District of Columbia Business Opportunities
A Quick Glance at District of Columbia
District of Columbia, whose nickname is , first obtained its statehood in . With a population of 646,449 people, District of Columbia is the most populated state in the United States.
If you are considering starting your new business in District of Columbia, you might want to look into one of District of Columbia's top three most populous cities - (which is also the state's capital), or .
Top Industry
The largest industry in the state of District of Columbia is .
- The gross domestic product (GDP), of this industry, is roughly $0 billion and accounts for 0% of District of Columbia's GDP.
- also employs 0% of District of Columbia'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 240,441 small businesses, in the state, of District of Columbia.
- Small businesses in District of Columbia, make up 59.8% of the state's private workforce.
State and Local Taxes
Listed below are the state and local taxes, for the state of District of Columbia, 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 |
|---|---|---|---|---|
| 5.75% | 0% | 5.75% | n/a | |
| *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 District of Columbia, their official state page might be a good place to start. If you are looking to own your own established franchise in District of Columbia, we have collected a comprehensive list of companies that are actively looking to expand in District of Columbia, for you to explore.
References
- ,
- Census.gov
- Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
- Largest Industry in Each State from 24/7 Wall St.
- 2017 Small Business Profiles for the States and Territories from the U.S. Small Business Administration
- Small Business Trends from the U.S. Small Business Administration
- Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
- State and Local Sales Tax Rates in 2017 from the Tax Foundation
City and County Level
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