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When you’re an entrepreneur, there are different reasons you might consider moving your business. With that decision comes a host of other decisions and things to remember. There are the lifestyle logistics of moving to another state—for example, where will you live and will you get a driver’s license in your new state?
Then, there are the things you’ll have to do with regards to moving your business in particular.
The following is a guide to the core things you should know about moving your business to another state.
Can You Transfer Your LLC To Another State?
You could have many reasons that you’re moving your business to another state, or at least thinking about it. A big reason is because of taxes. Often business owners in high-tax states will move to a low-tax state to save money.
It may be easier to operate a business in some states rather than others because of regulations and things like employment law.
There are of course, also personal reasons that might lead you to move and to take your business with you.
So, can you even move an LLC to another state?
You do have to register your current LLC to do business in the new state you move to.
If you move your LLC to another state, then it’s classified as a foreign LLC in the state you move to. You can do it, and it’s done frequently.
In order to make the change, you will need to submit a form to the state agency where you’re moving that deals with business filings.
In some situations, you may just want to register your LLC in the new state you move to and leave it at that. Examples would be if you think your move is only going to be temporary or you think you’ll change states again.
If you’re goi… Read More
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