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Under the Florida Enforcement of Foreign Judgments Act, Florida allows parties to use local courts to enforce final judgments from another state, this process is known as ?domesticating your judgment?.
Domestication of a company merely allows for the company to relocate. In Florida, the term 'domestication' refers to the move of a company formed internationally into the state and is a more complex procedure. Conversion allows the business owner to only pay one set of fees (annual reports, renewal fees, etc).
Domestication of a company merely allows for the company to relocate. In Florida, the term 'domestication' refers to the move of a company formed internationally into the state and is a more complex procedure. Conversion allows the business owner to only pay one set of fees (annual reports, renewal fees, etc).
Florida offers what is known as ?statutory conversion.? This transfers your previous assets and liabilities to the new corporation. This requires that you prepare a plan of conversion including your Articles of Incorporation for submission to the Department of State along with a certificate of conversion.
A statement of domestication is used to change the home state of an entity. This process can become complicated for entities registered in multiple states.
Florida law authorizes LLC conversions into and out of Florida. As long as the other state allows conversion (sometimes called domestication), an out-of-state LLC may convert to a Florida LLC, and a Florida LLC may convert to an out-of-state LLC.
Florida offers what is known as ?statutory conversion.? This transfers your previous assets and liabilities to the new corporation. This requires that you prepare a plan of conversion including your Articles of Incorporation for submission to the Department of State along with a certificate of conversion.
The members will have to dissolve the existing company, apply for an LLC registration with the Florida Department of State, obtain a new tax ID number, and establish new bank accounts for the business.