Which states are best to start a business? In 2021, WalletHub ranked Texas, Georgia, California, Florida, and Idaho as the top five states for starting a small business.
Do some of these states look familiar? You might have seen them in our 2021 roundup of emerging states to incorporate a business. That is to say, entrepreneurs are starting businesses. They are heading to locations besides long-standing incorporation favorites like Delaware and Nevada. More states are positioning themselves as the new “corporate darlings.” Let’s look at what makes these states the best states to start a business in 2022.
The state of Texas wants to make your business boom. Texas prides itself on offering entrepreneurs the best business ecosystem in the United States.
Five key factors position Texas as one of the best states to start a business.
Companies in Georgia don’t just grow. They change the landscape. The state of Georgia, and the Georgia Department of Economic Development, is full of resources. These resources are for entrepreneurs starting, growing, or financing their small businesses in Georgia.
One reason why Georgia is one of the best states to start a business is that the state offers opportunities to entrepreneurs across all walks of life.
In addition, Georgia has a business tax environment built to benefit small businesses. Learn more about the Job Tax Credit to offset your corporate tax liability. Find even more tax credits available to entrepreneurs, too.
Every startup in the state of California deserves the opportunity to start, manage, and grow. Planning to start a business in California? You’ll find all the resources you need at the California Office of the Small Business Advocate (CalOSBA).
CalOSBA serves as the voice of small business. This means the office represents its views and interests across the state. Likewise, CalOSBA advocates for small businesses. The office helps startups get the access they need. This access is to capital, market, and networks.
Subsequently, business resources are only a click away. Some of these resources include the California Tax Service Center for assistance with income and payroll tax and CalGOLD (California Government Online to Desktops) to issue proper business licenses and permits.
The state of Florida is a small business hot spot! One of the biggest reasons why Florida is one of the best states to start a business is its corporate tax rate. The taxable rate is steadily declining from 4.458% in 2020 to 3.535% as of December 31, 2021. In addition, there is no personal income tax in Florida which lowers tax burdens for entrepreneurs.
Moreover, Florida’s warm climate paired with its small business friendliness means plenty of startups are ready to make waves. Within any given month, 0.42% of non-business owner adults are starting a business in Florida. As a result, this increases the state’s rate of new entrepreneurs.
Idaho Commerce has the tagline “Undiscovered. Find Your Opportunity.” Above all, this emphasizes the benefits of incorporating in Idaho.
The state of Idaho is an emerging state among the best states to start a business. In the same vein, the state has an educated workforce, low taxes, reliable infrastructure, limited regulations, and a business-friendly climate.
Idaho is the nation’s second fastest growing state. Moreover, Idaho is unique is in its range of incentives and grants. These are available to small business owners. As a result, qualifying businesses may receive specific tax credits and refunds.
Grants are available to fund research. Grants may also assist with market access. In addition, Idaho offers external financing options. For example, Idaho businesses may receive loans from the SBA. Industrial revenue bonds are also available for Idaho businesses.
Did you decide to incorporate in one of these five states? In short, we are ready to get you on track! Give us a call at 877-692-6772 or contact us at mycorporation.com. Let’s start incorporating or forming an LLC for your small business.
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I'm rather surprised California made the list with its high taxes. Not surprised about Texas and Florida. Delaware could also be on the list imo for their LLC incorporations laws, and you don't have to be physically located there.