A new study conducted by SimplifyLLC, a publication that provides free guides for small business owners, shows data collected from the Bureau of Labor Statistics, Small Business Administration and Census Bureau.
Their findings show that Nevada business owners pay workers $51,885 on average annually and pay a 0% corporate tax rate. Also, the average monthly commercial electric bill is about $463.41. Other states that are inexpensive to start a business is Colorado, Arkansas, Montana and North Carolina.
On the other hand, Minnesota has been declared the most expensive state to start a business. According to the study, Minnesota business owners pay employees $60k average annually and pay a 9.8% corporate tax rate. For the monthly electric bill, Minnesota business owners pay $673.61. Other states that follow Minnesota as being the most expensive is New York, Louisiana, Alabama and Alaska.
The Census Bureau reported 429,800 businesses that formed in February 2023.