North Dakota is easily one of America’s most intriguing states. It was fairly unaffected by the Great Recession, and has one of the lowest unemployment rates of any state. North Dakota is also the only state with a state-run bank, the Bank of North Dakota , and a state-run flour mill, the North Dakota Mill and Elevator, which is also the largest flour mill in the USA. Both of these institutions are carryovers of the Nonpartisan League, a populist political party that did so well in North Dakota that it gave the state a three-party system before eventually merging with the Democrats. North Dakota is also the reason we have a National Park system – its natural beauty inspired Theodore Roosevelt to champion conservation.
North Dakota’s excellent economy makes it a prime state to start a business. So just what do you have to do to start a company in the state? And how do you form a limited liability company or incorporate in North Dakota?
Nevada was born from the discovery of a major silver mine, and its reputation as a state where you can make it rich, and quick, has been well-earned. Home to Las Vegas, Nevada is known for being a place to gamble, and tourism remains its number-one industry. Of course, there is so much more to the ‘Silver State’ than the Las Vegas Strip. Nevada is still home to some of the most active precious-metal mines, and is a major ranching state.
The State Seal of Nevada
Nevada also has a reputation as being a tax haven – the Tax Foundation ranked Nevada as having the third most-business friendly tax laws of all fifty states. Naturally, we receive plenty of questions on how to take advantage of that lax-tax law. If you are considering whether you should incorporate in Nevada, take the following into consideration:
- A few forms are all you need to form a limited liability company or incorporate in Nevada. To help expedite the process, Nevada’s Secretary of State has set up ‘The Silver Flume‘ – an online business portal that allows entrepreneurs to register their business and set up a new business entity. The filing fee for corporations can fluctuate from the minimum of $75 depending on how many shares the corporation will be authorized to issue.
The 50 States of Incorporation series is back from a quick holiday hiatus and heading on over to The Treasure State to learn how to incorporate in Montana today! Best known for its mountain ranges, 77 of which are a part of the Rocky Mountains, Montana’s biggest employer is agriculture. About two-thirds of the total state land is devoted to farmland including ranches and cereal grain farming.
On Forbes, it ranks as #26 on the best states for business list and while the state stays on middle ground for its economic climate and business costs, it is noted for being new business friendly. The SBA reports that residents within the state launched more new business per capita there than any other state there in the past three years.
Sounds like the place for your start-up? Here are some extra details to keep in mind about how to form an LLC or incorporate in Montana.
If you’re an entrepreneur, you know that when setting out on a small business venture, there are many factors you must consider. What will be the size and scale of the company? How will you get initial funding to jump start their project? Who will you choose to partner with?
Perhaps the most significant of all these very fundamental questions is that of location: where will you start your business? The location of your business is the foundation upon which the answers to all of the aforementioned questions are built. “Location, location, location” is the saying so often associated with the real estate industry—and it applies well to business also.
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.
Jenelle Isaacson, owner of Living Room Realty
As our B Corp interview series comes to a close, we’re excited to end the series on a strong note for businesses that decide to file as Benefit Corporations by featuring Jenelle Isaacson, owner of Living Room Realty in Portland, Oregon. Living Room Realty has the distinction of being the first real estate company in Oregon to become B-Corp certified and today, we spoke with Jenelle about how she hopes Benefit Corporations will be the future norm for business and how her company believes in building both business coupled with community – “one great neighbor at a time.”
1) How did you get started with your company?
I was getting ready to have a baby and wanted to leave my current office anyways so I could have my own place I could easily bring my baby in if I needed and have control over the environment of my office. I was nesting. I wanted my own space, with my favorite teas, assurance the office was cleaned with natural products and was somewhere as comfortable as my own living room if I would be balancing two children under two years old and a thriving real estate business.
Senen Garcia, Esq. of SG Law Group
Accountant, attorney, and B Corp movement supporter Senen Garcia, Esq. got his entrepreneurial start at an early age. The sole owner of two businesses before completing his bachelor’s degree in Business Administration with a concentration in Entrepreneurship and International Business, Garcia opened his accounting and tax practice before receiving his undergraduate degree. While running said business, he completed his Graduate and Juris Doctorate degrees and now operates SG Law Group in Florida which assists clients with their corporate, real estate, estate planning an property insurance claim needs.
Today he’s giving us a look at how he got interested in the B Corp movement, what he believes Benefit Corporations need in order to succeed and why the real benefit behind the B Corps has a lot to do with marketing.
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.
Lisa Garrison, Attorney, Smith Moore Leatherwood
At the firm of Smith Moore Leatherwood LLP, Lisa Garrison maintains an active business litigation practice advising and representing clients in anything from claim appeals to multiple jury trials, but she also has an active presence with companies that have socially beneficial missions. Lisa serves as the founder of the firm’s “Benefit Corporation Team” or the “B Team” which focuses on exploring and serving the legal needs of aspiring or existing “benefit” or “B Corp” companies – for-profit businesses that seek to better the world through identified social missions and by focusing on sustainability and TPL/3BL (the “triple bottom line” pillars of profits, people, and planet).
Today, we’re discussing with Lisa how the “B Team” came to be at Smith Moore Leatherwood LLP and the assistance it provides Benefit Corporations in need, the financial advantages that come with forming a B Corp, and why every entrepreneur needs to read up on the pros and cons of Benefit Corporations before starting one up.
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!