FRANKFORT, Ky. (AP) — Business registrations in Kentucky in 2021 have increased 21% over 2020.

Secretary of State Michael Adams announced Thursday there were 52,774 business formations and foreign qualifications, which are registrations of out-of-state businesses to do business in Kentucky.

Limited liability companies were the most common new business entity formed. In 2021, some 40,448 new Kentucky LLCs were formed, a 23% increase over the previous year.