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Metros With the Most Successful Entrepreneurs

Entrepreneurs

Metros With the Most Successful Entrepreneurs

Many Americans dream of quitting their job and becoming their own boss. Whether the goal is to live the laptop lifestyle or turn a creative pursuit into a full-time business, entrepreneurship offers flexibility and excitement, but it is not without risks. While the potential upside of starting a successful business is appealing, it often takes years for a new firm to become profitable, and many entrepreneurs do not earn as much as they did in their previous jobs. According to data from the U.S. Census Bureau, the median annual income for full-time entrepreneurs is $50,000, which is the same as the median income for all full-time workers.

At a more granular level, full-time entrepreneurs (defined here as self-employed workers in their own incorporated or unincorporated businesses) tend to report higher incomes than full-time employees at for-profit businesses. However, the typical full-time entrepreneur makes less than both full-time employees of non-profit organizations and full-time government workers. Interestingly, Census data shows that federal employees enjoy the highest median income at $65,000 per year, followed by non-profit employees at just under $53,000.

While nationally the median income for entrepreneurs is the same as the median income for all workers, there are big differences at the state and city level. At the high end, entrepreneurs in Rhode Island and North Dakota have median incomes that are 28.3 and 20.0 percent higher, respectively, than the median income of all workers. On the low end, entrepreneurs in Vermont and Delaware have median incomes that are 18.8 and 16.7 percent lower, respectively, than that of all workers.

To determine the metropolitan areas with the most successful entrepreneurs, researchers at ZenBusiness analyzed data from the U.S Census Bureau. The researchers ranked metros according to the income premium for entrepreneurs, which is defined as the percentage difference between the median income for full-time entrepreneurs and the median income for all full-time workers.

Here are the top 15 large metropolitan areas with the most successful entrepreneurs:

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For more information, a detailed methodology, and complete results for all metros, you can find the original report on ZenBusiness’s website: https://www.zenbusiness.com/blog/cities-with-the-most-successful-entrepreneurs/

california

Starting a Small Business in California Is Easiest with Incfile

We’re living in a time when anyone with entrepreneurial aspirations has ample resources to make their dreams a reality. So your new limited liability company has plenty of company, especially if you’re operating out of California.

The Golden State is a known haven for some of the biggest companies in the world, and if you’re looking to kick off your latest business venture in California, Incfile can certainly help you get started with a bang.

In fact, starting a business in California is much easier when you have Incfile’s extensive resources and expert assistance to guide you. But what does it take to launch a small business in California? Let’s investigate.

Getting Started

If you’re launching a startup or a small-to-medium-sized business in California, an LLC is most likely your best bet as far as structure is concerned. This allows you to enjoy the primary benefits of larger corporations without overcomplicating your finances.

As an LLC, you’ll enjoy liability protection that keeps your personal assets distinctly separate from your business interests, as well as the pass-through taxation that can save you money. In just a few simple steps, you’ll be ready to leverage the advantages of operating a small business in California.

Naming Your California Business

What’s in a name? A lot, as it turns out. After all, your name needs to set your company apart, establish your mission and connect with your potential customer base in an instant. With so many businesses already based in California, you may have to dig deep to uncover the perfect name for your company. But it can be done. You’ll need to understand the rules involved and search through the California Secretary of State’s business register.

If that sounds overwhelming already, we completely understand. Naming a business is an art really. If you need guidance along the way, Incfile can help you navigate the vast landscape of California LLC fictitious names and trademarks and file the necessary form with your county administration once you do settle on your company’s name. We can even reserve the business name for you if you’re not ready to move on it or get to work on the Articles of Organization if you are.

Finding a California Registered Agent

Your business needs a registered agent on record whom you can trust to receive correspondence and forward these on to you for further action. When you start your business in California, you’ll need to appoint one. Being a registered agent is a big responsibility upon which hangs the fate of your business.

So, if you are having difficulty finding an eligible person or entity to name as your registered agent, Incfile provides a complete service for your California-based business, including acting as your registered agent. We’re always available to accept your documents and automatically notify you when we receive anything new, sending it directly to whichever address you select. Moreover, if you incorporate with Incfile, we’ll include this Registered Agent service free for your first year.

Filing Requirements for California

With any business venture, you will always be confronted with a variety of fees and filing requirements. These will, of course, vary based on the specifics of your business (which licenses and permits do you need, for example?), but when you form your California LLC with Incfile, we’ll automatically charge you the state filing fee and forward it to the California Secretary of State on your behalf.

In addition, Incfile can obtain an Employer Identification Number (EIN) for your business — which you will need for tax, banking and payroll purposes — and can likewise secure a foreign qualification (also known as a Certificate of Authority) if you plan to operate outside of California state lines.

From the very first steps to completing your California Statement of Information, we can handle all your key filing needs.

Licenses and Permits

Depending on the nature of your business or your location within California, you may need to secure a range of licenses or permits before you begin operation. If you fail to do so, you could be facing serious consequences, especially if you run afoul of compliance regulations.

Through Incfile’s Business License Research Package, you’ll receive a complete report on all licenses, permits and tax registrations you need in California, as well as the application forms to file with the appropriate authorities.

Thoroughness is the name of the game if you hope to avoid placing your young LLC at risk and incurring significant fees, and Incfile is prepared to help you sidestep any such obstacles.

Taxes for Your California Business

In the business world, taxes are an unfortunate reality and one that can become more complicated as time goes by. California LLCs may be subject to everything up to and including self-employment, payroll, federal, state and state sales taxes.

Luckily, Incfile has you covered here too. Our Business Tax Filing service can provide the assistance you need to make sense of your tax filing and ensure that you complete all necessary documentation accurately and on time. Don’t let your new California-based business suffer during tax season, especially when you have a resource like Incfile on hand to provide guidance and save money and time with your filing.

Next Steps After Starting a Business in California

After your LLC is formed, the work has only begun. So there’s no time to waste. While the process we’ve discussed might seem arduous, you’re still in easily one of the best states to make it as a small business. And, with Incfile on your side, those odds are even more encouraging.

Now, are you ready to start your small business in California? We’re ready to help you get there, all the while preparing you to face your competition head-on and with confidence that your company is built to last, no matter the market conditions. To learn more about how we can help, check out our website and get started today!

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This article was originally published on the Incfile Blog.

Robert Yaniz Jr. has been a professional writer since 2004, including print and online publications. Much of his experience centers on the business world, including work for a major regional business newspaper and a global law firm.