North Carolina is now one of the most business-friendly states in the US, according to a recent Location Matters survey and the Tax Foundation and KPMG's white paper. Starting a business in North Carolina is relatively straightforward, with only a few forms to file with the Secretary of State. The state boasts one of the most competitive tax structures in the country, and employers have access to personalized training programs from universities like Duke, UNC, and the State of North Carolina. With its 300 miles of beaches, delicious grills, quirky properties, and low cost of living, it's no surprise that millions of people call North Carolina home.
Companies have implemented systems to combat injustice, discrimination, and harassment in the workplace, making employees generally happy and productive. Your EIN will be used to cover sales taxes, use taxes, payroll taxes, and any taxes on machinery or equipment that may apply to your business. According to Sperling's Best Places research on the cost of living, North Carolina is more affordable than the average state in all major categories except healthcare. Raleigh, the capital of North Carolina, has established a technical epicenter known as Research Triangle Park which attracts international companies.
Many cite business-friendly regulations, a manageable tax code, and low costs as their reasons for operating within the state. Six years ago, when the state had one of the highest corporate tax rates in the country, North Carolina legislators restructured the tax code by adopting laws for historic tax reform. This reform has since increased North Carolina's ranking to 16th best fiscal position in the country. The state's low business tax rates are offset by a sales tax of 6.98%, which ranks 26th in the nation but is still lower than neighboring states in northeastern North Carolina.
A leading corporate real estate and expansion planning publication named North Carolina the best in the country in terms of a friendly business climate. With low unemployment rates, there is high demand for skilled workers which gives companies an advantage over their competition. State Superintendent of Public Instruction Catherine Truitt has proposed using COVID-19 relief funds to close the principal's pay gap in North Carolina. The Center for Business and Economic Research at FSU has also established an objective to create a stronger partnership between itself and FSU's School of Business and Economics.
Other notable rankings for North Carolina include first place on Forbes' “Best States for Business” list and third highest net migration in the country behind only Texas and Florida.