Delaware Business Building

Delaware Economic and Business Climate

Delaware, lovingly known as the First State, is a mid-Atlantic state wedged right below Maryland, New Jersey and Pennsylvania that many people have driven through, but few people know much about in terms of economic climate or what it does to contribute to the region’s economic stats. While it is often overshadowed by Philadelphia, DC and New Jersey, which are a few hours away (at most) by car, there are several great reasons you should consider starting a business in Delaware or moving your existing operation to this wonderful state. Voted America’s Most Business Friendly State in 2013 by CNBC, it’s no wonder that many large corporations have their head offices here. In fact 60% of Fortune 500 companies have invested in making the move and making the state their home.

Internet-based businesses have taken especially well to several cities in Delaware. From tech startups, to advertising agencies, to search engine optimization firms, Delaware has seen a recent influx of new and hungry entrepreneurs ready to compete in the world market.

Just because CNBC thinks Delaware is a great place for you to grow your business doesn’t mean you should get up and move right away. There are tons more reasons the state is objectively a great place for businesses of all types and structures

What You Need To Start a Business in Delaware

Your source for any specifics on starting a business beyond what is provided below should be the Delaware Economic Development Office. Getting large and small business to transplant to the state is something the government there takes seriously so they’ve made sure resources are readily available for newcomers.

Basically, you should consult a local CPA or attorney to decide what type of business entity you want to start. Which choice depends on several things, but Delaware has some of the lowest state taxation rates in the country. Your best bet is to consult the Delaware Division of Revenue as they have an extremely useful document that can tell you at a glance what you can expect to pay with each type. For example, unlike other states, if you own an existing LLC, or perhaps you’d like to start one in Delaware you and your board members don’t need to be a registered resident.

You’ll also need to consult the Delaware Division of Corporations to reserve your corporate entity name – assuming you’re not going as a Sole Proprietorship or General Partnership. This prevents the situation where multiple entities are operating with the same legal name. As with all things in the state, this can be done online and with the payment of a small fee – only $75.

One aspect of this that is notable is that Delaware has a taxation system that is favorable for businesses that have intricate capitalization structures. For example, there is simply no personal income tax for non-residents and if your business has shareholders they also do not need to be Delaware residents to benefit from a merciful tax policy. Many larger companies appreciate the fact that both parties have created a stable, and simple business climate and often move themselves to Delaware before they go public in order to protect their shareholders.  This policy has been such a magnet that

Delaware Has Appropriate Legal Structures

State representatives know they are going to attract large corporations and have created what is known as the Court of Chancery and deals with any conflicts the large amounts of corporate entities that are stationed in the state. If you are moving your enterprise here, you can rest easy knowing there is one of the best processes in place nationwide for resolving corporate disputes and routinely appoints some of the best judges for this precise reason.

Awesome For Small & New Businesses as Well

If you don’t own a multi-million dollar, well established corporation ready to go public, you can certainly still benefit from starting up in Delaware. Not only will you save money by paying zero sales tax on business inputs, which can create great leverage, but the Delaware Small Business Credit Initiative has been created to spur along early stage businesses and help entrepreneurs gain traction. Wonder if you qualify as ‘small’? Don’t worry, Delaware has made it easy for you to apply.

There is also the First State Innovation Angel Network which makes finding those who can help spur on early stage businesses with capital easier to find. Of course you need to have an awesome idea that can actually provide a measurable ROI, but the fact that such resources are readily available in such a fertile economic climate makes it a no-brainer to at least consider before going with your home state. It’s a stark reality that 8 out of 10 small businesses fail, and a contributing factor to that is legislative and regulatory burden. Before you invest your time and money in an entrepreneurial journey, make sure you’re making the best of your available choices by considering Delaware.

These policies as a whole have led to impressive stats at a time when most of the country is struggling to even maintain. From November 2015 to April 2016, the civilian labor force expanded from 472,000 to 482,000 – even after seasonal adjustment.  Further, this as well as the previously mentioned light regulatory burdens have made the costs of starting a business from scratch 17% lower than the national average.

All in all, the climate for business development in Delaware is excellent for those looking for a competitive edge. With California in billions of debt, and taxes rising in many of the traditional manufacturing states, there is plenty of space in Delaware for your existing business or for your next great big idea.

