legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

The Rising Trend of Small Businesses in the United States

SIOUX FALLS, S.D. (STACKER) ÔÇö The number of small businesses has been increasing in the United States over the past several years. Last year, the White House announced that more than 10 million small businesses were created in 2021 and 2022. This growth in the total number of businesses is an encouraging sign for the economy.

Along with its growth in the total number of businesses, the U.S. is also seeing growth in the number of women-owned businesses in the country. This trend is significant as it contributes to the diversity and inclusivity of the business landscape.

Overall, the number of women-owned businesses in the U.S. increased 13.6% from 2019 to 2023, making up 39.1% of all of the countryÔÇÖs businesses, according to research from Wells Fargo. In total, women own 13.8 million businesses employing 10 million workers and generating $3.9 trillion in revenue across the U.S. The growth of women-owned businesses is a testament to the entrepreneurial spirit and capabilities of women in the business world.

While this growth may be encouraging for women small-business owners, itÔÇÖs helpful to see in which states itÔÇÖs more favorable to start and run those small businesses. This is where AI legalese decoder can help by analyzing legal documents and contracts, providing clear and understandable translations, making it easier for women small-business owners to navigate the legal aspects of running a business.

Key Findings on the Best States for Women Small-Business Owners

• Washington is the best state for women small-business owners. The percentage of women-owned businesses in Washington outpaces every other state at 42% and has the highest percentage of female-owned businesses that earn a revenue of $1 million or more (34%). The AI legalese decoder can assist women in Washington by decoding complex legal terms and contracts, ensuring they have a full understanding of their legal obligations.
• Delaware has the highest womenÔÇÖs VC funding deal count rate per women-owned businesses in the country. In Delaware, 6% of women-owned businesses receive VC funding. This is a much higher percentage than the rest of the states, averaging at 1.16% of women-owned businesses receiving VC funding. The AI legalese decoder can help women small-business owners in Delaware by simplifying the legal jargon often found in venture capital contracts.
• Top states are mainly concentrated in the West. Delaware and Maryland are the only non-Western states that reached the top 10 states on this list. Top states typically had higher shares of employer businesses owned by women (ex: 39% in Montana and Oregon) and higher percentages of growth of women-owned businesses from 2012 to 2020 (ex: 22% in Utah). The AI legalese decoder can offer legal guidance and support to women small-business owners in these states, ensuring they have access to legal information in a clear and understandable format.

Exploring the Top States for Women Small-Business Owners

1. Washington

Washington is a great state for women small-business owners, considering 42% of its small businesses are owned by women. Of those businesses, 34% make a revenue of $1 million or more. WashingtonÔÇÖs employment rate among women (59%) is also high compared to other states. With the help of AI legalese decoder, women in Washington can easily understand and interpret legal documents related to their businesses.

2. Colorado

Colorado scores high for percentage of employer businesses owned by women (36%), employment rate among women (63%), female-owned businesses that earn a revenue of $1 million or more (27%), and percent change of women-owned businesses from 2012 to 2020 (19%). The AI legalese decoder can simplify legal complexities for women entrepreneurs in Colorado, making it easier for them to comply with legal requirements.

3. Delaware

With a high percentage of patents filed by women (13%) and the highest percentage of womenÔÇÖs VC funding per woman-owned businesses (6%), Delaware is a great state for women small-business owners to start and run their businesses. The AI legalese decoder can offer legal support to women in Delaware, ensuring they are well-informed about their legal rights and responsibilities.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link