Utah
It is the number one best state to start a business, getting top marks across several categories in the study.
“From 2013 to 2018, Utah’s working-age population grew by 9 percent, from a little over 1.8 million to now closing in on 2 million.
“Venture capital flows freely in Utah, with 101 companies receiving $1.16 billion in funding, equivalent to a little over $11.5 million per company. That ranks as the fifth-highest amount in the study, behind New York and ahead of Maryland. The growth rate of establishments in Utah from 2006 to 2016 is among the best in the study. Meanwhile, job creation by startups in Utah is better-than-average, as is the opportunity share of new entrepreneurs.
“Utah ranks well in terms of its business tax climate. While LLCs in Utah pass their profits and losses onto the members’ personal tax returns, corporations do not. Fortunately, Utah taxes a comparatively low flat corporate income tax of 4.95 percent, reduced from 5 percent in 2018,” Seek Capital wrote.
