Entrepreneurs Solve Problems

Issue 10.20

May 24, 2024

THIS WEEK IN DOVER

Today wraps up the last day of session before the General Assembly goes on Joint Finance Committee markup for two weeks. The General Assembly will return to session on Tuesday, June 11 and they will have seven days of session remaining to review any bills for the year.

Several important bills saw action this week including:

HS 2 for HB 350: Hospital Cost Review Board
HS 1 for HB 17: Paid Sick & Safety Leave
HB 317: Notice Involving Gift Cards

NEW BUSINESS APPLICATIONS SURGE ACROSS THE US

From the US Chamber of Commerce

Entrepreneurship is booming in the United States. Over the last few years, the number of applications filed to start new businesses has surged. Application numbers doubled in 2020 compared to recent years, and 2021 and 2022 saw over 5 million applications filed, according to the U.S. Census Bureau.

The trend only accelerated in 2023, with a record-breaking 5.5 million new business applications filed. Explore the data below to understand the new business formation trends across the nation and in your state. View the map >

DELAWARE RANKS #2 FOR NEW BUSINESS APPLICATIONS PER CAPITA

19.3%

Percentage of change of new business applications filed in 12/23 vs 12/22

55,389

New business

applications in 2023

4.1%

Percent of applications projected to become an employer business

DELAWARE A TOP STATE

TO DO BUSINESS

For more than a century, Delaware has built and maintained a robust corporate ecosystem driven by its General Corporation Law, highly respected Court of Chancery, unparalleled expertise from the corporate and legal services community, and exceptional service from the Division of Corporations to attract and retain corporations. ...

As the premier state of formation for business entities, Delaware has taken important steps to enhance oversight

of the company formation process

and increase corporate transparency.

KEEPING YOUR COMPANY COMPLIANT

The Corporate Transparency Act (CTA) went into effect on January 1st

of this year, introducing significant changes to the business community. With its aim to combat financial

crime, this controversial law creates fresh reporting obligations for millions

of companies operating in the

United States. ... Although we are

now several months into the Act,

many businesses are still struggling

to understand and comply

with its requirements.

WHY ARE THERE SO MANY NEW BUSINESSES?

Entrepreneurs solve problems, and when America experienced huge problems in a concentrated time frame during the COVID-19 pandemic, entrepreneurs rose to the occasion. New economic needs and changing consumer preferences created more circumstances for new businesses to start. Read more >

INDUSTRY BREAKDOWN OF BUSINESS APPLICATIONS:

978.4K

Retail trade

686.2K

Professional services

542K

Construction

393.8K

Transportation & warehousing

328.4K

Health care & social assistance

305.7K

Accommodation & food services

286.5K

Real estate

218.3K

Finance & insurance

123.5K

Wholesale trade

LAST CHANCE TO REGISTER!

MAY 30 | 9 AM - 1 PM | DOVER

Your awareness of policies is key to ensuring they are shaped fairly and equitably. To help secure the future of Delaware’s business climate and the First State’s place as a regional leader, we must act together—join the conversation on May 30 >