Key facts
- The US experienced an 8% rise in business applications in 2025 compared to 2024.
- Sheridan County, Wyoming, a small county, ranked 16th nationally for business applications.
- Wyoming offers simple, low-cost business formation services, attracting entrepreneurs.
- Registered agent services can lead to a high volume of applications in specific counties.
The United States saw a notable increase in business applications in 2025, with a nationwide rise of approximately 8% from the previous year, totaling 5.6 million applications. This surge may be linked to economic shifts, including a potentially weaker labor market, and the burgeoning artificial intelligence sector, which has lowered barriers for entrepreneurs.
Among the counties with the highest volume of applications, Sheridan County in Wyoming stood out. Despite being located in the least populated state and having a population of just over 33,000 residents, Sheridan County recorded 47,787 business applications in 2025, ranking 16th nationally. This volume represents more than half of Wyoming's total state applications.
According to George Mocsary, a law professor at the University of Wyoming, the state, and particularly Sheridan County, has developed an industry focused on simple and low-cost business formation services, especially for limited liability companies (LLCs). He explained that businesses can use addresses associated with registered agents in these counties, creating the appearance of local business formation even if the companies operate elsewhere.