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Written by : Tom Abels |
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hello everyone and welcome to another episode of coffee with carl i'm your host carl zellner one of the attorneys here with anderson business advisors and i'm happy that you joined me today uh today we're going to talk a little bit about foreign filing specifically foreign filing your business entity so let's hop into some of the basics and i don't think this will be a very long video even in from coffee to carl standards but it has been a question that's been coming up more frequently so foreign filing what is it so if i have an entity in a state or that was formed in a state and that entity is doing business in another state and to know if you're doing business generally you have to look at the state law to see what the definition of doing business is that entity would then need to if it is doing business then file or foreign file into that state to put the state on notice that you are conducting business as an out-of-state entity in that state so this isn't necessary for um your parent companies like your wyoming holding company not important there because that llc or that holding company owns llc's in those states already so those llc's in those states are fine the parent doesn't need to register because it owns local llc's what you look at though is say if it was before you came to anderson uh you've maybe set up a business entity um say you're in texas maybe you own a property in florida and you said well i need to set something up so you ended up setting up a texas llc okay well really that should be a florida llc so what you can do is if you're looking to do business in the appropriate manner would be to foreign file that texas llc in florida so now it has the ability to do business in both texas and florida so foreign filing the word foreign can seem a little odd to folks because we think when we think of foreign we think of out of country however in this regard or related to these entities uh the word foreign filing means in a different state so i think there's some good uses of foreign filing it comes up from time to time it's not super frequent a lot of times it'll come up with folks who set up their own entity structure before coming to anderson or are moving states or having some you know making some significant changes in their entity structure but wanted to take a moment to talk about it because it has been coming up more frequently so foreign filing like i said it's basically just putting another state on notice that you're doing business in their state and just to reiterate like i said if you have that wyoming holding company or even if you have an out of state corporation that owns an llc or is the member of the llc that's located in the state then you're fine so there's no need to file those foreign or those parent companies in those other states even though banks may tell you that you have to that's a misunderstanding of the law or some sort of internal restriction it's not required so like i said this is going to be a short episode so one of that's that's it that's foreign filing for you in a nutshell if you have additional questions on foreign filing i'd encourage you if you're an anderson client to reach out to your business advisor if not or if you're considering or just saw this pop up and would like to more information we always encourage you to reach out and get a free consultation and we can give you our general opinion on what your entity structure should look like moving forward from about a business or asset protection standpoint as well as from a tax perspective so until next time everybody please keep taking advantage of all the free content we put out there love to see you on an online seminar um so if you need anything just look at or you can find all of our information at andersonadvisors.com so until next time it was great chatting with you and great having a coffee with you thanks
Thanks for your comment Charline Braue, have a nice day.
- Tom Abels, Staff Member
bud your own news 96 5 go ahead oh yes stop we have recently moved here from Missouri my wife and I my wife is a public speaker and in Missouri we incorporated our business speaking business it's an s-corp right we also we also incorporated a ministry which is a 501 c 3 not-for-profit corporation and I want to move the corporation's from Missouri to Florida and I've researched it a little bit and it seems rather complicated how do we go about that but as far as I know there's just two choices the easier choice for you would be to continue to have those Missouri corporations but register them as a foreign corporation here in the state of Florida so they always be Missouri but they're just registered to do business here in the state of Florida the second choice would be for you to close down those Missouri corporations and open up to Florida corporations I'm not I don't think that that's the best move for you bud okay uh when I researched it online I came across something called domestication are you familiar with that well that that's a kind of a broad term that's used in a lot of different areas of law but that may be very well I'm talking about as far as domesticating your Missouri corporation here in Florida yes it's called change of domicile and i cants whether that's the right way bud but I can't tell you this if there's a website called sunbiz dot org su n bi z it's a state-run website where you can start your own corporation start your own LLC I do believe you can also register your foreign corporation at sunbiz I think a son biz org bud but that's a good place to start if you have some problems with it call me mom's next week we'd be happy to talk to you at 407 4235 561 now i'm going to give out that phone number again because I remind you that monday through friday 925 all the lawyers at my office including me we are always happy to give you a few minutes of free legal advice right over the telephone monday through friday 925 you can reach us at 4074 2355 one and don't forget you can always email us your legal questions through our website that website is law tube.com law tube.com and you can email us your legal questions there
Thanks Derek your participation is very much appreciated
- Tom Abels
About the author
I've studied mechanical engineering at New England Law | Boston in Boston and I am an expert in clinical neuropsychology. I usually feel predatory. My previous job was veterinarian (vmd) I held this position for 3 years, I love talking about woodworking and yachting. Huge fan of Robert Pattinson I practice horse racing and collect basketball cards.
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