We are “The Granite State” bound this week in our 50 states of incorporation series on New Hampshire! For those looking to form an LLC or incorporate in New Hampshire, Thumbtack.com has nothing but rave reviews on the state – it nabs an A+ in overall friendliness, ease of starting a business and hiring, health and safety, and tax code.
Infamous for being the birthplace of the Free State Project (which works to educate people on the advantages that come with living in the state) as well as internationally for the New Hampshire Primary in the election cycle, New Hampshire ranks as #31 on Forbes Best States for Business list.
Why so middle ground based for a state giving flying colors to do business in? New Hampshire holds a low unemployment rate, but also suffers from expensive energy and labor costs. As far as taxes go, New Hampshire has no sales tax or income tax reported on an individual’s reported W-2 wages. However, the state does have a controversial property tax, which according to former state senator Jackie Cilley, was noted in 2012 as having the third-highest property taxes in the nation.
Property taxes aside, New Hampshire excels in yielding plenty of goods in the industrial and agricultural industries including dairy products, machinery, tourism, plastic products, and nursery stock. Looking to go into business specializing in one of those areas? Here’s are some extra notes to keep in mind before you form an LLC or incorporate in New Hampshire.
- For all LLCs and corporations registered in the state of New Hampshire, an annual report and filing fee is due by April 1st each year following the year of registration within the state.
- Need help figuring out what the taxes for your small business are? Be sure to check in with the New Hampshire Department of Revenue Administration for extra assistance and guides on property taxes, annual reports, and overviews of New Hampshire taxes.
- Interested in converting your entity over as an LLC? In the state of New Hampshire, you’ll need to submit in a certificate of conversion, certificate of formation, and form SRA (along with accompanying fees for all forms). However, it’s important to note that New Hampshire LLCs are currently unable to convert over to becoming New Hampshire corporations.
- LLCs must have an appointed registered agent service in place if they are formed in or registered to do business in New Hampshire.
- Filings are typically completed within three weeks; rush filings usually take about one week.
Is it time to get your business up and running in New Hampshire? Give us a call at 1-(877) 692-6772, or leave a comment below, and we’ll be happy to help you out!