The South Dakota Office of Economic Development offers a free business creation package for anyone interested in starting a business in the state. With a rate of new entrepreneurs of 290 per 100,000, South Dakota is one of the most tax-friendly states for small businesses, as there are no corporate or individual income taxes. In Florida, the rate of new entrepreneurs has steadily increased over the past five years, with 0.42% of adults who are not business owners starting their own business each month. Unfortunately, only 49.5% of those companies will survive five years.
The attractive fiscal climate may be one of the reasons for Florida's business growth, as it is ranked No. 1 by the Tax Institute. Texas is known for its big things and its rate of new entrepreneurs is no exception, with 410 Texans opening a new business on any given day. Even better, more than half of those new businesses, 50.9%, are expected to last five years.
However, the tax burden is quite high in Texas, with sales tax rates totaling 8.19%. Idaho's fiscal climate is not as favorable to entrepreneurs as elsewhere, as the corporate income tax rate and the individual income tax rate peak at 6.925%. The combined state and local tax burden is also in the middle of all states, at 9.3%. Utah offers links to numerous new business resources for new entrepreneurs and has a five-year survival rate of 49.8%.
The state is somewhere in the middle when it comes to taxes, with a maximum corporate tax rate of 4.95%, the same as the individual income tax rate. Combined state and local taxes average 7.18%. Arizona has a natural disaster risk due to its hot and dry climate, causing many wildfires annually in the state. The tax climate in Arizona is not the most welcoming for these new companies, with a maximum corporate tax rate of 4.9% and a combined state and local tax burden of 8.8%.
CNBC recently released its survey of the top states for doing business, so find out if your state is one of the 15 to start your next adventure. Ohio ranked second in CNBC's ranking of states by infrastructure and Indiana topped CNBC's list of state infrastructure rankings. North Dakota ranked first for ease of business in the CNBC survey and Minnesota ranked high on the list because it ranked in the top 10 in the state rankings for infrastructure, life and health, and technology and innovation. Florida has a growing economy and no personal income taxes for residents while Georgia has experienced an increase in population in recent years which has helped it rise in the ranking when it comes to qualified employees. Those working in marketing are more likely to be employed by larger companies located in larger cities across the US.
With many employers offering remote work opportunities, marketing professionals can easily achieve this goal from anywhere.
