Did you find out? I have a business in Minnesota and I'm trying to get my WI address registered with WI without losing age. I'm thinking foreign entity registration but I'm not sure.
@Alex Alex no not yet, work in business consulting on building business profiles (mainly for people not born here and don't know any better )and at the moment lenders are very picky on business risk score and age. If I don't get a response, I will just have to call a consumer lawyer about this, but it involves $$
@Alex Alex foreign entity is expensive unless you have a good business plan and reasons. Have to pay the IRS on both states but the curve ball is the business and how the state laws effect your type of business.
No, the foreign entity registration does not reflect the original age of the business. The registration date will reflect when the entity was registered and not when the business was first established. So basically, a foreign LLC is registered in one state but operates in another state. It is similar to a domestic LLC, except that it has to register with the other state in which it operates, and may have to pay fees and taxes in both states. A foreign LLC is often used by companies that are based in one state but do business in multiple states. I hope I'm understanding your questions correctly...LOL great question!
If I have an LLC in CA but am moving to TX, my understanding is that I will still pay the $800 a year with ca, but what about income taxes for ca? If I am not actually doing business in CA anymore, would I still have to do an income tax return there?
Yes, I believe you would still need to file an income tax return in California. Even if you are no longer conducting business in the state, you may still have taxable income from it that needs to be reported and taxed. Try speaking with a tax professional to discuss your particular situation for more accurate information, hopefully, this will help.
I have a 7 year old business and still have a registered agent there... But I want the credit bureau and mailing to have new state address and keep the age
No, the foreign entity registration does not reflect the original age of the business. The registration date will reflect when the entity was registered and not when the business was first established. So basically, a foreign LLC is registered in one state but operates in another state. It is similar to a domestic LLC, except that it has to register with the other state in which it operates, and may have to pay fees and taxes in both states. A foreign LLC is often used by companies that are based in one state but do business in multiple states. I hope I'm understanding your questions correctly...LOL great question!
So basically, conversion is changing the form of your entity. For example, if you are currently an LLC in the state of Georgia and you move to Texas and want your business to become an S-Corp, then your LLC will be cancelled and you will now be an S-Corp. Domestication involves transferring a business entity from one state to another without altering its form. For instance, an LLC that moves from Georgia to Texas continues to be an LLC, the only difference being it will now follow Texas state laws. I hope this helps. Great question!
Thank you for very informative video.
Will need a new ein when transfer my business
Yes your welcome! Get That New EIN...lol 💪🏿
Thank you for the insightful information.
your welcome!
Thanks got sharing
you are so welcome!
Does the business age stay the same if you transfor a business to a new state ? Curiose because tons of lenders require 2 years of age
Did you find out? I have a business in Minnesota and I'm trying to get my WI address registered with WI without losing age. I'm thinking foreign entity registration but I'm not sure.
@Alex Alex no not yet, work in business consulting on building business profiles (mainly for people not born here and don't know any better )and at the moment lenders are very picky on business risk score and age. If I don't get a response, I will just have to call a consumer lawyer about this, but it involves $$
@Alex Alex foreign entity is expensive unless you have a good business plan and reasons. Have to pay the IRS on both states but the curve ball is the business and how the state laws effect your type of business.
No, the foreign entity registration does not reflect the original age of the business. The registration date will reflect when the entity was registered and not when the business was first established.
So basically, a foreign LLC is registered in one state but operates in another state. It is similar to a domestic LLC, except that it has to register with the other state in which it operates, and may have to pay fees and taxes in both states.
A foreign LLC is often used by companies that are based in one state but do business in multiple states.
I hope I'm understanding your questions correctly...LOL great question!
If you switch your state does your business run of that states tax laws?
Yes when you switch to a new state you have to follow their rules, laws and regulations. Great question!
If I have an LLC in CA but am moving to TX, my understanding is that I will still pay the $800 a year with ca, but what about income taxes for ca? If I am not actually doing business in CA anymore, would I still have to do an income tax return there?
Yes, I believe you would still need to file an income tax return in California. Even if you are no longer conducting business in the state, you may still have taxable income from it that needs to be reported and taxed. Try speaking with a tax professional to discuss your particular situation for more accurate information, hopefully, this will help.
how do yuh do it on irs ?
Update your LLC's information, Notify your state and File necessary tax forms. Hopefully this helps a little.
Will the foreign entity registration reflect the original age of business?
I have a 7 year old business and still have a registered agent there... But I want the credit bureau and mailing to have new state address and keep the age
No, the foreign entity registration does not reflect the original age of the business. The registration date will reflect when the entity was registered and not when the business was first established.
So basically, a foreign LLC is registered in one state but operates in another state. It is similar to a domestic LLC, except that it has to register with the other state in which it operates, and may have to pay fees and taxes in both states.
A foreign LLC is often used by companies that are based in one state but do business in multiple states.
I hope I'm understanding your questions correctly...LOL great question!
Where do we do this!
Google is a another great source to help if you need further help. Thanks!
How about internally? From U.S to U.K?
That's a great question i would just research it more on google if i was you.
Conversion vs domestication?
So basically, conversion is changing the form of your entity. For example, if you are currently an LLC in the state of Georgia and you move to Texas and want your business to become an S-Corp, then your LLC will be cancelled and you will now be an S-Corp.
Domestication involves transferring a business entity from one state to another without altering its form. For instance, an LLC that moves from Georgia to Texas continues to be an LLC, the only difference being it will now follow Texas state laws.
I hope this helps. Great question!
@@SBEaesthetics Thank you very much for this great explanation!