Introduction
As an LLC startup owner, the last thing you want is to complicate your taxation. Since the considerations and requirements of tax rates vary from state to state. In simple terms, the tax rates of each state are represented in annual percentages as corporate taxes.
It is also important to understand that tax rates do not always stay the same and are subject to changes in line with new federal and state laws. For instance, these changes usually have an impact on deductions and exclusions.
Here is an overview of the corporate and personal tax rates in each state:
American Samoa LLC
- Personal tax: NA
- Corporate tax: NA
American Samoa stands out because it has a 0% corporate tax rate for creating an LLC.
Oregon LLC Tax rate
Oregon LLC –
- Personal tax: 5-11%
- Corporate tax: 6.6-7.9%
- An Oregon LLC tax rate is for business entities with powerful liability protection and various company tax advantages. To officially create an LLC in Oregon, you will need to file Articles of Organization with the Oregon Secretary of State Corporation Division and pay the $100 filing fee. But first, you will need to choose a name and a registered agent for your LLC. Starting an LLC in Oregon can take anywhere between a day to a week, depending on how you file
Oklahoma LLC Tax Rate
Oklahoma LLC
- Personal tax: 5-5.5%
- Corporate tax: 6%
- Oklahoma LLCs or limited liability companies are created to protect members from being held liable for business debt. LLCs have various management structures and are taxed as pass-through entities by default. To create an LLC in Oklahoma, you will need to name your company LLC and designate a registered agent. Once steps are completed you can file your limited liability companies Articles of Organization with the Oklahoma Secretary of State. The articles cost $100 and can be filed online, by mail, or in person.
Ohio LLC Tax Rate
- Personal tax: .495-5.925%
- Gross receipts tax: .26%
- An Ohio LLC (limited liability company) is a business structure that provides its members limited liability protection against behind held personally responsible for business debt. LLCs also offer a straightforward, management structure and pass-through taxation. To start an LLC in Ohio, you will need to choose a LLC name, name a registered agent, and submit Articles of Organization for a Domestic LLC to the Ohio Secretary of State. You can submit the LLC form online, by mail, or in person. Once your Articles of Organization are approved it will take a few weeks. File LLC Ohio made simple
Pennsylvania LLC
- Personal tax: 3.07%
- Corporate tax: 9.99%
- Pennsylvania LLC or Limited liability company is a business type that combines strong liability protection with a flexible management structure. LLCs are taxed as pass-through entities. To form an LLC in Pennsylvania, you must file a Certificate of Organization and a company Docketing Statement to the Pennsylvania Bureau of Corporations & Charitable Organizations and pay state filing fees. Choose an LLC name and registered agent before you are ready to file. Creating a business in Pennsylvania can take between 1 to 4 weeks for approval.
Rhode Island LLC Tax Rate
Rhode Island LLC
- Personal: tax: 3.75-9.9%
- Corporate tax: 9%
- Rhode Limited Liability Companies are business structures that protect their owners personal liability for business debts. LLCs are taxed as pass-through entities and have various management structures. Start an LLC in Rhode Island, by filing Articles of Organization with the Department of State, Business Services Division and paying a filing fee. Name your LLC and choose a registered agent. It can take about 3-4 business days for the Department of State to process your LLC.
Sum Up
Remember that the states that do not mandate income tax include Florida, Tennessee, Texas, Nevada, Alaska, Wyoming, and Washington. In retrospect, if you plan to start an LLC, focus on corporate taxes and opt for the state that has little to no corporate taxation in place.
Like the best states, American Samoa offers a wide range of tax benefits for making an LLC. From the initial process to form an LLC online, to availing tax perks to optimizing operations, American Samoa serves as a solid option.
American Samoa is the best state to form LLCs in 2022. Find out more information on how simple, efficient, and cost-effective it is to start an LLC in American Samoa and how it provides more added tax perks than other American states.