Rhode Island, whose nickname is The Ocean State, first obtained its statehood in 1790. With a population of 1,051,511 people, Rhode Island is the forty-third most populated state in the United States.
If you are considering starting your new business in Rhode Island, you might want to look into one of Rhode Island's top three most populous cities - Providence (which is also the state's capital), Warwick or Cranston.
The largest industry in the state of Rhode Island is hospitals and nursing and residential care facilities.
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.
Listed below are the state and local taxes, for the state of Rhode Island, 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|
|*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%.
If you need additional information about how to start a business in Rhode Island, their official state page might be a good place to start. If you are looking to own your own established franchise in Rhode Island, we have collected a comprehensive list of companies that are actively looking to expand in Rhode Island, for you to explore.
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