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CGCPA
CGCPA, CPA
Category: Tax
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Experience:  over 40 years experience in tax matters
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Customer Question

We intend to move our company from Ca to another state. What will be theos and cons in terms of tax problems. How should we deal with ongoing projects?Where shall we move it. How bad is Pensilvania.

Submitted: 2 years ago.
Category: Tax
Expert:  CGCPA replied 2 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

 

One of the intricacies of this which I will need to be able to properly assist you is the legal structure of the business (LLC, C Corp, S Corp, partnership). The concern there is that in most cases you will be better off starting a new entity in the state you chose for your relocation. If you presently have a CA entity other states will tax it as a foreign (meaning not from that state) entity. This usually results in higher taxes.

 

PA is a less costly state than CA but favors the LLC structure over corporations in its taxing and formation costs. NY is also less costly for small business taxes than CA and favors the corporate structure for tax and formation costs.

 

If you provide additional information about the business (type of business and its legal structure) I will be able to further assist you.

Expert:  CGCPA replied 2 years ago.
Do you need additional assistance? If yes, please feel free to ask. If I have answered your question, please rate my response. I do not get credit for my efforts until you do this. Thank you for the opportunity to assist you.
Customer: replied 2 years ago.

The corporation is C as the majority of the shareholders are non american. Can we chat?

Customer: replied 2 years ago.

Relist: Answer came too late.No one is interesting in discussing this issue with me?

 

 

 

 

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