Ok, I've been running part time P&C insurance agency in Ohio for 15 years. The operation has been running out of my house. I strictly do business over the phone, via e-mail or meet a client somewhere. I'm moving to Charlotte but spending 80% of my time in NJ doing guardianship duties for my mom.. I only have 5 years left in the business and I don't hardly sell much anymore unless someone calls me. All my clients are Ohio residents. I'm licensed in Ohio and have a non resident license in NC. My business is an LLC, so there's the problem. Options are operate LLC as a foreign entity and reverse swap Ohio and NC licenses then I have to move to a National payroll company since my accountant can't do that part. Option 2, dissolve the LLC and run as sole proprietor but then I would have to get reappointed with all my carriers another PIA. Finally use my sons address in Ohio to run the business and just change the LLC address to that. So if I file individual personal taxes in NC and business taxes in Ohio. I'm assuming my address on my individual licenses in Ohio and non resident in NC would both have to be my sons address in Ohio? If I do option 3 does that seem plausible.
Moving out of state and the misery of an LLC
- Thread starter Johnboy
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- 2,626
Option 3 would be fraud. The insurance dept would catch on rather quickly and you could lose your license.
When you relocate to NC, comply with NC insurance laws.
When you relocate to NC, comply with NC insurance laws.
- 2,204
What about Option 4 - Sell your Agency and Start anew?
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