How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ely Your Own Question
Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 102145
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
7286322
Type Your Legal Question Here...
Ely is online now
A new question is answered every 9 seconds

i have a S corp in NYC but would like to move it to NJ where

This answer was rated:

i have a S corp in NYC but would like to move it to NJ where i live. What do you suggest?should i disolve my business in NY and form new one in NJ or reorganize current one in current ctate and move? how does it work?
Hello friend. My name is XXXXX XXXXX welcome to JustAnswer. Please note: (1) this is general information only, not legal advice, and, (2) there may be a slight delay between your follow ups and my replies.

Actually, one does not "move" the corporation. They can simply register a corporation in a state. Ergo, one has two options when they wish to relocate a corporation to another state - they can:

1) register it as a DOMESTIC corporation (if the company is based out of the state); or

2) register it as a FOREIGN corporation (if the company is based out of another state but is doing business in the state in which the registration is being created).

The most practical move for someone in your situation is:

1) Register this as a DOMESTIC corporation once you have an address on the ground in NJ - here; and

2) Wind up and terminate the corporation in NY at the end of your fiscal year. This would essentially dissolve your NY corporation.

Then, you shall have a domestic NJ corporation in place, and the NY corporation shall be dissolved. It is that simple.

Gentle Reminder: Please use the REPLY button to keep chatting, or RATE my answer when we are finished. Kindly rate my answer as one of the top three faces and then submit, as this is how I get credit for my time with you. Rating my answer the bottom two faces does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith. (You may always ask follow ups at no charge after rating.)
Customer: replied 4 years ago.


Thank you ely. I live in NJ and can i use my home address for it?

You are very welcome, my friend.

I live in NJ and can i use my home address for it?

Yes, one may. However, please remember that for purposes of keeping the corporate and personal identities separate, they have to have different bank accounts.

Gentle Reminder: Please use the REPLY button to keep chatting, or RATE and submit your rating when we are finished.
Customer: replied 4 years ago.


"2) Wind up and terminate the corporation in NY at the end of your fiscal year. This would essentially dissolve your NY corporation.

Then, you shall have a domestic NJ corporation in place, and the NY corporation shall be dissolved. It is that simple."


 


Can you tell me the way and procedure i should follow?

Sure.

The process is called "dissolution." This is done under two state agencies:

NY Tax Department - step by step is here;

New York Department of State - step by step is here.

The instructions are very specific. I hope this helps.

Gentle Reminder: Please use the REPLY button to keep chatting, or RATE and submit your rating when we are finished.
Ely and 9 other Legal Specialists are ready to help you

Related Legal Questions