We’re Big Apple bound this week in our 50 states of incorporation series as we learn what it takes to form an LLC and incorporate in New York!
AOL, HBO, J.P. Morgan Chase, NBC, Time Warner – to list the sheer number of major corporations that call NYC home to their headquarters would undoubtedly be an entire paragraph (or two) unto itself. Forbes summed it up nicely in a piece ranking the state on the 50 best states for business list, stating that if New York were a country, the state’s $1.2 trillion dollar economy would be the 14th largest in the world after Spain.
Whether you’re working in finance, banking, or fashion, seemingly every type of industry has a place in New York. There are plenty of VC investment opportunities to be found and lots of resources within the state as well. But New York also suffers from high costs in areas concerning taxes, living, and healthcare. Thumbtack.com ranked the state with a D+ in overall friendliness and an F for ease in starting a business last year – ouch.
However, the old adage does ring true that if you can make in New York, you can make it anywhere. If you think you and your business are ready to take on the concrete jungle and incorporate in New York, read on for more information on how to get started!
We’re headed to the shore for this week’s 50 States – New Jersey is the name of the incorporation game!
New Jersey, bordered by New York, Pennsylvania, Delaware and the Atlantic Ocean, is not only home to the infamous “Jersey Shore” (both as the MTV series and popular vacation destination) but also to the second wealthiest Americans in the United States. It has a population of about 8,881,700 naming it the 11th most populous of the states.
According to Forbes, Jersey’s economy is strongly run by pharmaceuticals, financial services, telecommunications, food processing and tourism. Corporations including Pinnacle Foods, Trump Entertainment Resorts, and Kent International all call the state home to their branding headquarters.
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.
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%.
Ready to incorporate in Louisiana this week in our 50 states of incorporation series? This southern gem is most widely known for its delicious comfort food, swinging jazz scene and vibrant colors (as seen in New Orleans), and for surviving hurricanes Katrina and Rita. The population of Louisiana comes in at about 4,614,500, and the capital is Baton Rouge.
Though the state comes in at number 40 on the Forbes “Best States for Business” list, the state office is generally very supportive of small businesses looking to incorporate in Louisiana. Any small business owner is welcome and encouraged to give the state a call with questions they might have, and their state website has also proved to be quite helpful with a checklist available to small business owners to help expedite the process. There are even incentive programs implemented for business owners in the research and development, manufacturing, and motion picture fields. Seafood and tourism are also two big industries that do well in Louisiana, the former of which features 90% of the crawfish eaten around the world coming straight from Louisiana. And as far as tourism goes, Bourbon Street, anyone?
It’s off to the races this week in our 50 states of incorporation series with a look at the Bluegrass State, Kentucky! The 26th most populous state in the United States, Kentucky is noted for its bourbon distilleries, automobile manufacturing, tobacco, and horse racing, the latter of which is a $3 billion dollar industry and noted for its highly successful yearly Kentucky Derby Run for the Roses event. Today we’re taking a closer look at what it means to incorporate in Kentucky.
Home to Toyota’s Motor Engineering & Manufacturing in North America, Kentucky has been ranked #34 on the best states to do business in according to Forbes with the cost of doing business 10.6% below the national average. Thumbtack.com gave Kentucky a B- on small business friendliness with the ease of hiring, labor, employment and zoning all in the general B range. One of the biggest perks for those who incorporate in Kentucky is that the cost of business ranks at #9 of the 50 states and employment consistently on the rise, with more than 14,000 new jobs created in 2012, according to the Kentucky Cabinet for Economic Development.
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!
Our next state is famous for producing 33% of the potatoes grown in the U.S., and 85% of commercial trout. This state is also home to the famous Salmon River- the longest free-flowing river to flow within a single state. Who is our mystery state bachelor? None other than Idaho!
Idaho is located in the northwestern region of the United States. It comes in as the 14th largest, 39th most populous, and the 7th least densely populated of the states. Its capital is Boise.
As far as starting a business in the potato state goes, Forbes ranks it at number 19 for the best states for business due to its average rankings of business costs, labor supply, regulatory environment, economic climate, growth prospects, and quality of life.
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.