What's the best way to research which states are better to run a business in?
I live in New York. My business partner lives in Massachusetts. We're trying to decide whether to incorporate our next online venture in New York or Massachusetts. Are there any sources or people who can help us make an informed decision about the financial and legal pros and cons of launching a company in New York vs. Massachusetts?
The anwer to which state is "better" depends on what you are measuring, and in turn points you to the resources you'll use to investigate that issue. If by "better" you mean lower taxes, an accountant would be an excellent resource. If you mean "fewer regulations," a small business development center and an attorney specializing in your industry area would certainly help. If you mean "entrepreneurial climate." or "relevant, talented workforce" there again, the SBA or SDBC, or local business library may have that information. A good way to go about the investigation is for you and your business partner to write out a list of the questions you have about starting a business. You can ask them of an attorney, accountant, and other resources in New York; your partner can do the same in Massachusetts. Once you've done the investigation, sit down together to compare your answers.
Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.