It’s time to head on over to New England to the state that has the largest number of dairy cows (in ration of cows to people)! It’s no surprise that Vermont is so heavily cow-populated due to their small population size of fewer than nine thousand people. But many of those Vermonters are very successful entrepreneurs – especially when it comes to maple syrup! The biggest industry in The Green Mountain State is the selling and distributing of maple syrup. The state also boasts the prestige of being the original home to the headquarters for Ben and Jerry’s and IBM.
Vermont holds a lower rank on the Forbes best states for business list, with rankings in the twentysomething numbers for quality of life, economic climate, and labor supply. The state provides affordable healthcare, but suffers from high personal income taxes (9.5%) and corporate taxes (8.5%), according to CNNMoney.
However, the state also provides plenty of scenic sights including The Green Mountains and the famous Lake Champlain. Thinking about tapping some trees and opening your own maple syrup business? Keep these tips in mind when you decide to form an LLC or incorporate in Vermont!
- As an LLC in Vermont, you need to distinguish your business as such. You can do so by attaching ‘limited liability company,’ limited company,’ ‘LLC,’ ‘L.L.C.,’ ‘LC,’ or ‘L.C.’ to the end of your business name. You also have the ability to shorten ‘company’ to ‘co,’ and ‘limited’ to ‘ltd.’
- You will be required to designate a registered agent. This registered agent can be any Vermont resident or any legally registered corporation in Vermont. All they need is a physical street address. Vermont also gives the option of designating someone affiliated with the LLC to be the RA, as long as they are a resident of Vermont.
- Whether you’re a foreign or a domestic LLC, you’ll have to fill out the same Articles of Organization, pay the same fee, and file the articles by mail. Remember that foreign LLCs do have to pay the higher fee when it comes to filing annual reports.
We can help you get your small business started in Vermont! Give us a call at 1 (877) 692-6772 or leave a comment below to get started!