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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28082
Experience:  Taxes, Immigration, Labor Relations
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I have an S-CORP in Florida, I moved to NJ last summer and I

Customer Question

Hello, I have an S-CORP in Florida , I moved to NJ last summer and I am wondering do I need to relocate my company to NJ and register here or can i keep my company as a registered company in florida ? I like to be paid to my company cause it helps out with taxes here in NY/NJ
Submitted: 10 months ago.
Category: Tax
Expert:  Lev replied 10 months ago.

That is based where S-corporation performs business activities.
If S-corporation performed business activities in NJ - but registered in another state - that is a foreign entity in NJ and must be registered.

See here

http://www.nj.gov/treasury/revenue/gettingregistered.shtml

Step 1 - RECORDING NEW BUSINESS ENTITIES
Step 1 applies to all New Jersey (domestic) and out-of-state (foreign) corporations, limited liability companies, limited partnerships and limited liability partnerships. You must file an original formation/authorization certificate with the State of New Jersey. The filing process can be completed online. All profit businesses (domestic and foreign) and foreign non-profits must pay a statutory filing fee of $125. The statutory filing fee for domestic non-profits is $75.00.
You may however move your entity from Florida to NJ.
Regarding income taxes... As you might be aware - S-corporation doesn't pay income tax. Instead - all taxable income is passed to shareholder(s).

But because you are a resident of NJ - all your income - regardless of its source - is taxable for that state.

So having a corporation in Florida woudl not help you with income taxes.

Customer: replied 10 months ago.
Okay so what steps do I take, Do I contact state of florida and file to reloacte and then register in NJ? Does it matter that I was registered in Fl and did work in NYC last summer but I still had my mail going to florida cause the move was not 100% offical untill now
Expert:  Lev replied 10 months ago.

I assume that you registered the LLC in Florida and after that elected it to be treated as S-corporation with the IRS.

In this case - the simplest way would be to dissolve your Florida LLC - and open a new LLC in NJ where you live and where you conduct most of business activities.

Here is where to start dissolution

https://efile.sunbiz.org/dissolveLLC.html
and here to start registering a new LLC in NJ.

http://www.nj.gov/treasury/revenue/gettingregistered.shtml

As you already have S-corporation - you might already know how to apply for S-corporation status - but if not - let me know I will provide you with IRS forms.

Customer: replied 10 months ago.
I started as s Corp. I do not like LLC
Customer: replied 10 months ago.
I'm a tv producer so s Corp is what we all do. Any issues when I file taxes ? Sorry for so many questions
Expert:  Lev replied 10 months ago.

When you register the entity in Florida - generally there are two option - to register an LLC or a corporation.
You may not register S-corporation with state authorities...
S-corporation status is assigned by the IRS.
If you registered a corporation - and not LLC - then you would dissolve a corporation and register a new one - and after that will apply to the IRS for S-corporation status.

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