Home builder / contractor

Career Requirements For Popular Trades Explained

With the economy constantly changing, many people find themselves looking to change careers to keep up, or at the very least update their training and educational background. With traditional university education yielding less job prospects each year, many people are exploring the trades – specifically HVAC, plumbing, roofing and electrical work. The qualifications it takes to work in each of these industries varies, and in today’s article we’ll go over what it will take to find employment in each of these emerging fields.

HVAC, which stands for heating, ventilation and air conditioning, is an ever-increasingly demanded profession. A certified HVAC tech can be expected to work on a multitude of projects, most of which being repair, and often in a team with other skilled tradesmen. The main goal is to make sure ventilation, heating and AC units are working properly and diagnosing any issues. To qualify to work as an HVAC tech, you’re going to need to finish high school, get trained by an accredited by a trade’s school, and pass a state-specific licensing exam. Often the apprenticeship is the most grueling part, lasting 3-5 years, it encompasses work in the field, but also includes paid work opportunities. Once licensed expect to work on the ground, in the field alongside other tradesmen doing maintenance and installations.

An additional field that has become popular with those looking for a career change is Plumbing. Plumbing is a special skill set and whether new homes are being constructed or renovated, someone with the knowledge and experience is going to be needed on-site to make adjustments. The majority of plumbing education is done through four or five year apprenticeships where you would be expected to work alongside a master plumber, gaining hands-on experience with real projects. The work itself is physically demanding, and you are definitely going to be standing or kneeling for extended periods of time. However given the barrier of entry and the job security provided by your local plumbers union, this continues to be a very lucrative field to work in, especially with residential and commercial demand so consistent.

Another often overlooked field for young professionals these days is roofing. While it may seem like an out of reach or overcrowded industry, there is a constant need for qualified roofers all over the United States to do installation and repairs, especially in areas where storms and inclement weather is expected. Educational requirements are generally much less strict then an electrician or plumber. Most start learning on the job as a laborer and gain apprenticeship experience over the course of four or five years. Those interested in roofing as a career may start as a low-end worker and once enough on-the-job experience is gained, start offering your own roofing service. Work is often heavily seasonal and days are long with lots of time spent up high, but the rewards are there for those that can compete and offer the better roofing service.

Finally, we haven’t overlooked the electrical field at all – in fact it’s one of the most lucrative trades you can get involved with. It does require a 4-5 year apprenticeship and state-specific licensing requirements, however the industry has been growing steadily when compared to traditional university career paths. If you’re looking to become an electrician you can expect a diverse workload. From working directly with residential homeowners resolving their problems to integrating yourself
accordingly with larger commercial projects. Knowledge of building permits and codes for safety and liability reasons is also something you’ll need to be familiar with.

 

USA Sattelite photo

Regions of the US

You know what region you live in, but do you know why those regions are what they are?

The United States is divided up into quite a few geographical regions.

Using these areas can help to explain a bigger region and also assists in designating group collectively that are comparable in features such as geography, tradition, background, and weather.

While there are some recognized authority locations, such as those utilized by the U.S. Census Bureau and the Regular Federal government Areas, most people make use of five main areas when dividing up the claims.

They are the Northeast, Southeast, Midwest, Southwest, and Western. Because these are not necessarily officially described locations, some border states may appear in various regions based on the document or map you are looking at.

For example, occasionally Baltimore is usually regarded as component of the Southeast, but we consist of it in the Northeast on our map.

The Census Bureau regards the regions as such:

Each of the four census Regions is divided into two or more census Divisions:

  • Northeast Region
    • New England Division: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont
    • Middle Atlantic Division: New Jersey, New York and Pennsylvania
  • Midwest Region
    • East North Central Division: Illinois, Indiana, Michigan, Ohio and Wisconsin
    • West North Central Division: Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota
  • South Region
    • South Atlantic Division: Delaware, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia
    • East South Central Division: Alabama, Kentucky, Mississippi and Tennessee
    • West South Central Division: Arkansas, Louisiana, Oklahoma and Texas
  • West Region
    • Mountain Division: Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah and Wyoming
    • Pacific Division: Alaska, California, Hawaii, Oregon and Washington

Source: census.gov

 

So what do the regions look like?

Check out the image below: