Initiatives that benefit an Iowa small business include no personal property tax. There is also no sales and use tax on machinery and equipment purchases. This state also offers a refundable credit for increasing research activities. It is up to 6.5% of qualifying expenditures. Furthermore, Iowa offers reduced or no corporate tax. Also, they have a 50% deductibility for federal taxes from Iowa corporate income. Iowa is one of only five states which offer this deductible.
Wisconsin
In 2019, Dollar Sprout reported Minnesota is the number six best place to start a business in the nation.
Dollar Sprout reports a great business 10-years survival rate and a modest cost of living. Plus there is low unemployment, and some business filings are now free. But watch out for those winters!
In 2019, Dollar Sprout put Michigan in the number two slot for starting a new business. Michigan has an excellent growth rate (almost as good as in Texas), and business formation fees are low. It helps to have a well-educated workforce as well. Plus costs of living are low, even in the biggest city, Detroit.
A Wisconsin corporation owner will need to choose a registered agent who will act as an agent for service of process for the corporation. A registered agent receives all legal and tax documents for a corporation. They may choose an adult resident of Wisconsin, a corporation in Wisconsin, or a corporate services company as the registered agent. However, a corporation cannot act as its own registered agent.
There are many steps to starting a business. It is important to start on a firm foundation. Then, when the twists and turns come, you can be safely secured in your seat. That means ensuring you have a name and EIN, and all the licenses and registrations necessary at each level of government. Also, make sure that you are legally incorporated.
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