New York Business Opportunities

The Statue of Liberty in New York Harbor is a symbol of the United States and its ideals of freedom.
The Statue of Liberty in New York Harbor is a symbol of the United States and its ideals of freedom.[1]

A Quick Glance at New York

New York, whose nickname is The Empire State, first obtained its statehood in 1788. With a population of 19,651,127 people, New York is the third most populated state in the United States.

If you are considering starting your new business in New York, you might want to look into one of New York's top three most populous cities - New York City, Buffalo or Rochester and also in the state's capital of Albany.

Top Industry

The largest industry in the state of New York is federal reserve banks, credit intermediation, and related services.

  • The gross domestic product (GDP), of this industry, is roughly $88.1 billion and accounts for 6.1% of New York's GDP.
  • Federal Reserve banks, credit intermediation, and related services also employs 1.7% of New York's private workforce.

Small Businesses

In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.

  • There are 4.0 million small businesses, in the state, of New York.
  • Small businesses in New York, make up 41.3% of the state's private workforce.

State and Local Taxes

Listed below are the state and local taxes, for the state of New York, and how they rank against other states in the U.S.

State Tax Rate Avg. Local Tax Rate Combined Rate Combined Rank* Max Local Tax Rate
4% 4.49% 8.49% 9 4.88%
*Combined Rank is rank from highest to lowest tax percentage

California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.

Additional Information

If you need additional information about how to start a business in New York, their official state page might be a good place to start. If you are looking to own your own established franchise in New York, we have collected a comprehensive list of companies that are actively looking to expand in New York, for you to explore.

References

  1. By William Warby - originally posted to Flickr as Statue of Liberty, CC BY 2.0
  2. Census.gov
  3. Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
  4. Largest Industry in Each State from 24/7 Wall St.
  5. Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
  6. State and Local Sales Tax Rates in 2017 from the Tax Foundation

City and County Level

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