AdvisorSmith Finds the Most and Least Expensive States to Register a Business

 
NEW YORK - March 23, 2021 - PRLog -- AdvisorSmith, a leading provider of small business and insurance content, released its newest study analyzing state filing fees and related costs to determine the most and least expensive states to register a business.

To determine the registration costs of starting a business in each state and the District of Columbia, AdvisorSmith analyzed fees for forming and maintaining corporations and limited liability companies (LLC). The fee costs were determined by examining published filing fees from the secretary of state or similar offices in each state.

AdvisorSmith created a model that was weighted two-thirds toward LLC fees and one-third toward corporation fees. The states were ranked based on their composition of LLC and corporation fees.

The study found that the average cost to register a business was $145, including filing, publication, and initial report fees. The annual cost to maintain a business in good standing was $133, including annual report fees and franchise taxes.

The state with the highest business registration costs was Massachusetts. The corporate filing fee in Massachusetts is $275, and the LLC filing fee is $500.

The least expensive state to register a business was Mississippi. The initial corporate filing fee is only $50, and the price for an LLC is also $50.

To view the complete study, please visit https://advisorsmith.com/data/most-and-least-expensive-states-to-register-a-business.

About AdvisorSmith

AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, visit https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc.

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Tags:Fees
Industry:Business
Location:New York City - New York - United States
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