Changing the location of your company from state to state is complex and expensive process, but on the flip side, the company gets to keep some certain things like structure, tax ID and sometimes the date of formation. However, the state you choose to move to has to have regulations in place that are in support of domestication. It is important to know that when going through this process, you have to pass through something called changing company domicile
How Changing Company Domicile Works
Firstly, the company has to be free form debt or any problems with the state. When this is not the case, you need to do the necessary activities to ensure that everything checks out. Paying fines or completing and filing several articles are examples of just some of the things that might need to be done to get the company back on track. In the case of dissolution, filing an article of reinstatement will need to be added to these activities.
Domestication works in two ways, one of which is getting certified copies of articles that have been filed prior to this period as well a certificate of good standing after which the articles of domestication have to be completed and filed. The second method is to dissolve the company, after which a certificate of dissolution is given to the intended state for moving.
Domestication as stated above is complicated, and certain things need to be put in place before the business can begin operations in the new state; new license and permits need to be gotten and the IRS needs to be in the loop with regards to the domicile change.
Which States allow Businesses Pass through the Process of Domestication?
Some states have no regulations when it comes to domestications but others do. Some only allow domestication of certain business entities while others don’t allow domestication of certain states. Arizona, Pennsylvania, Kentucky, California, Louisiana, South Carolina, Colorado, South Dakota, Massachusetts, Delaware, Nevada, Wyoming, Maine, Texas, Utah, Mississippi, Florida, Idaho, Indiana, Kansas, District Of Columbia, Washington, Wisconsin, Virginia, Nebraska, New Hampshire and new jersey Are examples of states that allow domestication.
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