5 of the Best States to Set Up Shop
With the New Year now upon us, many will be looking at a fresh start and for entrepreneurs that could mean looking at potential investment projects to either boost their portfolio’s or pursue their long held dreams.
With America’s economy now surging from strength to strength and looking to regain the number one spot as the world’s largest economic superpower, many might consider turning their hands to business over there.
One of the advantages of setting up in the United States is its sheer size and diversity which opens your business up to a massive market place and a whole range of opportunities but with such diversity running through just one country it can also pose a problem for potential business owners as to where is the best place to get started.
The business climate and legal features of each state can vary wildly and whilst some may offer tax breaks for business others may have a higher cost of living or more complex rules on incorporation. In order to clear away some of this uncertainty; we’ve compiled a list of five of the best states for company formation.
Most people don’t even consider the Northern most state of the US due to its colder climate but it has long been a draw for the oil, natural gas, and fishing industries that make the most of its abundant natural resources to fuel their business interests. It’s not just the natural landscape that makes Alaska such an attractive prospect though as the state has no individual income fees or sales taxes, allowing businesses to make purchases within Alaska at a lower cost. It also offers up the most protection for owners of LLC’s in the country as they cannot be dissoluted by any court, unless the company proves to be unprofitable.
Delaware must be doing something right with its business climate as it is home to over 63% of all Fortune 500 companies and, in a country as large as America, that is a simply staggering amount. Part of its attractiveness will be down to its accessible legal structure, regarding corporation, alongside its incorporation services such as proper judicial guidance from the state’s well-developed legal courts. The state does not charge a sales tax at all which is a benefit that half of the publicly traded companies in the USA have seized upon by having their headquarters there.
A cultural hub for large parts of the entertainment industries, Nevada is attractive to many start-ups because of the wide array of customers that it attracts. No income or corporate shares tax has meant that businesses have flocked to the state to make the most of its legal efficiency for corporate shares issues and permissive judicial structure.
No, individual income tax, no corporate income tax and no capital gains fees have seen South Dakota become the ideal environment for the investor. Incorporation benefits are also a major draw as legal protection, such as separation of personal and corporate assets, and from small ongoing filing burdens are in place to help businesses flourish.
Wyoming offers some very generous tax exemptions to several business areas like those in the purchase of raw materials and transactions on gasoline or groceries but there are also several more general benefits as well with no corporate or personal income taxes and entrepreneurs only having to pay federal income tax. In fact, according to the Tax Foundation’s 2015 State Business Tax Climate Index, Wyoming is the most business friendly state in the country!
For those looking at setting up a company in any of the within the list, just click on the state of choice for more information or email us at [email protected]
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