Are you having a business idea but worried about which state to choose? Let us help you choose the optimum state. Selecting a state to start the business is crucial because it will impact your business in various ways. After studying and researching, we found that Memphis (Tennessee) is one of the excellent states that any entrepreneur can consider starting a new business. This conclusion is based on various factors, including tax structures, business environment, workforce and many more such factors.
Why should you consider starting a business in Memphis?
Memphis is ranked the fifth-best state in the country in terms of the economic climate. The state is extremely suitable to start a new business, even if the company is small or medium. Let’s explore why it is advantageous to start the business in Memphis:
- Business-friendly environment- Memphis offers a business-friendly regulatory environment with nearly no personal income tax on wages.
- Diverse talent pool- The state offers a strong and continuous talent pool that is extremely beneficial for any business.
- Education- Memphis offers high-level education and training to its residents with nearly 39 universities in the state. The educated work pool can surely help in succeeding a business.
- Affordable lifestyle- The cost of living in Memphis is very reasonable and is one of the driving factors for small businesses. Also, Memphis does not impose any state income tax, which can further help in saving money. In short, people can easily balance their professional and personal life in Memphis.
- Excellent infrastructure- the state is the centre for global commerce due to its excellent infrastructure.
- Robust entrepreneurship ecosystem- The state is a hub for entrepreneurial activities because the place has a stronghold on innovators, music makers and other entrepreneurial activities.
- Cost of business- The state has an impressive workforce to offer. Despite this, the cost of doing business in Memphis is lower compared to other states. You can find everything you need for a company at a very affordable price. Also, with no state and personal income tax, Memphis is an attractive state to start a business.
How can a shelf company be helpful for your business?
A shelf or an aged company is the company formed and placed on the shelf to age for a specific time until it is ready to be purchased by a buyer. When a person buys a shelf company to start a new business, it instantly gives the business a specific time in business. In simple words, your business will have a history of being in business.
Are you wondering how will that help? Let me tell you. When you start a new company, you need a lot of funding to keep your business in a running state. But, investors usually do not invest in a new business because of the obvious reasons.
When your business looks old (with an aged company), investors can easily trust your company and willingly invest in it. Hence, you can get more accessible funding with a shelf company. Apart from financing, you can bid on government contracts with an aged company. You need not wait for more extended periods to start the business; instead, you can do it instantly after purchasing the company.
Starting a business in Memphis with a shelf company is a lot easier.
- Prepare a business plan- When you have a business idea, it is always beneficial to write the business plan even if you do not need any investors. A business plan will help you focus on the goals to succeed in your business. The business plan would consist of the marketing strategy, sale strategy, list of competitors and growth prospects.
- Select the structure of your business- It is always essential to select the business structure wisely because it will impact various aspects of your business. You can choose to purchase a shelf LLC, shelf Inc or shelf corporation according to your choice and requirements.
- Choose the shelf company in Memphis- You are required to select the shelf company according to your requirement. In other words, you can have the options of many companies, but you have to choose the age of the company accordingly. Note that the price of the aged company will depend on its age. So, you can also choose according to your budget. Although you can get shelf company by ShelfCorpGiant at a very affordable price, still you must go through all your needs from an aged corporation.
- Finalize a meeting with the seller- It is always crucial to clear all your doubts regarding the shelf company if any. For this purpose, you must fix a meeting with the seller to ensure that the company is absolutely clean and without any hidden liabilities.
- Select a name for your company- It is advisable to change the name of the shelf company according to your choice. Note that you can always choose to go with the existing name of the shelf company.
- Change the address- The shelf company would have an address associated with it, and it is necessary to change the address according to your choice.
- Appointment of directors- You must appoint directors for your company who can hold the first annual meet of shareholders in Memphis.
- Application for EIN- EIN will be required if you need to hire employees for your business. Hence, it is always required to apply for an Employer Identification Number beforehand.
- Opening the business bank accounts- Do not forget to open the business bank accounts for your company as they will separate your personal assets from that of your business.
Starting a business using a shelf company is a lot beneficial compared to starting it from scratch. We have already stated the reason for this statement in the beginning. If you wish to start your business in Memphis, you must need a trusted seller to purchase your shelf company, and ShelfCorpGiant can help you with that. ShelfCorpoGiant can help you in providing the credit-ready shelf company at an affordable price.
If you have an excellent business plan, just go for purchasing your shelf company and start your business in Memphis without any second thought.