Business Relocating. I’ve been getting lots of calls lately from businesses relocating to North Carolina. I’m also licensed in Illinois so if your business is in Illinois I can help out there too.
Why does your business need to “relocate”? Like people, businesses have a “home” which is where the business has its main center of operations. Although interstate commerce, the Internet, and uniformity of state business and tax laws has done away with a lot of the old timey lawyer reasons for locating in one state versus another, there’s still a reason to have a “home” for your business.
Reasons to Relocate Your Business to North Carolina
First is taxation – your business income will be subject to the tax code of your home state. This is more important if your business activities take place within that state. If you relocate your business to a state with a tax advantage, you wouldn’t want to continue it being taxed at the higher or more disadvantaged rate.
Second is unemployment and worker’s compensation. Your business will be subject to the rules of the state where your employees are. If you continue “operating” in your old state, and paying into the unemployment or workers compensation system of that old state, your business will be unprotected from claims in your new state if your employees have moved.
Last is that you’ll want your business to be the “local” guy. It will be subject to the new state’s business statutes, so it’s important to review those with a qualified lawyer like myself. If you’re involved in litigation, you want to be “local” too. One of those things that’s not measurable in court, but it’s often on the minds of judges and jurors.
Relocating the “home” state of a business to North Carolina or Illinois is a pretty easy process, although I often see other defects in my clients’ business registration and structures when I sit down to help them move. I also help my clients meet a qualified, local CPA and local commercial insurance agent when they open in WNC. Let’s get that all cleaned up, get you registered and legal down here, and start you making money!
Contact Me For All Business Transactions
Contact me if you have any questions on commercial leases or any other business transaction. In western North Carolina, Asheville, Waynesville, Hendersonville at (312) 671-6453.
Email me at: palermo@palermolaw.com.
Be sure to check out my other blog posts HERE. Be sure to listen to my podcasts with Matt Mittan at BizRadio.US