If you're thinking about starting a business, you may have heard that some states would be better locations for your company than others.
Moving from the Washington, D.C., area to south Florida meant major savings for Roberto Verrocchio, owner of Antico Elements Architectural Products in Miami.
“If I had to rent the same retail / office space in the DC area it would cost me a fortune. Miami rental rates are still very competitive,” he says.
Verrocchio also saves on state income taxes because Florida has none. (The other states with no state income tax are Alaska, Nevada, New Hampshire, South Dakota, Texas, Tennessee, Washington and Wyoming.)
you’ll be living in the state where your business is based, cost of living is important, too. In addition to low
taxes, you’ll want to look for low housing, transportation and energy
The type of business you’re
running may limit your list of potential locations, however. If you want to
operate a ski resort, Texas and Florida aren’t going to be appealing
choices even if they do have low taxes and a low cost of living.
Read more about how your choice of state can affect your business in my Investopedia article, The Best States to Start Your Business.