Tech entrepreneurs trying to decide whether to incorporate in California''s Silicon Valley may want to consider forming an LLC in New York instead, where the Wall Street Journal reports incentives and capital are increasing in abundance.
An engaging and supportive group of IT professionals is just one reason that New York is a good place for starting a business. There are several networks of IT professionals and venture capitalists in the area, including the 12,000-member New York Tech Meetup, according to the WSJ.
Although capital for startups has dropped nationwide in 2010, PricewaterhouseCoopers reported that capital for entrepreneurs in New York actually increased nearly 20 percent in the same period. There is also better access to seed funds through Wall Street investors.
Add the city''s funding of a business incubator and Columbia and NY Universities'' effort to direct IT graduates to startup ventures in the state, and the WSJ says the region offers a climate conducive to entrepreneurs.
New York may also offer better tax rates. The state income tax is capped at 6.85 percent, while California''s rates can be as high as 10.3 percent.
Tags : c corp, ca, financial management, llc, ny, s corp, small business management
Posted: Aug 20th, 2010