Florida is the 18th most expensive state to start a business, according to a study released by Simplify LLC, an independent publication providing guides and resources for small business owners. Simplify used the most recent data from the Bureau of Labor Statistics, Federal Reserve of St. Louis, Tax Foundation and the Energy Information Administration. The rankings were determined by analyzing nine key factors in all 50 states and Washington, D.C., including taxes, labor costs, commercial rent and utilities, regulations and lending. Florida faces a labor force participation of 58.3%, ranking 44th, and a regulatory environment with a total of 170,321 regulations, ranking 41st. Other costs are average electricity bills at $748.95 (34th), a $125 LLC fee (31st), an average wage of $66,435 (31st) and a 5.5% corporate tax rate (23rd). Florida’s Small Business Administration lending of $12.1 million per 100,000 residents ranks third. The study shows the cheapest states to start a business are Utah, South Dakota, Colorado, Wyoming, Montana, Idaho, Nebraska, Kansas, Nevada and North Dakota.