign and domestic corporations,
non-profits, LLCs, and Tradenames and is the repository for Uniform
Commercial Code Filings. Information about the services offered by the
Corporations division, including registration forms and searchable
databases is available at www.sec.state.vt.us.
For Immediate Release Contact: Elizabeth Reaves
January 13, 2002
Town Meeting Day Deadlines Draw Near
Secretary of State Deb Markowitz Reminds Citizens to Get
Their Petitions In Soon
Montpelier. Deadlines for getting items on
the Town Meeting Warning are fast approaching for the upcoming March
Town Meeting. January 24th is the deadline for petitions to
get articles on the warning, and January 28th is the
deadline for submitting nominating petitions for local office where
elections are by Australian Ballot vote.
Secretary of State Deb Markowitz said,
"Vermont town meeting can provide a meaningful opportunity to discuss
issues that are important to individuals in the town. This year we are
already seeing petitions from voters on a variety of issues – from
urging the legislature to adopt instant runoff voting – to ending the
war in Afganastan. Most petitions, however, are on town issues, such
as changing from floor voting to Australian Ballot voting on a
particular type of question, or electing to pay the delinquent tax
collector a salary rather than the statutory collection fee."
Markowitz said "voters must act quickly if they want to get a
particular issue on the town meeting warning." Unless the selectboard
agrees to put a particular article on the warning, voters must present
a petition to the town clerk by January 24th. In most cases, the
petitioned article must be signed by at least 5% of the registered
voters of the town.
In addition, according to Markowitz, January
28th is the deadline for submitting a nominating petition to the town
clerk in towns that elect officers using the Australian Ballot.
Markowitz said, "Serving in local office is a great way to give
something back to the town. People who live in towns that vote their
officers by ballot, rather than on the floor of town meeting must plan
ahead if they wish to run for office." Nominating petitions must be
signed by 30 voters, or 1% of the legal voters, whichever is fewer.
All petitions must be submitted to the town clerk.
For more information call your town clerk's
office, or the Office of the Secretary of State at (802)