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7 tax-free havens

Starting a company in one of these business-friendly locations can save a proprietor big bucks: These seven states have no individual income tax, and some have no corporate income tax.

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Taxes: No personal or corporate income tax
Best Places to Live and Launch: Cheyenne (No. 84)

The Tax Foundation, a nonpartisan tax analysis organization, ranks Wyoming's tax structure as the No. 1 most business-friendly in the nation, thanks to the absence of income tax and low sales and excise taxes. With fewer than 1 million residents, Wyoming is the least-populated state in the country, although almost 3 million visitors drop by annually to enjoy tourist magnet Yellowstone National Park.

In addition to low property taxes, Wyoming boasts a low cost of living. Abundant natural resources - oil, natural gas, coal and the mineral trona - drive the state economy. From 2000 to 2006, coal mining employment increased by 36%. The state produces 38% of the nation's coal and virtually all trona, which is processed into soda ash and used to make glass, pharmaceuticals, and baking soda. In addition to the famed Yellowstone, Wyoming is home to Grand Teton National Park and many other state parks, monuments and campgrounds.

Wyoming's largest city, Cheyenne, is striving to diversify its economy, relying on a growing service industry to provide jobs in retail, hospitality, finance and health care. In July, the city hosts Cheyenne Frontier Days, a Western festival featuring the world's largest rodeo.

NEXT: Nevada
Last updated March 27 2008: 10:09 AM ET