Domestication
Change the State of your Business Formation
To legally alter the state of formation for your business, you’ll need to initiate a business domestication or change of domicile. CorXec can assist you throughout the process and handle all the necessary paperwork on your behalf.
What is Business Domestication?
If you’ve made the decision to relocate your business to a different state while aiming to preserve its duration or longevity, opting for a domestication is generally advisable. Once completed, your company will cease to exist in its original state of formation and will solely exist in the new state.
Not all states permit domestication, and those that do have specific rules and processes.
The key advantages of domestication include:
- Retention of your existing Employer Identification Number (EIN), bank accounts, business licenses, and potentially the original formation date.
- Minimized tax consequences and paperwork.
- Preservation of your company’s credit history, instilling confidence in investors, banks, and vendors when engaging in business transactions.
- Reduction in ongoing costs for annual reports and other state fees as you no longer need to maintain your business presence in multiple states.
States That Support Domestication
- Alaska - Professional Corporations
- Arizona - Corporations
- Arkansas - LLCs
- California - LLCs and Corporations
- Colorado - LLCs and Corporations
- Delaware - LLCs and Corporations
- District of Columbia - LLCs and Corporations
- Florida - LLCs and Corporations
- Idaho - LLCs and Corporations
- Illinois - LLCs and Corporations
- Indiana - LLCs and Corporations
- Kansas - LLCs and Corporations
- Kentucky - LLCs and Corporations
- Louisiana - LLCs and Corporations
- Maine - LLCs and Corporations
- Massachusetts - LLCs and Corporations
- Minnesota - LLCs and Corporations
- Mississippi - LLCs and Corporations
- Nebraska - Insurance Companies
- Nevada - LLCs and Corporations
- New Hampshire - LLCs and Corporations
- New Jersey - LLCs and Corporations
- Ohio - LLCs and Corporations
- Pennsylvania - LLCs and Corporations
- South Carolina - Corporations
- South Dakota - LLCs and Corporations
- Texas - LLCs and Corporations
- Utah - LLCs and Corporations
- Virginia - LLCs and Corporations
- Washington - LLCs and Corporations
- Wisconsin - LLCs and Corporations
- Wyoming - LLCs and Corporations
Steps to Domesticate an LLC or Corporation
- Obtain member approval for the domestication of the LLC members or the Corporation’s board of directors.
- Validate all annual reports, taxes, and other compliance obligations are updated to date.
- Appoint a registered agent in your new state of formation.
- Apply for domestication in the new state, which may require you to file Articles of Domestication or a Certificate of Conversion.
- Once approved, you’ll submit paperwork to dissolve your business in the existing state. This may include Articles of Domestication, a Certificate of Surrender, or other dissolution documents.
- Update your operating agreement or corporate bylaws.
- Notify all business partners, vendors, and customers of the change.
States usually ask for the following documents when a business applies for domestication:
- Articles of Domestication
- Certificate of Good Standing (from original domicile state)
- A copy of soon-to-be-filed Articles of Dissolution (for charter state)
- A Certificate of Good Standing (from charter state)
How CorXec can help
Every state comes with its unique set of requirements, costs, and procedures for executing a change of domicile, which can be overwhelming for the typical business owner.
CorXec’s team has extensive experience handling numerous business domestications for companies nationwide. We possess a deep understanding of the regulations, know which paperwork to process, and can efficiently manage this process for you while providing guidance every step of the way.
Our pricing for domestication begins at $449, excluding state fees. Our dedicated team is ready to offer you a personalized quote, considering costs and timelines based on your original and destination states. Additionally, if you require an Express filing option, we can accommodate that as well.
