Do you want to expand your business or to relocate it? Then you should hire moving experts that can help you relocate the office. Moving your business to another state is difficult without a help. That’s why you should choose a reliable and reputable mover who can help you. But, before that, it is a time to do your research and to learn some important facts and to prepare yourself. It is a complex decision, so as soon as you start to learn, the better it is.
What you should about moving your business to another state
The best and the smartest solution is to hire a lawyer and a counselor if you do not have an experience. Before you make that decision consider the costs, legal entity changes, and your relocation. If planning a long distance move, hire professionals because how else would you transfer all your items and furniture? It is better for you to be near your office, not in another state. There are some decisions that need to be made before this big step. So, let’s start.
Your business type
Any business type is organized under the laws of a state you work (this is not the case for a sole proprietor business). So, if you want to move your business somewhere else, particularly in another state, then you have several options. We will talk about the legal business types. And about options, if you want to change your business type after moving to another state. Types of business are:
- Sole proprietorship – There is no separate and special paperwork to move a sole proprietorship to another state, it is considered the same legally as the business owner. You just need a good business plan, time, patience and money.
- Corporation – Moving a corporation to another state can be a complicated process a little bit but, if the conditions are good, why not.
- LLC – The rules for domestic and foreign LLCs are different, from state to state. But, you can continue the business in your old state and also at the same time, set up as a foreign LLC in your new state.
- Partnership – Partnerships have multiple parties and their interests should be considered in setting up a new partnership in the new country. Moving your business to another state is a big decision, so you should consider all the facts and types.
After you have decided which organizational type best suits your interests you should pick your new location. This is a major factor in your decision. Choose the right location for your business and according to that choose your new home. Justify your moving with facts and figures, write down pros and cons. Check how your new business in the new location will have benefit, or at least maintain, the value. Your reasons for moving do not have to be connected to the business, but if you wish to keep your business, you need to have a reasonable expectation.
You should have a business plan, but you do not have to make it by yourself. Get a help from experienced people, for example, lawyers and business counselors. This expense is very important to avoiding catastrophic mistakes that could leave you out of business or maybe your business could fail, unfortunately. When you make a business plan you should take into a plan, available space, expansion plans, taxes, logistical need, government policies, laws and how much money you can and want to spend. Do your research and learn all the fact about the new country before you take expensive steps.
Rules and regulations
Rules and regulations are different from country to country, especially the tax laws. You must seek expert advice. Researching the rules and regulations before you move is necessary. If you are not able to set up your company where you wish, then try somewhere else. Before you do anything check if there are some restrictions. That will prevent your company from setting up in that particular country. It is a waste of time and money too, looking for locations and sourcing staff if there is no chance of relocation.
Culture in the new state
Keep in mind that there are a different culture and tradition. Also, a language barrier is a problem. Especially if the state is on another continent. They probably work different then you do. Visit your desired destination a couple of times before the final step. Try to learn everything about a new country. History, tradition, culture, market, and way of how they do their business.
A good marketing is a half of job. Make good slogans and try everyone can hear about your new company. If the marketing strategy is doing a great job in your old country that’s good. But unfortunately, it does not mean it will be in another country. Employ an expert, do not save money on the marketing. It is not a good strategy.
Cost of moving
Maybe the most important fact. Money. Do not be scared, in the long run, it is very expensive. But, in the long run, it is maybe perfect sense to expand or move your company. Get the all the information about their financial affairs. You should employ a financial expert and manager. Reading the Financial Times and watching world news channels, for example, can help you understand the market in a foreign country.
After all those facts about moving your business to another state, you can start with preparing. You will need time, money, patience and a good business plan. Preparation is the key to a successful business.