There are 7 cities that have been identified as the best locations to start a new business in America.
The Corporations Bureau has plotted the along with this study put out by CNN as well as the Tax Foundation and we find our support for our membership is truly indicative of national statistics.
Although economic recessions have historically been a boon for small business creation and entrepreneurs all over the nation and around the globe, benefits to the small business sector in these 7 Bests cannot be denied. It should also be stated that often at CB, we assist our members in incorporating their businesses in other states, some of which made the list of these 7 for some of the same reasons and/or benefits that we will mention.
Wyoming: Wyoming's tax structure as the No. 1 most business-friendly in the nation, thanks to the absence of income tax and low sales and excise taxes. With fewer than 1 million residents, Wyoming is the least-populated state in the country, although almost 3 million visitors drop by annually to enjoy tourist magnet Yellowstone National Park. In addition to low property taxes, Wyoming boasts a low cost of living. Abundant natural resources - oil, natural gas, coal and the mineral trona - drive the state economy.
Nevada: No personal or corporate taxes helps to lure new businesses to this desert state. The fact that there is no Inventory Tax and low Payroll Taxes also helps boast the state's population by 25%. Nevada boasts thriving health care, education, and finance sectors; its location is conducive to doing business with other major southwest cities. Tourists flock to Reno not just for gambling but also for outdoor recreation - nearby Lake Tahoe offers water sports in the summer and skiing in winter. In rural areas, where mining is the primary industry, businesses are benefiting from the high cost of gold and copper.
Florida: Has no personal income tax but does have corporate taxes. The sunny state's economy gets its strength from a diverse mix of industries, offering jobs in aerospace, agriculture, medical technology, software development, and tourism and leisure.
Texas: No personal income tax, low business gross receipts tax (sole proprietors and general partnerships are exempt). Recently, the governor's office identified six industries in which Texas wants to promote future growth: advanced technologies and manufacturing, aerospace and defense, biotech and life sciences, IT and computers, oil refining and chemical products, and energy, including new energy sources such as wind. The government is cultivating these sectors by connecting businesses with federal and private grants, providing state funds for research, and increasing job training programs.
Washington: As this well known home of Microsoft, Amazon and Boeing, Washington has no personal income tax, but a gross-receipts tax on all business income. Primary industries include software development, biotech, aviation and electronics. The state also has a robust agricultural environment: Washington is the No. 1 U.S. producer of apples, pears, sweet cherries and red raspberries. While residents enjoy the benefits of paying no income tax, businesses don't get off so easily: The state has some of the highest excise taxes in the nation on goods such as gasoline, cigarettes and alcohol; gasoline and diesel are taxed 34 cents per gallon.
New Hampshire: Is one of the fastest growing states in the nation when it comes to business development. NH has no personal income tax on wages and salaries, but tax on dividends and interest, plus gross receipts tax for businesses. An abundant pool of educated workers feeds New Hampshire's high-tech companies: The state is home to 26 colleges, including the University of New Hampshire and Dartmouth College. Despite the increasing labor force, unemployment is lower than the national rate. The state is leading the way in establishing telecom and computer software industries. Other rapidly growing sectors include health care, retail, and hospitality.
Tennessee: No personal income tax on wages and salaries, but taxes on dividends and interest, plus corporate excise tax on net earnings. Tennessee has a robust manufacturing sector, producing automobiles, chemicals, machinery, and rubber and plastics. To facilitate growth, the state offers various sales tax exemptions and tax credits to new businesses, plus job training programs to develop a skilled workforce. The state also has the lowest utility costs in the nation, but one of the highest sales taxes. Home to many major corporations such as Nissan North America and Bridgestone, which have headquarters and manufacturing plants in the city.
A special thanks to our members all across the nation, with special emphasis on those in these 7 Bests! Determine the location and demographics for your business and see what it offers in the way of benefits to the industry(s) you support.
A failure of most new small businessess and entrepreneurs is we focus on the possible benefits our organizations may add to a city or town or state, and not always what that location will bring to our new organization. Its a two way street, make a point to drive down both sides of that road, just one side at a time though. The location has to work for you regardless of the direction of travel.
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