sophistication

The black portion of the bar chart indicates the number of entities in the state that are both incorporated/organized there and that operate there.  The light grey indicates that the entity is only incorporated/organized in the state but does not operate there or vice versa (i.e., that the entity operates in the states but is not incorporated/organized there).  Finally, the dark grey shows the number of entities that are operating in the state but for which we do not have data on their state of incorporation/organization.

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