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3 Replies Last post: Jul 24, 2009 11:17 PM by Mike55

How do I move a business entity to another state

Nov 3, 2008 4:08 PM

Click to view seamus's profile Start-up seamus 1 posts since
Oct 30, 2008
Quick background: I have a Sub-Chapter S corp in NJ that has been in business since 1996. The business has established good credit and a history. I have since moved to North Carolina and no longer wish to pay NJ taxes. I could easily open another corp in NC, but I don't want to lose the credit history, especially in today's climate. I have been told that I could form a new corp and have the new entitly buy the old entity and that the tax ID could be assumed by the new corp. I am not sure that I understand that and could use some help getting "un-confused." Thanks in advance for any assistance you can provide.

Cheers,

jim
Tags: alternate_financing_options, buisness, business_credit, capital, cash_flow, financing, growth, investment_loan, investor Report as inappropriate
Click to view skydalimit's profile Mogul skydalimit 32 posts since
Feb 27, 2009
1. Re: How do I move a business entity to another state Mar 5, 2009 12:12 PM
in response to: seamus

Hi you you will need to do a foreign filing, call your state of choice that you'll be doing business in, and ask the price, in New york the fee is $225 but you can also pay compnaies to do that for you, but no need when you can just fill out the foreign papers and send them out your self.
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,935 posts since
Aug 6, 2007
2. Re: How do I move a business entity to another state Mar 5, 2009 1:06 PM
in response to: seamus
Move a business, Welcome

who are you?? Do you have a Lawyer??

If this was my problem, I would ask SCORE "online". SCORE is FREE
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Click to view skydalimit's profile Mogul skydalimit 32 posts since
Feb 27, 2009
3. Re: How do I move a business entity to another state Mar 5, 2009 1:29 PM
in response to: LUCKIEST
Hi my name is Ricardo "Sky Dalimit" P. I'm a Haitian American Entrepreneur, recording artist/songwriter/producer/composer and philanthropist, and i prefer you call me Sky Dalimit, although i have alot of lawyer friends in my circle, i dont have a specific in house lawyer at this time, and yes you are definitely right too about checking score, which i have plan to check them out for more help, last time i have been there it was 2006 when i was planing to start my first corp with my old partner, looking foward to networking and meeting with you via score maybe, thanks keep in touch. and i just thought some of what i know might help some questions asked in this forum, we have to share our knowledge of what we know, with each other that's the only way we'll learn more and go further in this world.

Cheers,

Ricardo "Sky Dalimit" Pierre
Heat Ent.
http://www.linkedin.com/in/skydalimit
skydalimit1@gmail.com
www.heatenterprise.com
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Click to view handprint's profile Professional handprint 9 posts since
Jan 25, 2008
4. Re: How do I move a business entity to another state Mar 9, 2009 1:39 PM
in response to: seamus
Your best shot would be to form a NC entity with the same name, then request in writing that IRS transfer the EIN from your NJ entity to your NC entity. That keeps your credit the same. But if you still do business in NJ, you will have to pay state taxes.

David M. Walker, Esq.
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