Can You Relocate or Convert an Idaho LLC to a Florida LLC?
Moving or Relocating an Idaho LLC to Florida
Florida is more popular than ever among business owners, and there are many reasons to bring your Idaho LLC on down to the Sunshine State. Our state is among the most business-friendly in the nation, and imposes no state income tax on business owner, just to give a couple examples. Another great thing about Florida is that it has a statutory process known as conversion in place that allows qualifying LLCs to relocate here from out of state. For a complete list of the conditions required by Florida law, please see Chapter 605 of the Florida Revised Limited Liability Company Act.
What is a Conversion?
Statutory conversions are our firm’s preferred method for moving an LLC from out of state to Florida because it does not interrupt the business’s continuity. There is no need to dissolve your Idaho LLC and reincorporate all over again in Florida, either. The converted LLC is the same entity that existed in Idaho, only now it has a new origin state.
The Florida LLC can keep the Idaho LLC’s original Federal Employer Identification Number (FEIN or EIN), management structure, and tax election. Any property rights will also be retained by the converted business. Everything stays the same, although you may need a new name for your LLC is the one you want is already used by a Florida entity.
Does Idaho Allow LLCs to Convert to Florida LLCs?
Yes, Idaho allows domestically formed LLCs to convert to Florida LLCs per Idaho Code Ann. § 30-22-501.
(a) Except as otherwise provided in this section, by complying with this part, a domestic entity may become a domestic entity of the same type of entity in a foreign jurisdiction if the domestication is authorized by the law of the foreign jurisdiction.Idaho Code Ann. § 30-22-501.
How Do I Convert my Idaho LLC to a Florida LLC?
The first thing that you need to do in order to convert your Idaho LLC to a Florida LLC is to draft a Plan of Conversion. A Plan of Conversion is a formal document that lays out how the conversion will take place. Once the LLC’s Members have approved the Plan, you can file the necessary documents with the prescribed state agencies in both Idaho and Florida. However, be sure to proceed with caution, as mistakes during the conversion process could cause your business to be dissolved.
What Happens When I Convert my Idaho LLC to a Florida LLC?
Converting your Idaho LLC into a Florida LLC changes its formation state, effectively changing it into a Florida business. Your old formation documents will be replaced by your new Florida Articles of Organization immediately upon filing. Nothing else will change about the LLC, as it’s still the same business, complete with the same property rights, ownership structure. The Members all keep the same percent of interest in the company, too. However, you should note that any lawsuits, liabilities, or other proceedings against the Idaho LLC will follow it to Florida as well.
Should I Work with FL Patel Law PLLC to Convert my LLC?
Yes! We can help you with converting your Idaho LLC to the state of Florida. We have worked with many businesses including consultants, service businesses, e-commerce businesses, and start-ups to help them relocate their headquarters to the state of Florida.
Ready to embrace the good life on the East Coast by moving your Idaho LLC down to beautiful Florida? Don’t risk your business’s continuity – enlist the help of an experienced business domestication attorney by calling(727) 279-5037, or if your business is ready to move, check out our service page.
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