Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
How are you today?
You wouldn't need to set up a new LLC in order to move the LLC from Maryland to Massachusetts.
You would take your existing LLC and simply register it as a foreign LLC doing business in MA
Then, you would be able to use the same EIN number and everything.
Good morning! Sorry I had been on another page and didn't realize you had answered so quickly!
No, that's fine. I am patient.
Well, wouldn't I need to file taxes in Maryland if I did that?
Thanks ha ha!
I am very new to all this. I've done accounting, but never started my own business.
Legal is not my strong suit
That's okay I'm here to help.
So I guess my question for the foreign LLC is this, would taxes need to be filed in Maryland and Mass?
or would that all shift to Mass?
Yes, you would still owe tax to Maryland = see this article http://www.nolo.com/legal-encyclopedia/maryland-state-business-income-tax.html
Unfortunately, if you set up a new LLC, then you would have to apply for a new EIN
I was researching opening an LLC in Mass and then merging the two. That way I could avoid paying tax in Maryland and still keep my EIN. The issue, is that I cannot find the forms to submit in Mass
The old LLC would simply disolve
Would that work legaly in Mass? Not sure if maybe it isn't an option in this State. Cannot find the forms.
You would file articles of consolidation/merger with the state. Comes with a $250 filing fee. It would be cheaper to just dissolve your entity and get a new EIN
If I have already filed, but filed the wrong thing with Mass, is it possible to change it at this point? No LLC has been approved.
What did you already file?
I already filed for an LLC in Mass ($500 fee)
Thank you for all your help by the way. I had been trying to wade through government sites.
You have the Maryland LLC set up. I don't see the need to merge the two
I would just apply for a new EIN it's free
You would have to pay an additional $250
Yes, I think you are right. Much easier and cheaper that way
Okay great! Well then my answer is very well answered. Thank you so much!
If you are a single member LLC you will file your tax the same way, you would just have one schedule C for the Maryland llc and a second for the MA LLC this year
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Thanks again for your question today. And let me know if you need anything else - come back and visit MyVirtualCPA
I will. thank you again