Your detailed review of choosing your business site accurately in the US #infographic

Published by Ayesha Nadeem Sunday, January 26, 2020

Having an idea of new businesses is easy but running a business is tough. To start a new business is sometimes hard. There are millions of reason for the delay of putting your reputation on the line and investing in your business. According to U.S bureau of labour statistics, 20% of small companies close within a year, and only 50% survives and too for five years. Based on USA’s Today's report, here are some best and worst places in the U.S. to run small business based on state politics, infrastructure, tax rates, business costs, annual GDP and more.

5 Best Places to Start a Business:

PUERTO RICO:

This territory of the United States has very less income tax rates for businesses that is 4%. It even has a 0% tax on dividend income so that the company doesn’t have to distribute its profits and gains from the stocks with the shareholders. Nobody likes to pay extra on taxes, and when it comes to property, you could have pay too much if you don’t want to face exemption. But in Puerto Rico, there is 90% real property tax exemption.

TEXAS:

This place ranks no.1 for the growth prospects and current economic climate that usually reflects the job market, stock market, or the availability of the credit. The companies are free from corporate taxes and don’t have to pay anything for there legal entities. Texas is safe for small business startups because it has the highest business survival rates.

UTAH:

Utah is known as the best states for lower business costs, with a high percentage of approved small business loans. It is an advantage to the entrepreneurs to start and grow their small businesses. This place also has low corporate taxes so that there is no such burden on the companies to pay taxes.

WYOMING:

WYOMING is free from corporate and state income tax that means state income tax is imposed on fixed or graduated rate n taxable income of individuals, corporations, certain estates and trusts. 4% sales tax imposed. This state ranks on number 4 for the number of new entrepreneurs in the nation.

COLORADO:

This state is best for low business startups costs; this is a plus point for the people to start new small businesses. It also has low-income tax rates. In Colorado, people have easier access to microloans programs which adds benefits for families and people to turn their hard work into self-independence and confidence, so they have a solid foundation to build their future.

5 WORST PLACES TO RUN A BUSINESS: 

HAWAII:

4% duty is paid at the time of manufacturing of goods at the same time rather than at sales, which is known as an excise tax on businesses. Businesses are highly costly, which is the fact people cannot afford to start new businesses. Hawaii has poor infrastructure.

WISCONSIN:

Each month only 0.19% of adults become entrepreneurs. Low access to financing and venture investment and the corporate taxes rate is as high as 7.9% so that the company has to pay 7.9% of its profits to the shareholders.

WEST VIRGINIA:

In West Virginia, there is a high unemployment rate, and the people are unemployed, which leads to stress and wrong ways to earn. Funding has low access so that the individuals have fewer opportunities. Due to less financial help and no loans system, there is a low average of start-up businesses.

RHODE ISLAND:

The corporations have to pay 7% of there incomes as taxes, which is no less. The economic growth rate is also low so that there is no or less increase in the number of goods and services produced per head. It has poor infrastructure, roads, buildings and bridges etc. are poorly maintained.

LOUISIANA:

Since 2017 there is a decrease in GDP rate, it has a very few venture capital deals. Poor infrastructure leads it to be one of the worst places to start a business.

Despite all the hurdles business owners face, some states make it easier for small business owners to operate and profit. Provides funds to the people using microloans which is easier and is readily available for everyone. There are also states which have higher tax rates and regulations, which makes it difficult for small businesses to survive.

Infographic by: https://oppbusinessloans.com/

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