Colorado is known for its sunshine, hiking, skiing, and mountain biking, but do you know that it is also a good place to start a business? Along with the beautiful scenery and mind-blowing landscapes, the state offers a lot to people who are looking forward to starting a business or expanding an existing one.
Many people dream about starting a business of their own and in spite of recessions or economic downturns, they want to fulfill this dream to meet their ends. Starting a business is a challenging task, and one needs to consider various factors such as location, current value and demand, regulatory practices in the area, and tax benefits. Some states are more business-friendly than others, so it is necessary to evaluate the benefits that a state offers to business owners.
Why Colorado Is a Good Place to Start Business?
According to a study, Colorado’s economy is growing at a very fast pace and is the third fastest growing one in the country. More than $683 million were invested in various businesses and startups during the year 2015, and the amount is rising every year.
Most of the economic growth has been noted in the fields of construction, mining, education, retail trade, hospitality, government, leisure, and health services. Moreover, the governor of the state has encouraged the formation of creative districts, and many of them have been developed recently around the state. Thanks to these creative districts, the state has seen an increase in employment and economic activities.
Relaxed Working Environment
Colorado offers a good ecosystem to business communities, and the working culture is very unique and pleasing. Due to the beautiful landscapes and pleasing environment, business owners find it very easy to operate here. The state also offers flexible schedules and practices to business owners so that they can navigate freely and easily in the working environment. The governor of the state encourages new businesses to invest and make their business flourish.
The businesses in Colorado don’t have to face the disadvantage of double taxation. Double taxation makes it difficult for businesses to survive because the taxes keep on adding up. In this type of taxation system, a company has to pay taxes at the corporate level as well as at the individual level.
The pass-through taxation rules decrease the burden on businesses as they are not taxed again and again. The profits or losses of a company impact the personal tax return of the company alone.
Personal Asset Protection
Colorado offers protection to the assets of the company by forming a wall or protection between the assets of the business and the personal assets. This is very beneficial for a business in case of a lawsuit or bankruptcy. Hence, even if your company faces a lawsuit, your personal assets will remain safe and will not be used to pay off any liabilities or debt. This is a big advantage to business owners and allows them to operate freely and easily in the state.
Lots of Opportunities
Colorado has a lot to offer other than mountains. The population is continuously growing and thus, there is an increased demand of various products and services. People have a wider number of options to choose a product or service for starting a business.
Moreover, the public transportation has improved over the years with trails passing through suburbs, cities, and rural areas to make travelling easier. The economy of Colorado is growing at a fast pace and offers an overall relaxed and peaceful environment to business owners.