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Jimmer12
11-14-2011, 01:10 PM
Hi Gang,

I am new to the forum. I currently own a small insurance agency that is registered as an S Corp in NC. I am looking to move to Indianapolis and start and entirely new business. I am wondering if I can keep my current S Corp and EIN and just file an amendment to operate in a different industry and state?

My reasoning for wanting to keep my current S Corp filing is that I would like to keep my business bank account and simply use the funds that I have gained as an insurance agent to help fund my new business venture with out taking the money personally and becoming subject to the withholding and income tax on the money.

What are your thoughts on this??

vangogh
11-14-2011, 06:42 PM
Welcome to the forum Jimmer. This isn't my area of expertise so take what I say with a grain of salt. I'm pretty sure you won't have to change your EIN. Since it's on a federal level I think it travels with you. I'm not sure though if the S Corp is specifically tied to the state. I'm thinking you do just need to file some paperwork to officially move everything to Indiana, but again I'm not really sure.

Mostly I want to respond so that those who do know more have a better chance of seeing your question. I'll also move this to our Legal & HR section.

Jimmer12
11-15-2011, 08:31 AM
Vangogh,

Thank you for the reply. Hopefully I will get some more responses. My understanding is I will likely have to merge/dissolve my business here in NC as I open mine in IN.

The biggest question is can I operate the new corporation and transfer the balance of the bank account in the merge of the two businesses from my insurance business to my new business?

Business Attorney
11-15-2011, 11:31 AM
You should be able to either operate your NC corp as a foreign corp in Indiana (requiring you to file each year in both states) or merge your NC corp into a newly formed IN corp. Either way would enable you to keep the same EIN.