2

I'll be moving from Illinois to New Mexico soon and am wondering the best way to deal with my LLC. It is a design services LLC, electing S-Corp taxation. Currently revenues are all over the place - from over 500K last year to less than half that this year. Next year it will probably cut in half again. Actual profit is much lower as contracting expenses are huge (actual profit on 500K revenue last year was ~70K).

I'm wondering if it makes sense to move the business, close and reopen, not do anything, or something else. The New Mexico gross receipts tax in particular is frightening, and I'm not sure of those implications as well as other taxation and liability issues.

Any tips and guidance is much appreciated.

1

Why not just leave it as is and register as foreign entity in New Mexico? You won't avoid the gross receipts tax, but other than that - everything stays as is.

Unless Illinois has some taxes that you would otherwise not pay - just leave it there.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.