I have an LLC in Missouri. Can I move it to Florida or Delaware? If so, are there tax advantages?
The decision to re-domicile your current LLC from one state to another is one that should be made only after extensive review of the tax laws and how they affect your particular business. The simple answer is, yes. If you have an LLC in one state you can move or re-domicile it to another state with greater tax advantages. However, if your LLC is subject to pass-through taxation, then domiciling (or re-domiciling) will be of no benefit to you. With pass-through taxation, your company profits are allocated to the partners then paid as personal income to the state or states in which you and your partners live.
Another major issue to consider it that there have been changes recently in states that were once considered superior states in which to form corporations and LLC's. For instance, Nevada's tax laws recently have changed so radically that MyLLC.com no longer recommends filing any business entity there. It is imperative that you consult your tax adviser prior to making any decisions regarding re-domiciling your LLC. Many of these changes are not only complicated but they also contain long term consequences as your companies gross revenue increases. Just be certain that you make a well-informed decision prior to proceeding.
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What is your first step? Simply choose which of the following two options applies to your business:ALREADY INCORPORATED in the state of Nevada? 2015/08/15 - Your annual fees increased from $325 to $650, and that’s not including the Commerce Tax if it applies to your business! Further, you will now be required to file your tax return with the NV Department of Taxation with June 30th as the fiscal year, not the calendar year! Review these changes with your tax advisor immediately! If you choose to re-domicile your corporation in another state, MyLLC will file the re-domestication paperwork for you!
MyLLC is committed to assisting you in this process but you must contact us today!Call us toll free at 888.88.MYLLC or fill out the contact form so one of our experts can help you.