Reasons for Moving Your LLC to Another State
You may need to transfer your LLC for several reasons:
• Relocating your business operations to a new state and
• Taking advantage of more favorable tax laws elsewhere after that
• Expanding your company’s presence in another state’s market
Options for Transferring Your LLC to a New State
You have three main options when moving your LLC:
1. Register as a foreign LLC in the new state then
2. Form a new LLC in the destination state afterthat
3. Domesticate your existing LLC in the new state.
Registering as a Foreign LLC in the New State
Register as a foreign LLC allows you to operate in the new state while maintaining your original LLC. Steps include:
• Obtain a Certificate of Good Standing from original state and then
• File foreign qualification paperwork in the new state afterwards
• Appoint a registered agent in the new state then
• Pay required filing fees to the new state.
Forming a New LLC in the Destination State
Forming a brand new LLC in the new state involves:
• Choose a unique name for your new LLC.
• File Articles of Organization in the new state.
• Obtain a new Employer Identification Number (EIN).
• Open new bank accounts for the new LLC.
• Dissolve your LLC in the original state.
Domesticating Your Existing LLC in the New State
Domestication converts your existing LLC into a new state LLC:
• Confirm both states allow for LLC domestication.
• Draft and approve a Plan of Domestication.
• File the Articles of Domestication in new state.
• Dissolve your LLC in the original state.
• Update business licenses and bank accounts.
Consult with Legal and Tax Professionals for Guidance
Transferring an LLC to a new state is complex and then Consult with business attorneys and tax professionals to ensure compliance with state laws and tax obligations in both states.