LLC You See
May 11, 2024 3:08 PM   Subscribe

I currently have an LLC registered in New Mexico (USA). I will in a few months I will be located wholly in Colorado. Do I need to or is it beneficial to register an LLC in Colorado?

The business is retail sales, conducted both online and brick&mortar. (not actually brick, more like canopy tent)
posted by falsedmitri to Work & Money (1 answer total)
 
Best answer: (IAAL, IANYL, TINLA)

This is, unfortunately, too specific to get appropriate, proper advice from this forum. Answering this question directly could subject the respondent to liability if they miss something. You should seek a lawyer in Colorado or New Mexico to ask these questions. If you have a New Mexican attorney now, I would ask them.

I do know that it is possible to domesticate a foreign entity (i.e., make it possible to legally operate in State 1 when it was created in State 2), but whether it is a good idea, or necessary, will depend on many factors. I would ask for the cost of domesticating, the cost of creating a CO LLC and closing your NM LLC, and what other potential options might be available to you. Explaining to your lawyer why you have an LLC, and determining whether you did so for the right purpose, or if you are operating so that the purpose you intended is met, will also be something I recommend addressing at the meeting.

You may also want to check with your accountant, as they have insight as well regarding the tax implications of this.

Good luck with your move, and your business!
posted by China Grover at 4:19 PM on May 11 [2 favorites]


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