Forming an LLC in New York and California has tax pros and cons



Entrepreneurs with their sights set on forming an LLC in New York or California may also want to consider Texas or Arizona after reviewing the latest rankings of states based on business tax conditions.

Texas ranked No. 11 overall and even Arizona came in at a modest No. 28 in the Tax Foundation''s 2010 State Business Tax Climate Index. However, California and New York - two states traditionally known for being good places to start a business because of their large markets - came in No. 48 and No. 49, respectively.

The overall rankings took into account the corporate and individual income tax rate, as well as sales, property and unemployment insurance taxes. South Dakota finished first on the list.

It wasn''t all bad news for California and New York, however. When looking at just the corporate income tax rate, New York finished No. 20. California businesses benefit from low property taxes that ranked the state No. 13.

A more comprehensive survey by CNBC that looked at factors such as infrastructure, education and quality of life, ranked Texas as the best state in which to do business. Arizona finished No. 18 and New York and California were ranked No. 24 and 32, respectively.

Tags : az, c corp, ca, financial management, llc, lp, ny, s corp, small business management, tx
Posted: Sep 3rd, 2010
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