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11/8/2012 - Report lists best states for businessownership

Businessowners should look into securing proper coverage for their company.

A new report details what some of the best states are for entrepreneurs to operate a business in.

The report, conducted by the Tax Foundation, says Wyoming, New York and New Jersey are the top three states for business owners, mainly because tax conditions are so favorable there. For instance, all three of these states don't have one or more of the major taxes, such as personal, corporate income or a sales tax.

Scott Drenkard, economist for the Tax Foundation, indicates that how well businesses are able to perform is often a function of those that represent them on Capitol Hill in Washington.

"State lawmakers need to be aware of how their states' business climates match up to their immediate neighbors and to other states in their region," said Drenkard.

Though taxes are a fundamental component of businessownership, they don't account for issues that could lead to a company having to close its doors. The proper businessowners policy may help provide for these unpredictable scenarios, so this is something entrepreneurs may also want to investigate before launching their companies.

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