A Quick Glance at North Carolina

North Carolina, whose nickname is The Tar Heel State, first obtained its statehood in 1789. With a population of 9,848,060 people, North Carolina is the tenth most populated state in the United States.

If you are considering starting your new business in North Carolina, you might want to look into one of North Carolina's top three most populous cities - Charlotte, Raleigh (which is also the state's capital) or Greensboro.

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Top Industry

The largest industry in the state of North Carolina is chemical products manufacturing.

• The gross domestic product (GDP), of this industry, is roughly $22.6 billion and accounts for 4.5% of North Carolina's GDP.
• Chemical products manufacturing also employs 0.9% of North Carolina's private workforce.

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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 1.6 million small businesses, in the state, of North Carolina.
• Small businesses in North Carolina, make up 32.5% of the state's private workforce.

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State and Local Taxes

Listed below are the state and local taxes, for the state of North Carolina, and how they rank against other states in the U.S.

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%.

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Additional Information

If you need additional information about how to start a business in North Carolina, their official state page might be a good place to start. If you are looking to own your own established franchise in North Carolina, we have collected a comprehensive list of companies that are actively looking to expand in North Carolina, for you to explore.