After years of being tied to Raleigh in all those “best places to” lists, Durham gets to stand alone in Fortune Small Business magazine’s “Best Places to Live and Launch” list.

The Bull City ranks No. 12 out of the 100 cities ranked. That puts it ahead of Raleigh, which came in at No. 20, but behind Charlotte, which was No. 8.

The magazine lists Durham’s pluses as: “Thriving biotech and pharmaceutical industries, lots of local arts festivals and college sports.”

What makes it a good place to launch a business? Low-rent office space and support for fast-growth startups. RTP also is praised, as are the “unconventional workspaces” in Durham’s downtown that attract the “creative class.” The city’s lower cost of living also is given a shout-out.

As for cons: “Perceived as the underdog of the Triangle region.” It also gets lower marks for a higher crime rate than neighboring cities.

Raleigh, meanwhile, gets high marks for its growing tech industry, support of entrepreneurs, and downtown’s “$2.5 billion renaissance.” On the negative side: “Raleigh’s infrastructure is having a hard time keeping up with its population growth.”

To compile the list, the magazine ranked 296 census-designated metro areas by business friendliness and lifestyle offerings (i.e. museums, parks, clubs). It then sent reporters out to pick the cities within the top 100 metro areas that best met its criteria for mixing business and pleasure.

Topping the list was Bellevue, Wash. Other N.C. cities that made the 100 were Asheville (No. 41), Greensboro (No. 50) and Winston-Salem (No. 56).

To see the whole list, go to www.money.cnn.com/magazines/fsb/bestplaces/2008/ Be sure to check out the comments from readers. Not everyone agrees with the magazine’s choices.