Why Should I Pay for Your Domestication or Conversion Services When I Can Hire a Non-Professional for Less or Even Do It Myself?
The complexities involved in domesticating and converting corporations and LLCs are far more intricate than they may initially appear. These processes require extensive legal knowledge, which is one of the many benefits that our law firm offers. Working with non-professionals or using DIY methods often leads to mistakes, the most severe of which could inadvertently dissolve your company, which can lead to a host of legal and financial problems down the line.
Hiring our law firm for your domestication or conversion ensures that the process is handled correctly and efficiently, safeguarding your business from future risks. While the initial investment might seem higher, it can save you significant costs and headaches in the long run.
Is the Cost for Your Domestication or Conversion Service a Fixed Rate or Could There Be Additional Charges?
Our law firm offers a flat rate for domesticating and converting corporations and LLCs. The price we quote includes all the services required to ensure a seamless process. There are no hidden charges or additional fees. Our transparent pricing structure allows you to budget with certainty, and you can be confident that the price we quote is the price you'll pay.
Why Are Some Other Domestication and Conversion Services Cheaper?
While it might seem like you're saving money by choosing a cheaper option, this is rarely the case in the long run. Lower-cost services often come from non-professionals who lack the specialized knowledge required for these processes. As a result, errors and omissions are common, which can lead to significant expenses to rectify later on.
Our law firm is staffed by experienced and knowledgeable professionals who understand the intricate details of corporate law. This expertise allows us to navigate the conversion and domestication process seamlessly, ensuring that your business is properly structured and legally compliant.
What Happens if I Make a Mistake When Domesticating or Converting My Corporation or LLC?
Mistakes made during the process of domesticating or converting corporations and LLCs can lead to serious consequences, including legal penalties, potential lawsuits, or even the accidental dissolution of your company. These mistakes can cause significant financial losses and harm your company's reputation.
When you hire our law firm, you're investing in a service that minimizes these risks. Our professionals have the necessary knowledge and experience to avoid these mistakes, ensuring that the process goes smoothly and that your company remains secure.
How Do I Know Your Law Firm Is a Reliable Choice for Domesticating or Converting My LLC or Corporation to Florida?
Our law firm has a proven track record of successfully domesticating and converting corporations and LLCs. To date, we’ve helped reorganize over 140 businesses into Florida entities. We are committed to upholding the highest standards of professionalism and legal practice, and we have the experience and knowledge to navigate even the most complex scenarios. Your business is an important investment, and we're here to protect and support it.
Will I Need To Get a New EIN?
While technically handled on a case-by-case basis, most LLCs and corporations that convert or domesticate to Florida will not need to get a new EIN from the Internal Revenue Service (IRS) as long as they meet certain conditions. Specifically, no changes can be made to the business and its continuity cannot be interrupted.
What Will Happen to My S-Corp if I Convert or Domesticate to Florida?
This process, when done the right way, will only change your S-Corp’s formation state. This is a big part of protecting its continuity and corporate identity.
Will This Be a Continuation of My Partnership for Federal Tax Purposes?
Yes. After converting or domesticating to Florida, a business entity is still the same company that existed in its previous state. This means that your partnership is simply continuing on in a new jurisdiction.
Can My LLC Still Be Taxed as a Sole Proprietorship After Converting or Domesticating to Florida?
Yes, conversion or domestication will have no effect on your company’s tax status unless mistakes are made while relocating. Preventing these types of mistakes is just one of the many advantages to hiring an attorney to manage your company’s conversion or domestication to Florida
Can My C-Corp Keep Doing Business While Converting or Domesticating to Florida?
Yes, converting or domesticating to Florida allows your C-Corp to maintain its corporate identity, which means that you won’t need to pause operations or stop doing business while you wait for each state to process the necessary documents.
Can You Explain the Process of Domesticating My Business to Florida?
Before we start on any paperwork, our legal team confirms that the client’s home state statutes allow for the domestication or conversion to take place at all, as not every state authorizes this type of transaction. However, LLCs and corporations from such states can instead use a similar process to relocate known as a reincorporation merger.
The first step to actually relocating your company to Florida is to draft either a Plan of Domestication or a Plan of Conversion depending on the statutes in your original state. Generally, these Plans include the company’s ownership, what will be done with the company’s assets and liabilities, along with anything else needed to ensure compliance and continuity.
Next, the Plan must be authorized by the company’s owners. Once they’ve given their approval, we can start the filing process that will turn your business into a Florida entity.
What Legal Ramifications and Changes Should I Expect From Domesticating My Business?
