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    2 Replies Latest reply on Mar 4, 2008 5:48 PM by promsrme

    Moving your company?

    promsrme Newbie

      I own a successful small business in NC. I have been in business 5 years and have a business model that allows my wife and me to run the business from home. We employ many independent contractors throughout the U.S.

      Unfortunately the State of North Carolina has extreme taxes for a small company, such as Income, Unemployment, State, County, City, Sales, Property (they even tax your pets),

      I realize in all states you will pay taxes, however I could save about $10,000.00 a year in Income Tax by moving to Florida. We don't want to leave permanently just 6 months a year to establish Florida as our primary place of business and residence.


      Does anyone have pros and cons about such a move? How do you transfer corporations to a new state?




        • Re: Moving your company?
          Lighthouse24 Ranger

          It isn't really possible to "transfer" a corporate registration from one state to another -- but you could form a new company in another state and effectively "buy out" the current company, then dissolve it. You don't necessarily have to reside in a state to register or run a business there -- so unless you just want to move, there may be other less expensive options.

          There are several states with no business income tax that only require you to have a registered agent and address in the state (a service you can get for a couple of hundred bucks a year). Florida may be one of them. So you could continue to reside in NC, and if you're not physically conducting any business transactions there, you'd have no need to even register your new company as a foreign corporation doing business in NC. It seems that might accomplish what you're trying to accomplish (from a business ownership perspective anyway). Hope this helps. Best wishes.