Is it possible to transfer LLC to different state? 100%, yes. Is there one, sure fire way to go about doing it? No.
There are 4 Ways to Transfer LLC to Different State
- Domestication– Company files paperwork to officially change where it is from.
- Merger-Company merges into a surviving company in new state.
- Asset Purchase-Company closes and then opens as a new company in a new state.
- Foreign LLC-Keep stays exactly as it is but is registered to do business in additional states.
There are many things to consider when moving your LLC from one state to another. First off, no two business, or two states for that matter, are exactly alike. So, it is important to do your homework before you begin the process.
Take into consideration these key factors regarding FEINs:
How important is it to you to keep your FEIN?
Does the thought of getting all new bank accounts, credit cards or other financial products trouble you? If so, then the best option for you would be a Domestication or Merger. Domestications are faster and far less expensive, but unfortunately, not all states will allow them — and it’s important to have both your original state and the target state support Domestication to utilize Domestication.
Keeping the same FEIN doesn’t concern me. What are my options to transfer LLC to different state?
If maintaining a particular FEIN is not a factor, then the task of moving your LLC just became much simpler. By do a foreign filing in your new state, you can essentially “start over’.
Since the moving pieces can be tricky to someone who does not file formation paperwork in multiple state routinely, it is a good idea to consult with those who do. Law 4 Small Business introduced our “Move Your LLC” service to great success and it has proven to be one of our most popular products. The service allows you to pick where you are moving and by which of the four ways described above you would like to have the move accomplished. After that, our group of paralegals and lawyers do the rest.
You are going places. Take your business with you! Law 4 Small Business can show you how. Start the process now by visiting move-your-llc-to-a-different-state page.
Want to talk to an actual business attorney about some factors that are concerning you about moving your business? Sign up today for a 30-minute business lawyer consultation by visiting our business-attorney-consultation page.