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South Dakota is one of four states that does not impose either a corporate income tax or a personal income tax. Furthermore, South Dakota also does not impose any other kind of business tax such as a franchise or gross receipts tax, making South Dakota potentially the most income tax-friendly state in the country.
South Dakota ? The Land of No Taxation: No state income or capital gains tax. One of the lowest state insurance premium taxes. No intangibles tax.
Incorporators sign the articles of incorporation and deliver them to the state for filing, together with the state required filing fee.
Like Alaska, South Dakota does not have state income tax. Along with no state income tax, South Dakota also has a 0% corporate tax rate, making it a great place to start an LLC that is taxed as a corporation. Advantages of South Dakota: No state income tax.
This is because it has state-level regulations that allow trusts to continue in perpetuity, devoid of state income tax as well as capital gains taxes, and helped by court-sealed records. Compared to its competitors, South Dakota's key businesses are banking as well as health care.
South Dakota is often considered one of the most business-friendly states in the nation because of its favorable tax treatment. There is no corporate or individual tax in South Dakota.