Away to the “Land of 10,000 Lakes” we go today to learn about how to incorporate in Minnesota! The 21st most populous state, notable for its fair mix of forests and a thriving metropolitan area within the “Twin Cities” of Minneapolis-Saint Paul, Minnesota is also ranked #8 on the Forbes best states for business list. The state has a strong economic hub as well with the Target Corporation, General Mills, and Medtronic Inc. all calling it home for their company headquarters.
Though Thumbtack.com has ranked the state with a C+ in the areas of tax code, health and safety, employment, labor, and hiring, and licensing, Minnesota has received an A- when it comes to overall state friendliness and ease of starting a business. Much of this may be credited to how Minnesota has a strong economic outlook, ranking #5 on Forbes for quality of life and with the cost of doing business as 1.6% below the national average.
If you’re ready to form an LLC or incorporate in Minnesota, here are a few things you need to know first.
Ready to incorporate in Massachusetts? Today, we’re focusing on none other than the Bay State, also known as Massachusetts, in our 50 states of incorporation series. Massachusetts can be found in the New England region of the northeastern United States. It borders Rhode Island, Connecticut, New York, Vermont, and New Hampshire. Though it is the seventh smallest state in the US, it is the fourteenth most populous, being one of the most filled-to-the-brim states!
Massachusetts holds a great deal of cultural history as far as American states go. The town of Plymouth was one of the first successful colonies to be established in the country, and the state is also home to Harvard University (he oldest institution of higher education in the United States), and established brands including Au Bon Pain, Dunkin’ Brands Inc., and Staples all call the state home to their company headquarters.
Here at MyCorporation, we’re busy prepping for the end of the year and looking forward to what 2014 will bring for small businesses and entrepreneurs. But while our prep involves helping to file delayed filings or incorporating or forming LLCs for small businesses, we’re curious to see how other companies are closing out 2013. Today, we have 24 small business professionals giving us a look at what they’re working on for their brands and their biggest business tips on how to close out the end of the year!
1. “Make a resolution to focus on one social media platform. Social media is not going away and it’s time for small business to step up.”
- Lisa McTigue, Social Media Expert, LisaMcTigue.com
2. “We are making sure all inventory is in stock and organized, all marketing materials ready to go and short lead press releases being sent to appropriate parties. We look forward to a successful holiday season!”
- Sally Goodgold, Founder, WarmTradition.com
3. “At year end, I always check in with everyone who was interested to hire us during the year but didn’t. Many times companies find “use it or lose it funds” on the books at the end of the year and if you hit the timing right, they may just reopen the conversation where you left off before and have you invoice them in December to get the found money off the books. Then you can start the new year strong with motivated clients who will return your calls fast since they have already paid you!”
- Paige Arnof-Fenn, Founder and CEO, Mavens & Moguls
With a bevy of nicknames that include the Old Line State, Free State, and Little America, this week our 50 states series focuses on what it means to incorporate in Maryland. Ranking at number 18 on the Forbes best states for business list, Maryland may be noted for holding the second highest costs for labor in the United States, but is considered one of the most educated workforces to join in the country and also home to the headquarters for the Ritz-Carlton Hotel Company, JW Marriott Hotels, and Johns Hopkins University.
On a small business friendliness scale, Maryland has a C in overall friendliness from Thumbtack.com and stays on a fairly level B rating for the ease of starting a business and regulations pertaining to health and safety, employment, labor and hiring, and tax code with the cost of doing business in Maryland holding at 9.9%.
Home to the most crooked street in the world in Burlington’s Snake Alley, and the world’s largest strawberry, Iowa is this week’s ’50 States of Incorporation’ spotlight.
Iowa is often fondly referred to as the “American Heartland.” It’s the only state whose eastern and western borders are completely made up of rivers, with the Mississippi River to the east and the Missouri River to the west. Iowa’s capital and largest city is Des Moines. The overall population rings in as being the 30th most populous of the states.
All throughout the month of October, we’ve been exploring LLCs vs Corporations at MyCorp – even more than we already do! The big question we keep revisiting are the LLCs vs Corporations themselves. Should a business become an LLC or corporation? Is there a “right” entity to form for your own business? We created an infographic that compares and contrasts the two together to find out.
One of the first decisions every business owner needs to make is what entity to file their business as, and that choice is typically between LLCs vs. Corporations. Really the decision comes down to what fits the needs of the business owner and the business, but there is still discussion on which entity is best. Here at MyCorp, we gathered together a panel of professionals to get their expert advice on LLCs vs. Corporations and which is the best to form for your business. Which side are you on?
1. “Generally speaking, corporate status is preferable. Banks typically don’t view LLCs as favorably during the loan application process and corporations don’t pay taxes on fringe benefits. These include group-term life insurance, medical reimbursement plans, medical insurance premiums, and more.”
- John Boyd, Principal, The Boyd Company, Inc.
This week, we’re taking a trip to “The Crossroads of America” or the state of Indiana, if you were able to easily recognize their state motto! As the 38th largest state by size and 16th most populous, Indiana is also slowly working its way up the ladder of hot states to do business in. ChiefExecutive.net ranked it as #5 in their 2013 state rankings with high marks in place for taxations and regulations, workforce quality, and the overall living environment. The cost of doing business within the state, as noted by Forbes, is 12.8% below the national average. Indiana has received high marks on Thumbtack.com for its licensing, ease of starting up a business, and overall friendliness.
If heading into the manufacturing industry sounds like it’s up your alley, or you just want to move toward a state that keeps it simple for start-ups, keep the following notes in mind when you’re ready to form an LLC or incorporate in Indiana!
Limited Liability Company formations outpace Corporate formations by nearly two-to-one, so the easy answer to this question seems to be that businesses prefer LLCs. However, what works for one, or even the majority, of businesses may not be right for others. Every company faces its own unique challenges and has its own needs, and even though LLC formation is so much higher than corporate formation, that doesn’t mean that every business will be happy with a limited liability company structure.
The main reason behind why LLCs continue to be so popular seems to be the ease in which an entrepreneur can run an LLC, either by themselves or with a handful of other people. Limited Liability Companies don’t require annual shareholder meetings, nor do they need meticulous notes on every debate that leads to a business decision. Corporations, on the other hand, can be a bit of a pain to run and have to contend with plenty of extra state regulations. But what sort of companies find dealing with those regulations worth the benefits of a corporate structure? And what kind of businesses do better as limited liability companies?
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.