The small business sector has been for many years an employment power in the United States, it accounts for more than half the jobs generated in this country since 1995. There are approximately more than half a million businesses generated each month and although of those businesses only 7 out 10 will make it past the 2 year mark, the entrepreneurial spirit of Americans is well deserved. The question now to ask is whether you are in the right state to start a business, or you need to think about the pros and cons of starting your business where you are.
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Here’s where Ohio ranks on small business friendliness
A national small business advocacy group says Ohio ranks among the top 10 for its tax code’s friendliness toward business.
The anti-tax Small Business & Entrepreneurship Council ranks Ohio No. 8 for its tax system’s overall friendliness toward small business. Ohio’s neighbors, Indiana and Kentucky, ranked 11 and 32, respectively.
The “Small Business Tax Index 2014” looked at 21 different measures to determine a state’s tax friendliness. Those include the top personal and corporate income tax rates, top capital gains and dividends tax rates, property taxes, additional taxes on S-Corporations, unemployment taxes, and whether a state has a death tax.
“When it comes to state and local taxes – as well as levies at the federal level – the direction that policy should be pointed is clear. Keep the overall tax burden low. Preferably, do no [sic] tax income at all,” the group writes in its report.
Dayton No. 66 among best cities for small business
Dayton trumps Detroit, Las Vegas, Birmingham and many others when it comes to the best city to work for a small business.
The Miami Valley ranks No. 66 in the U.S. for small businesses, according to a new ranking from Wallethub.
Cities were evaluated by several metrics, including the number of businesses with fewer than 250 employees per 1,000 inhabitants, industry variety, net small business job growth, average monthly earnings for new hires and average number of hours worked.
Columbus was the top-ranked Ohio city at No. 23.
The top city on the list was Minneapolis, followed by Salt Lake City and Miami.
Stockton, Calif. ranked last.
NBC4 Investigates: Why Does Ohio Owe Businesses $1 Billion?
COLUMBUS, Ohio – As Ohio’s economy begins to recover, the state is clearly focused on jobs, and numbers show some growth, but did the state actually harm more businesses in the past?
An NBC4 investigation reveals how one state agency allegedly crushed thousands of small businesses.
While the jobs picture in Ohio is rebounding, a huge shadow is being cast by the past – and the bureaucracy in the Bureau of Workers’ Compensation (BWC).
Small businesses can’t operate without worker’s comp insurance, and in Ohio, they can only get that from BWC.
Unlike other states that carry private insurance, Ohio’s BWC is a monopoly.
In 2006, Ron Foreman owned a successful contracting company, which used to be located near downtown Ashville, and employed 40 people.
Freeman’s family, including his two sons at West Point, was prospering. His small business was a model of what state leaders say they want in Ohio.
