Illinois Business Climate
Illinois ranks 39th for business climate. It remained among the worst states on economy and business friendliness. Only 54.2% of small businesses survive for five years in Illinois. Corporate tax rates are some of the highest in Illinois. The state offers few incentives compared to others.
However, Illinois does have some appeal and advantages. It provides good transportation infrastructure and easy access to markets across the country. Illinois also offers business tax incentives and a favorable environment. Additionally, Chicago is ranked highly for startups globally. The state infrastructure, workforce, and research institutions also help businesses thrive. Illinois boasts domestic and international investment opportunities.
Illinois Support Services
When it comes to support services for entrepreneurs, Illinois shines. It offers the best LLC services. The state also has a strong entrepreneurial spirit and ecosystem for startups. In terms of taxes, Illinois is one of the best states to start a business. 99% of businesses in Illinois are small, and 80% of startups survive their first year. The cost to start an LLC is $150.
Starting a Business in Illinois
To start a business in Illinois, you need to register your business with the Illinois Secretary of State, obtain any necessary licenses and permits, and register for state taxes. You may also need to obtain local licenses and permits depending on your location and industry.
Conclusion
The most business friendly states are Wyoming, Alaska, Nevada, Texas, Delaware, Utah, Illinois, Missouri, Virginia, and Florida. Just because these states are considered the best states to do business, it doesn’t mean that one of these are the best state for your business. The state of Wyoming offers the benefit of no corporation or personal income taxes and a low sales tax rate, which is why it has the top spot on the list of most business-friendly states. The state with the lowest percentage of small businesses is Florida, at 41.6%. Wyoming is a particularly friendly state when it comes to businesses. It is often regarded as the best state to form an LLC in.