LLC

[Mike L]

My business is filed as an LLC here in Texas. Do I have to file it again in Maine or is it a one and done, doesn’t matter where you live sort of thing?

 

[ahart]

Looks like you can do a transfer in most states, do you have an accountant in Maine or in Texas that you use? They usually know the answers to questions like that. I did find some good info on this website:

How to Move Your LLC to Another State

If you want to transfer your LLC to another state, you have several options for moving the business. Read our article to find out the best way to move your LLC.

www.nolo.com

 

[crane operator]

Did you have a different LLC when you were in Maine before?

 

[CM1995]

Do you plan on doing business in Maine?

 

[Coaldust]

I’m going to follow this. I too am interested in working interstate.

 

[Mike L]

Good link, ahart. crane op, when I was in Maine I operated as a dba. Cm, we are relocating back to Maine in the next month. Texas has not worked out the way we hoped.

 

[crane operator]

Are you the registered agent for your LLC?

 

[Mike L]

Are you the registered agent for your LLC?

yes sir. Chief cook and bottle washer.

 

[Claudio Gil CPA]

Maine will want to understand how your business is operating there (and tax it accordingly), especially if its a TX-based business entity. You may have to register as a foreign LLC in Maine (foreign meaning its foreign to the state of Maine). I'd recommend working with a CPA or tax professional who is versed in multi-state taxation.

More from their website here: https://www.maine.gov/sos/cec/corp/foreign.html

 

[Coaldust]

Claudio Gil the CPA,

Welcome to the HEF. I don’t want your contribution to go unnoticed. That’s kinda a big deal to have a CPA arrive on scene from out of left field to hang out with us miscreants. I haven’t even showered this week.

Much appreciated. I’m sure we have all sorts of questions you could help us out with. Because we normally just guess on tax and accounting stuff and make it up as we go.

 

[Coaldust]

Questions such as, I see many of my clients put their trucks and equipment into separate business entities and then lease those trucks to their operating company. Do your clients do that?

I also need some money laundering advice, but we can save that for an offline discussion.

 

[Claudio Gil CPA]

Lol. Thanks for the warm welcome. I suspect I'll be spending most of my time in the "Adminstrative Duties" section. Happy to help where I can!

Questions such as, I see many of my clients put their trucks and equipment into separate business entities and then lease those trucks to their operating company. Do your clients do that?

I also need some money laundering advice, but we can save that for an offline discussion.

Separate business entities for Trucks + Equipment to be leased back to the operating company is very common. My clients do that and I advise new businesses who are growing in size to consider it as well.

In heavy equipment industries, the equipment + trucks + machinery make up most of the assets of the business. Having a separate entity reduces the risk of those assets being involved in a suit against the operating company.