California frequently comes in for conservative criticism in today’s polarized America, but a study released Monday finds the Golden State is the 8th best for starting a business.
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WalletHub, a Washington, DC-based personal finance website, measured states in terms of their costs, business environment, and access to resources using 25 relevant metrics.
California is costly — ranking a distant 47th on this measure — but it came in 2nd on business environment and 6th on access to resources, more than compensating for costs.
“A state that provides the ideal conditions for business creation — access to cash, skilled workers and affordable office space, for instance — can help new ventures not only take off but also thrive, ” WalletHub said.
Texas came in first in the startup rankings, followed by Utah and Georgia. Hawaii was dead last.
One of the experts quizzed by WalletHut, Purdue University Professor Stephen Martin, said he doesn’t think taxes have much impact on where entrepreneurs choose to start businesses.
“As far as new businesses, it does not seem likely that an entrepreneur in California will start a new business in Indiana rather than California because of the difference in corporate tax rates,” he said.
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