Did you know? Being an entrepreneur in NC is cheaper than most states.
A recent study shows NC as one of the least expensive states to start a business in, ranking No. 5 on the list after Nevada, Colorado, Arkansas, and Montana. So, is it time to start your dream business?
Simplify LLC analyzed federal data to rank all 50 states based on statistics like labor, environment, and basic expenses. NC business owners pay an average corporate income tax rate of 2.5%, the lowest in the entire country. Plus, the LLC filing fee in NC is $125, compared to Tennessee’s $300 and Minnesota’s $500.
NC also has a pretty solid business birth rate — the birth of businesses is greater than the number of closed businesses in a year — at 1.59. Read: you’re growing alongside other new businesses. Numbers like these are compelling enough to start your own business right here in NC, and recent Raleigh legislation has made it easier than ever.
In May 2022, City Council adopted a new ordinance that makes it simpler to open a business in your own home, like hair salons or graphic design businesses. Read up on the fine print, but we broke down the highlights last year.
In addition to these resources, Economic Development Partnership NC is a free service that can help you start or grow your business. This nonprofit business development organization is governed by industry leaders who can get your business on the right track.
With lower costs to start a business in NC and new laws that make it straightforward in Raleigh, consider if a new business is for you. Who knows? Maybe you’ll be one of our next up and coming business.
