Cost of business in Mass. forces decline in national ranking

| Jul 19, 2012 | Business Formation & Planning

According to CNBC’s ranking of the country’s friendliest states to do business in, Massachusetts fell from sixth place to 22nd place in one year. Just two years ago our state was in the top five for business-friendly states. The judging categories included cost of living, business friendliness, technology and innovation, quality of life, education, economy, workforce, access to capital and the cost of doing business.

The Commonwealth fell drastically in the business creation and economy categories. The biggest drop came in the category “cost of doing business.” We fell to 49th. Only Hawaii is more expensive. Our Massachusetts governor says that the state has tried cutting corporate taxes, regulations, and health care and energy costs, while increasing its investment in infrastructure, technologies and our education system. He said the state will continue to focus on those growth strategy categories until the economic recovery is complete.

Access to capital was the state’s highest score and classified as the best in the country. Massachusetts also has a lower-than-average unemployment rate. The state has recovered from the recession at a quicker pace than the national rate and our state’s per capita gross domestic product also grew at a faster rate than the national level.

When planning and forming your own business, the amount of regulations, tax codes and filings that one must undertake can be daunting. Ensure you are complying with all of the state, local and federal documentation. Whether you need help or advice through the registration and formulation issues for your sole proprietorship, limited liability company or subsidiary, make sure you get all the help and information you need up front.

Source: golocalworcester.com, “Mass. Sees Largest Fall in National Business Ranking,” Ashley Klann, July 17, 2012