Location, Location, Location...

[gnuarm]

I'm looking into moving to Florida for tax reasons later this year.  I would reincorporate there when this happens.  However, I have a potentially large contract coming in and don't want to change locations while in process.  So I'm thinking of obtaining a virtual office and incorporating in Florida now. 

As far as I can tell, there is no reason why this would not be legal.  My corporation is an S corp, so the tax advantages would only manifest once I move as well. 

Has anyone done something like this, relocating your business to a state where you are not a resident? I'm not sure what the pitfalls are.  Or I suppose I should ask if there are any specifics about doing business as a Florida company.  I was surprised by one state I registered in.  States can have funny laws. 

[JohnnyMalaria]

I would find a business consultant/CPA in Florida and ask.

[gnuarm]

Good idea.  A friend lives in FL in the winter.  I'll ask who he uses.

[JohnnyMalaria]

My wife runs a CPA/business management company for musicians - from what I've observed, it can be horribly complicated. Just the thought of the tax complications for the year you make the move gives me the willies.

[gnuarm]

Yeah, my business has interminable periods of inactivity, then million dollar orders.  This time it is exactly the issue of parts being so hard to find that is driving my customer to horde my product at the time it will be the hardest to build them.

But you can't get blood from a turnip.  I will build as I can get parts and ship when they are ready.  I expect this order to not be completed until next year actually.  If I don't get the PO soon, I may not be able to start delivery until next year.

[gnuarm]

Any chance your wife could put me in touch with a business management company in FL?  I guess I need to pick a location first...

[JohnnyMalaria]

Any chance your wife could put me in touch with a business management company in FL?  I guess I need to pick a location first...

Probably not because she is in a very niche market with its own quirks and challenges. However, I do consulting work for a lab instrumentation company based in Florida. I can ask them who their accountants are.

[gnuarm]

Ok, thanks.  I've been looking around a bit today and might try to find a location around Orlando.  I will only live there part time and might want to rent out the rest of the time.