This week, we’re Aloha State bound in our 50 States of Incorporation series with a look at the only U.S. state made up entirely of islands, Hawaii! The 8th smallest state that is also not within the Contiguous United States, Hawaii may look like small on the surface but actually boasts a population of over a million permanent residents within the state. With tropical weather and scenery year round, public beaches and active volcanoes, Hawaii also serves as a popular destination spot for surfers, tourists, and members of the U.S. military.
Georgia boasts one of the fastest growing populations, and economies, in America. 15 Fortune 500 companies call Georgia home and, if taken alone, Georgia would have the 28th largest economy in the world. Despite its reputation as the Peach State, Georgia also produces pecans, soy, corn, and poultry. Tourism and culture also make up a major part of the Georgian economy, and a flat corporate income tax of 6% continues to attract new businesses to the state. In fact, according to the Tax Foundation, Georgia’s state and local corporate, income, and sales tax are all low enough that Georgia falls below the national average tax burden. But what does it actually take to form a business in Georgia? And what should you know before incorporating in the Peach State?
Famous for Disney World, being bordered to the west by the Gulf of Mexico, and a collection of particularly colorful news headlines, Florida has never been known as a shy state. However, there has long been some dispute about whether Florida can be considered a business friendly state or not.
Connecticut is a state with a long and storied history. European colonists established what would eventually be Connecticut back in 1636, and towns sprung up on the banks of the Connecticut river, leading it to be called the River Colony. Largely due to a war with the Pequot people that inhabited the area, these river towns created a central government to pool resources and raise a militia. After the Pequot War the population swelled, and Connecticut received its royal charter in 1662.
Both it’s involvement in early American history and its natural beauty ensure Connecticut remains a top tourist destination – state officials estimate that tourism generates around $14 billion for the state economy. Well in line with its revolutionary history, Connecticut is also home to many of America’s major gun manufacturers, including Colt, Stag, and Mossberg.
Arkansas is known both as ‘The Land of Opportunity’ and ‘The Natural State,’ and these nicknames are truly befitting of a state with as much natural beauty and entrepreneurial spirit as Arkansas. With fifty-two state parks, including Hot Springs National Park, which is the nation’s first national park, and a strong, thriving culture, Arkansas continues to attract tourists from all across America. Arkansas is also known as the birthplace of multiple Fortune 500 companies, including Walmart, Tyson Foods, and Dillard’s.
But even if you are just a small, one-person company operating out of your garage, Arkansas is still one of the best states to found a business for several reasons.
Nicknamed The Grand Canyon State and infamous for its deserts and national parks, our state of the week in our 50 States of Incorporation series is Arizona. The 48th state to be admitted into the Union with Phoenix as the state capital, Arizona is also the 15th most populous of the 50 states. Companies including US Airways, PetSmart, and Cold Stone Creamery call Arizona home for their headquarters, but as revealed on CNNMoney Arizona also ranks as the most entrepreneurial state in the country, with tech, software, retail and tourism start-ups sprouting up all over the state.
With so many companies staking ground there, what’s the allure of starting a business in Arizona? While forming an incorporation isn’t without its requirements, with the most distinctive one being that all Arizona LLC’s must have a registered agent service, some of the benefits of creating an LLC in Arizona include the following:
Every state is different when it comes to corporate law. Some, like Nevada or Delaware, are known for their business friendly atmosphere and extremely low corporate tax rate. As for other states, well let’s just say that not every state is as friendly towards small business as it should be. Knowing how each state stacks up in terms of laws, fees, and friendliness is enormously helpful when trying to figure out where to form your corporation. Over the next fifty weeks, we are going to look at the basics of corporate law and culture in each of the fifty states on our blog to help our readers better understand how to form and run a corporation in each state. And today we start with Alabama.
Alabama, despite not being as well known as Nevada or Delaware when it comes to incorporating, was actually ranked the second most business friendly state in the United States by thumbtack.com. Over the last few decades Alabama has made it extremely easy to start and run a business, and the lack of an over-regulatory government has meant that small businesses across an array of industries have been able to flourish and help the local economy.