September 26, 2013. Nationally recognized as one of the top states for businesses to reside, South Dakota does not tax corporate or personal income. Other taxes are favorably low as well. The state has a base rate of 4% and machinery rate of 4% for sales and use taxes. It ranks 2nd lowest in per capita taxation of its residents. South Dakota does not impose a state property tax, business inventory tax, or personal property tax. The state also boasts the lowest crime rate in the 50 states.
South Dakota businesses and employees enjoy a strong work ethic and the 11th lowest union membership rate in the 50 states. The state ranks 9th in workers compensation rates. South Dakota has the third lowest unemployment rate in the nation, and this measure is reflected in the low unemployment insurance costs. The state has a low cost of living and the 2nd lowest ranking for health care in-patient hospital expenses.
To take advantage of the healthy South Dakota business environment, incorporate or organize your business in the state. Existing firms may relocate their headquarters to enjoy the benefits South Dakota has to offer. Goosmann Law Firm regularly acts as its clients’ registered agent in South Dakota. We have helped our clients negotiate attractive incentives from the state to relocate in the state.
Goosmann Law Firm is perfectly positioned in the tri-state Siouxland area to meet your legal needs. With offices in Dakota Dunes, South Dakota, Sioux Falls, South Dakota, and Sioux City, Iowa, we understand our clients’ goals and needs in locating their businesses and residences. Learn more about Goosmann Law's Business and Corporate Law practice, or contact us at 712.226.4000 or email info@goosmannlaw.com.