HYANNIS – Recent research performed by business consulting firm Venture Smarter has found that Massachusetts is the third most expensive state for business owners, trailing New York and Washington.
The firm used eight metrics to inform its rankings, with the Bay-state’s nation-leading costs for annual LLC renewal fees, high minimum wage, and ninth-ranked corporate tax rate factoring into its place in the rankings.
A spokesperson with the firm said its rankings are meant to provide insights into the business climate rather than discourage investment, as New York’s nation-leading costs reflect a competitive business environment with 27,000 applications submitted in November, while Mississippi’s costs, lowest in the nation, might be an intentional move to incentivize entrepreneurship and reduce their nation-leading poverty rate
Regional neighbor Connecticut also featured in the top 10, coming in at #7, while Rhode Island, New Hampshire, Vermont, and Maine were all placed in the mid-range from #22 to #30.
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