08-15-2013 09:52 AM
I have a 2 year old S-Corp that I'm considering moving from California to Wyoming.
Details here: http://wyomingcompany.com/moveit/
There's a lot of Tax Advantages to me doing this, but since I just hit the 2 year mark, I really do not want to loose my business's credability.
Would moving my business create some headaches for me with D&B? or is this a relatively straightforward thing to do?
08-15-2013 04:22 PM
You should consult a CPA before doing this (and definitely not the site of a company whose sole purpose it is to sell you Wyoming corporations .
In 99% of cases, you're going to end up having to pay corporate taxes in the state where the corporate officers are resident. And the FTB will hunt you down.
But as I said, check with a CPA. It might be a good option.
08-15-2013 05:42 PM
08-15-2013 08:29 PM
I'm actually moving the entire business (including myself) out of California. Since its an online business I can have a lot of flexibility that way. Thank god lol.
(This was actually my CPA's idea) I'm just concerned D&B will get confused and make my life difficult
You can log into DNB iUpdate and change your address at any time and the service is free
08-17-2013 08:12 AM
We're considering doing the same, but to Texas. To be spared the CA State taxes, I think the legal definition is that you'd have to reside in out of CA for more than 6 months?
08-17-2013 08:54 AM
From what I understand, California just sees that you've dissolved your corporation. So the change would be immediate. Since Wyoming uses registered agents, and doesnt report corporate owners for privacy reasons, there is no way California would know that you simply moved your corporation instead of calling it quits.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO