Author Nick: JeffUnger
Name: Jeff Unger
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According to census figures, between 1995 and 2000, 120 million people over age 5-almost half the US population-moved to a new residence. Of the 120 million people who changed residences during that period, 8.4% moved to a different state. This high rate of interstate mobility has important implications when it comes to choosing the state in which to incorporate your business.
After running your Arizona-based internet enterprise for several years, your wife’s company transfers her to New York. To pick up and move your corporation to New York, you would have to qualify the corporation to do business in New York. At that point, in addition to filing a tax return in both Arizona and New York each year, your corporation would become responsible for New York and Arizona franchise taxes.
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