A bank rate listing firm lists Delaware as the fifth-best place in the nation to start a business. The state ranked seventh last year.
GoBankingRates.com gave Delaware the high rating, citing the state’s favorable tax climate and its high per person GD (the value of goods and services).
Earning the top ranking was Wyoming, which has no income tax and low sales taxes.
Ranking at the bottom was Hawaii, due in part to the high costs of starting a business on the island chain.
Delaware has ranked both high and low in the business climate, with some Republican legislators claiming that high utility costs, high taxes, burdensome regulations make it difficult for businesses to get off the ground.
The Kauffman Index of start-up activity ranked the state 16th out of 25 smaller states. (Larger states were in a separate category.
Delaware does not have a sales tax, but does levy a gross receipts tax on total sales of business.
Factors that went into ranking included:
- Startup Activity (based on the rate of new entrepreneurs, opportunity share of new entrepreneurs and density of startups)
- Business Survival Rates (based on the ratio of business creations to deaths)
- Productivity (based on per capita GDP)
- Availability of Employees
- Education Level of Potential Employees
- Business Tax Climates
- Cost of Living
Click on the link below for the full listing:
https://www.gobankingrates.com/personal-finance/10-best-worst-states-entrepreneurs/
