The state of Georgia has a very high credit rating. According to credit rating agency Standard and Poor, Georgia is among the 15 US states with AAA credit rating. There is an ironic aspect to this because back in 1732, James Oglethorpe (founder of Georgia) wanted to use the colony of Georgia as a prison for debt defaulters. The prison must not have had many inmates.
When it comes to business, Georgia ranks number one in the nation for its favorable business climate as well as having the ‘best in class’ state economic development agency. Small businesses (SMBs) thrive in Georgia. So much so that they make up 99.6% of all business in the state.
Here are a few interesting statistics on small businesses in the state of Georgia:
- There are 1.1 million small businesses in Georgia.
- Small businesses employ 1.7 million people, that’s 43.1% of all state employees.
- Small businesses had created 64,409 jobs by the end of 2019.
- SMBs with fewer than 20 employees created 38,017 net jobs in 2019.
- The average median income for self-employed Georgians is $ 51,000 per year.
- The state imposes a 5.75% personal income tax and a similar corporate tax rate for C-corporations.
- There is a 4% state sales tax as well as a local sales tax of… However, the latter varies depending on which county a small business operates in.
- There is huge support for entrepreneurial endeavors in Georgia. Most small business owners cite clientele loyalty as one of the key reasons they love doing business in the state.
- Most SMBs require a buying service license that can be obtained for $50 and is renewed annually.
- In order to do business under a fictitious name, you have to file a DBA (Doing Business As) in the county you operate in. The cost of filing a DBA is around $150 per county.
- Georgia state law requires that every new business designates a Georgia registered agent that will be available during regular business hours at a physical address within the state borders.
- To launch an LLC you must file Articles of Organization with the Georgia Secretary of State’s office. The documents can be filed online or by mail and carry a fee of $100.
- SMBs in the accommodation and food services sectors have the highest employment numbers with 263,167 employees.
- The mining, quarrying and oil and gas extraction industries have the lowest employment figures with only 1,949 employees.
- The professional, scientific and technical services industries have the largest number of small businesses engaged in it, a total of 184,067. That’s 16.9% of all businesses in the state.
- Small firms are responsible for generating 26.4% of Georgia’s $37.6 billion in total exports.