Relocating Your Business Can Be Complicated — Here's Your Step-by-Step Guide to a Seamless Move

Starting and establishing a business is challenging, but nan endeavor seems almost intolerable erstwhile you determine to commencement complete again successful different state.

I don't mean opening an out-of-state location but moving your business from 1 authorities to another. My institution has helped scores of business owners who want to relocate. The cardinal is to tackle nan process step-by-step.

Whatever your logic for moving, starting complete successful a caller authorities requires elaborate planning, in-depth investigation and patience. Here's what to see if you're reasoning astir moving your business.

Related: 6 Critical Considerations Before Relocating Your Business to Another City

Do your research

Before making immoderate move, it's important to do your research. Consider immoderate ineligible and regulatory concerns. Make judge you understand nan caller state's steps for business formation, employment, licensing and taxation requirements.

Then, specify nan circumstantial reasons you're relocating. Are taxes an issue? While 9 states (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming) presently don't levy an income tax, you request to find retired astir immoderate section business, sales, property, and franchise taxes required by nan state.

Are you moving to a authorities pinch a little cost of living (COL)? These expenses are defined arsenic "the costs of maintaining a definite modular of living," including housing, food, transportation, taxes, healthcare and more. The COL varies by authorities and fluctuates by city, truthful don't destruct a authorities based connected nan costs successful 1 circumstantial location.

Accessing marketplace trends and opportunities successful nan states you're considering moving to is besides critical. Consumer demographics, marketplace title and economical indicators tin effect your success. Compare statistic connected industries and business conditions crossed nan U.S.

Every authorities touts nan readiness of skilled labor, but nan reality of your business's expertise to pull and support nan correct talent will vary. What are nan prevailing wages for your type of business? Some companies use from being located adjacent a college, which provides a pipeline of imaginable employees. The U.S. Chamber of Commerce keeps tabs connected wherever nan labor shortage is hitting hardest.

Also, see your company's infrastructure needs. Depending connected your business, concerns specified arsenic transportation, entree to suppliers and readiness of distribution centers whitethorn effect operations. Contact authorities and section economical improvement agencies for accusation astir infrastructure and resources.

Many locales whitethorn meet your business criteria. However, they besides request to fresh your quality of life requirements. Does nan authorities supply nan healthcare, acquisition and manner options you need? Is nan ambiance to your liking? Can you find nan type of lodging that suits your individual situation?

Related: Relocating Your Company? Don't Make These 10 Moving Mistakes.

Business domestication

We typically urge that entrepreneurs who ain LLCs and corporations domesticate (or redomesticate) their companies. This intends your business ceases to beryllium successful its authorities of statement and only exists successful your caller location.

Only 31 states and Washington, D.C. let domestication. Each authorities has its ain rules and processes. Check pinch Secretary of State offices to spot which states let domestication and their requirements.

Generally, nan domestication process useful successful a circumstantial order: You use for domestication successful a caller authorities and past dissolve your institution successful your existent location state. The process to domesticate entails getting nan support of each committee members, applying for Articles of Domestication aliases Articles of Continuance and providing a Certificate of Good Standing and a transcript of nan exertion for Articles of Dissolution from your erstwhile state. Once approved, you'll record Articles of Dissolution successful your erstwhile state. You must salary immoderate outstanding fees aliases taxes.

Domestication has respective benefits:

• You don't person to alteration your Federal Tax ID Number (Employee Identification Number/EIN).
• There's little paperwork and taxation consequences.
• Your business tin support its in installments history.
• You'll prevention money since you won't person to salary for yearly reports and fees incurred by doing business successful aggregate states.

If your corp aliases LLC wants to support your aged authorities arsenic your authorities of statement aliases behaviour business successful some states, you must record for a overseas qualification successful nan caller state. While each authorities has its ain process for overseas qualification, you tin usually record online for a Certificate of Authority and salary a fee.

Maintaining aggregate locations intends you must designate a registered supplier successful nan authorities you are not headquartered in. This personification must person a section reside and nan authority to judge ineligible documents and authorities notices connected your behalf.

Sole proprietorships and partnerships

Moving your business is little analyzable if it's a sole proprietorship aliases partnership. There's still a process you must follow:

• Cancel section business licenses and permits and use for caller ones successful your caller state.
• Pay immoderate outstanding fees and taxes.
• Withdraw immoderate assumed names (Doing Business As/DBAs) from your Secretary of State's agency and use for nan DBA successful your caller location.
• If your business slope does not person branches successful your caller state, adjacent your slope accounts.
• Inform nan IRS of your caller business address.
• If you move mid-year, you must salary taxes successful your caller and aged states.

Related: Patagonia Gave 90 Staff a Choice — Relocate Across nan U.S. aliases Leave nan Company. They Got 3 Days to Decide.

HR considerations

When you determine to relocate, it's basal to show your unit arsenic soon arsenic imaginable and that you beryllium transparent, honorable and empathetic. It's champion to clasp an in-person meeting, let clip for questions and supply a timeline for nan move.

Do you scheme to connection your squad nan opportunity to move pinch you? Most mini businesses cannot spend to salary worker relocation expenses, which typically costs thousands of dollars. Will you connection them nan opportunity to activity remotely?

If not, see offering them severance and/or occupation modulation assistance. If you cognize section companies looking for talent, connection to make introductions. And make judge you supply labor pinch letters of recommendation.

Taking nan required steps to guarantee a seamless modulation will thief guarantee a soft commencement successful your caller location.