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Best economic climate for small business
Some of the most important factors that help determine whether or not an economic climate is most agreeable for a small business are as follows:
Based on these different factors, some states are better for small businesses than others.Here are the five states with the best economic climate for small businesses, and the five states with the worst economic climate for small businesses. 5 best states for small businesses 1.South Dakota is the top state for small businesses.Why is South Dakota the top state for small businesses?Because South Dakota has hardly any taxes.South Dakota has no corporate income tax, personal income tax, capital gains tax, or estate taxes.Also there are few health regulations, low crime rate, a low cost of living, a low level of unemployment, and strong economic growth. 2.Nevada is the second best state for small business, due to the fact that it has no income tax, no capital gains tax, no estate tax, and no inheritance tax.There's also a strong outreach program that's being run by the state to recruit small businesses owners and to improve economic development.However, the long-term problem that Nevada might have is making sure that its infrastructure can keep up with its economic growth. 3.Wyoming is the third best state for small businesses, because it has no income tax, no capital gains tax, and no estate tax.However, there are high property taxes and high unemployment taxes.However, you will have to make sure that your business can keep up with the demands of the wealthy ranch owners who will be your customers if you start up a business in a place like Jackson Hole. 4.Alabama is the fourth best climate for small businesses, because it has the lowest property taxes in the country, along with a low corporate income tax, light health-insurance regulations, no inheritance tax, and no estate tax.The only problem with Alabama is that many people leave the state after they go to college, so there is a bit of a brain-drain going on. 5.Washington is the fifth best state for small businesses, because its electricity costs are low, there is no alternative minimum tax, there is no income tax, and there is no capital gains tax.The minimum wage is the highest in the country, but there is a strong entrepreneurial culture that fosters small businesses, along with a young work force that is eager to work for and to frequent small businesses. The following are the 5 worst economic climates for small businesses, based on high taxes and unfriendly business environments: 1.Washington D.C. has the worst climate for small businesses.
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