business move from NC to MD

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#1
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8
Joined:
17-Sep-2022 7:30am
Location:
Maryland
Never had this question come up before.

Can a business use the same EIN if they move their business from one state to another? They will close the NC business with the state and register the new business in MD.

Or, do they have to shut everything down associated with NC and start over in MD? New EIN, etc.
 

#2
sjrcpa  
Posts:
6422
Joined:
23-Apr-2014 5:27pm
Location:
Maryland
They will redomesticate (I think that's what it's called). Same entity, just now a MD one instead of NC. Keep the EIN.
 

#3
dsocpa  
Posts:
807
Joined:
5-May-2014 11:15am
Location:
Maryland
Similar situation, client had 3 entities in MD - A, B, C.
Moved to Tennessee and dissolved all 3 MD entities.
Registered B&C in TN. B&C are LLC's, B is an S Corp for tax purposes, C will remain a 3 member LLC. Done with C for now.

Entity A&B offer similar tech services, so the client wants to combine A&B.

I know it's confusing. A was the original company with client the only shareholder. B was started with another business associate who held a 40% member interest (another story altogether). Client bought out the other member 2 years ago. Seems there is really no logical reason for the client to keep A&B as separate entities.

One of my ?? was answered below, sounds like no new EIN, etc. Businesses simply moved with the taxpayer.

By dissolving A and combining services, etc. with B is a new S-election required? B will keep the name.
No equipment or fixed assets as the businesses are 100% service, intellectual property.
Based on my understanding with the dissolution of A the assets (cash) and liabilities (credit card) will be distributed to B?

Bottomline I'm struggling with the mechanics. How best to set-up. I'm probably overthinking but any resources that might get me on the right track would be greatly appreciated.
 


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