We are a small business (a husband and wife team) based out of New York State. We are looking to move and wondering where the best state for a small business is. We do our business from our house, so a business location is not needed.
We are a small business (a husband and wife team) based out of New York State. We are looking to move and wondering where the best state for a small business is. We do our business from our house, so a business location is not needed.
Is your LLC in New York State?
If so, changing the state where your LLC is filed is going to be a pain, no matter what state you go to. New York doesn’t let you export your LLC, so you’d have dissolve the LLC in New York and then form a new one in your new state. (I learned this the hard way when I moved from New York to California and wanted to take my LLC with me.)
You might be better off just leaving your LLC in New York and then filing as a foreign (that is, out-of-state) entity doing business in your new state.
From what I understand, your taxes would be the same either way, and you’d get to keep your EIN. (Having a continuously-used EIN is useful if you ever need to open a line of credit or get a loan. EINs for businesses that have been open for at least two years get much better terms than those that haven’t been operating for as long.)