If everything goes right with your domestication or conversion, then in most cases there will be no major changes to your company other than its new formation state. You will, however, need to familiarize yourself with Florida’s laws and regulations, which are probably at least a little different than the ones that you had to follow in your previous state.
What Documents Do I Need To Prepare for This Transition?
Our firm will prepare all the documents necessary to domesticate or convert your company to Florida. This will give you more time to focus on what matters most: running your business.
What Is FL Patel Law PLLC’s Success Rate With Helping Businesses Domesticate to Florida?
A full 100% of our domestication and conversions have been successful. We know what we’re doing when in charge of relocating a client’s LLC or corporation to Florida from another state, and we work diligently to ensure that their interests are safe through every stage of the transition.
How Long Does the Entire Domestication Process Take From Start to Finish?
Most companies can expect their conversion or domestication to Florida to take about three months to complete. The majority of this time is spent waiting for each state to process their respective filings, and those processing times can vary from state to state. A more exact timeline can be provided after we’ve had the chance to review your corporation or LLC during your initial consultation.
Can FL Patel Law PLLC Help With the Tax Implications of My Move?
Most businesses won’t experience significant tax implications during their conversion or domestication to Florida unless they undergo major changes, such as a change in ownership. In these cases, this kind of transfer is considered to be a tax-free reorganization.
How Does FL Patel Law PLLC Ensure My Business’s Continuity During the Transition Period?
The level of added protection that comes with an attorney-managed domestication or conversion is often underappreciated until it’s too late. Our firm has developed an efficient process for domesticating or converting LLCs and corporations into Florida entities without any disruptions to their continuity, as we have proven over the course of over 140 reorganizations.
Can FL Patel Law PLLC Help Me Understand and Comply With Florida’s Business Regulations and Compliance Requirements?
Yes, this is one of the many areas of Florida law that we can assist with. At the end of the project, we give our clients a comprehensive checklist that contains next steps for operating a business in the State of Florida. We want to be sure that they are aware of all the different regulations and compliance requirements that they’ll need to adhere to in their new home.
Can FL Patel Law PLLC Re-Register My Business With Florida Governmental Departments and Agencies?
We do not directly register for business licenses or anything similar for our clients. This is because they will need to regularly renew these registrations anyway, and they usually aren’t too hard to obtain. Our end-of-project checklist will, however, provide you with links to the websites where you can register for taxes and licenses that your business may need to operate in Florida.
Can FL Patel Law PLLC Help My Business Grow and Expand after Relocating to Florida?
Of course – as a corporate law firm, our main focus is supporting Florida business owners with the services they need to be successful. In addition to domestications and acting as general counsel, we also provide a suite of services relating to Commercial Law, Employment Law, Trademark Law, and almost anything else that a law firm can do to help your business.
Will FL Patel Law PLLC Handle All Paperwork and Correspondence With Agencies in Florida and My Previous State?
Yes – all conversion filings and communications with the appropriate agencies in each state can be left to us, allowing you more time to attend to your operations. This is not the case for tax matters, however. You will need to either take care of those responsibilities on your own, or you can trust them to your account or another tax professional.
How Does FL Patel Law PLLC Communicate With Its Clients? How Often Will I Receive Updates?
We know how important it is to receive regular updates when working with an attorney. After all, no one likes being kept in the dark about their project, especially when it’s a transition as big as converting or domesticating a business to Florida from another state.
Can FL Patel Law PLLC Help With the Legal Implications for Any Employees That I Might Have in Both States?
Yes, employment law is just one of the many practice areas that our firm can assist with after moving your company to Florida. An attorney’s guidance is essential to ensuring proper compliance when taking a company across state lines. Every business is unique, and will have its own unique considerations and possible complications that you might not even think about until it’s too late.
How Does FL Patel Law PLLC Help Minimize the Risks Involved in a Conversion or Domestication?
The success of converting or domesticating to Florida rests on ensuring that nothing about the company’s corporate identity changes except for its formation state. Our experience and expertise in this field mean that we know how to relocate your company safely to Florida, no matter where you’re coming from. Navigating state law and working diligently to provide quality results to our clients is all a part of a day’s work at FL Patel Law PLLC.
Will FL Patel Law PLLC Represent Me if Any Legal Disputes or Issues Arise During or After My Conversion or Domestication?
This can only be determined on a case-by-case basis. Because such assistance would fall outside of the scope of our flat fee conversion and domestication services, we would need a separate engagement agreement to provide this kind of representation.