Can You Relocate or Convert a New Mexico LLC to a Florida LLC?

Can You Relocate or Convert a New Mexico LLC to a Florida LLC?

Relocating or Converting a New Mexico LLC to a Florida LLC

New Mexico LLCs are among the growing number of businesses from across America that are relocating in record numbers to Florida. Those interested in making that relocation into a reality should know about statutory conversion, which is our firm’s preferred method for bringing businesses to Florida from out of state. A full version of the conditions that you need to satisfy in order to qualify for a statutory conversion can be found in Chapter 605 of the Florida Revised Limited Liability Company Act.

What is a Conversion? 

A conversion is a legal process that changes an LLC’s formation state from one jurisdiction to another. We like to recommend it because it’s one of the few options available that doesn’t threaten the business’s continuity or otherwise interrupt its ability to conduct business. 

Another great aspect of the conversion process is that you don’t need to change much of anything about your business in order to make it happen. Your LLC gets to keep its EIN, incorporation date, management structure, and any property rights that it held back in New Mexico. The only possible exception here is your LLC’s name, which you will need to change if the same name is already used by a Florida entity. For that reason, we strongly suggest running a simple name check before making your move.

Does New Mexico Allow LLCs to Move to Florida? 

Yes, according to N.M. Stat. Ann. § 53-19-62, New Mexico LLCs are allowed to convert into LLCs in other states, including Florida. 

A. Pursuant to a plan of merger approved under Subsection C of this section, a limited liability company may be merged with or into one or more limited liability companies, foreign limited liability companies, corporations, foreign corporations, partnerships, foreign partnerships, limited partnerships, foreign limited partnerships or other domestic or foreign entities. 

N.M. Stat. Ann. § 53-19-62

How Do I Convert My New Mexico LLC to a Florida LLC? 

If you’re ready to convert your New Mexico LLC into a Florida LLC, then your first order of business is to draft a Plan of Conversion to be approved by the LLC’s Members. This Plan is exactly what it sounds like — a formal document laying out how the conversion will take place. Once the Plan is signed off on, you can make the necessary filings with state agencies in both Florida and New Mexico. You need to be careful and closely follow the statute’s prescribed steps when doing so. Errors made during the conversion process could inadvertently dissolve your LLC. 

What are the Effects of Converting My LLC?

Statutory conversion will change your LLC’s original state of formation from New Mexico to Florida without interrupting your business operations. All owners retain their Membership Interests, and property rights held by the LLC remain vested in the converted entity. Upon filing, your Florida Articles of Organization immediately replace the your New Mexico LLC’s initial formation documents. It’s important to note that liabilities, lawsuits, and other proceedings against the converting business will also follow it to Florida. 

Should I Work with FL Patel Law PLLC to Convert My New Mexico LLC?

Mistakes during the conversion process could cause you to lose liability protection, discourage potential investors, or even the liquidation of your company.

Yes! We can help you with converting your 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.

Are you ready to move your New Mexico LLC over to sunny and beautiful Florida?  Don’t risk breaking your business’s stride– get assistance from an experienced business conversion attorney by calling(727) 279-5037, or if you are ready to convert, check out our service page.

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FL Patel Law PLLC is a boutique business law firm dedicated to entrepreneurs and companies.

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