Are you thinking of opening a business but you’re unsure in which state to do it? Naturally, some states are more business-friendly than others. It’s only normal for a business owner to want to start his or her company in a state that can give it the best chance to succeed. Today, we’ll be talking about 4 of the most business-friendly states where you can base your company, telling you a bit about what makes them so great for business purposes.
Top 4 Most Business-Friendly States to Set Up a Business In
There are many reasons why Wyoming is the best state to set up a business in. First of all, the tax climate is great for business purposes. You won’t come across a corporate income tax, gross receipts tax, or individual income tax. Moreover, the sales tax is incredibly favorable. If this isn’t enough to convince you that you should base your business in Wyoming, you should also know that there’s a high rate of new entrepreneurs here. That’s because there are many opportunities for startups to open here. Not only that, but most businesses that start here also survive a record amount of time.
The economic conditions in Nevada recommend this state as one of the best states in which you can start a company. In fact, the startup activity score of this state is the best in the entire country. Nevada is also somewhere at the top of the list in what concerns the number of startups that are based here. You can find more than 100 of them per 1.000 firm population. At the same time, in Nevada, you can also come across the highest number of available employees in the U.S. So, if you know you’re going to need a lot of employees working for you, Nevada might be the right state for your business.
If the level of education of your employees is important to you, you should definitely consider Utah as a state where you can set up your business. The education level here is the second highest in the country. This is not everything that makes Utah such a business-friendly state. Another important aspect would be that there are many startups based in Utah. In fact, here, you can find the third highest number of startups in the U.S. To be more precise, there are 93.5 startups per 1.000 firm population.
Missouri is another state that’s considered one of the most business-friendly states in the United States. Why, you ask? Well, the answer is complex. First of all, because of the fact that the cost of living is extremely affordable compared to other states, which makes it easier for people to start a business here. Second of all, because the startup density is quite high as well, the fifth highest in the country. Finally, another thing worth mentioning is that when it comes to the rate of businesses that are created to businesses that die, Missouri is the fifth highest ranking state. This means business survival is one of its strongest suits.
These are only a couple of the most business-friendly states in the U.S., but they’re definitely 4 of the best ones you can try.
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