DOT/ MC #'s and moving my company to a new state and changing from LLC to Inc.

Discussion in 'Ask An Owner Operator' started by smittyjws, Mar 1, 2014.

  1. smittyjws

    smittyjws Bobtail Member

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    Nov 18, 2012
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    So what do I need to do to move my business from MD to FL and go from a MD LLC to a FL INC? How does this affect my DOT and MC#'s or do I just do and update on my MCS 150 form? How soon am I need to make the changes? IS there anything else I need to do?
     
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  3. DLFederal

    DLFederal Bobtail Member

    MD's article of dissolution is called an "Article's of Cancellation". This will need to be filed with the MD Secretary of state to dissolve the LLC. Creating a corporation in Florida requires filing an Articles of Incorporation with the Florida Secretary of State. The FMSCA transfer requirements are spelled out in question #7 in the FAQ's section of their website.

    What you'll be doing by creating a new company and dissolving an old one is not the best way to persue the transfer in my professional opinion. You will be losing operating history and your entity will be seen as "new" by any creditors in the market. Your company's insurance history will also be "new", as in, not aged. You will face all the hurdles of a start-up business venture when you are in fact not a start-up. The most efficient way to transfer your business would be to create the new corporation in Florida, then "sell" your Maryland based LLC to the corporation. Hire a registered Agent (like CT corporation) to keep a registered office in MD, with the LLC "owner" being your Florida based corporation. CT corporation will forward any mail to your corporation's registered office in Florida. Then, just update with FMSCA, financial responsibility (insurance), BOC-3 etc..


    EDIT: Forgot to mention, you will need to make your MD LLC a "foriegn entity" with the Sec of State if you choose to go that route. And you will also need to update your business status with Md's revenue department, and the IRS aswell.
     
    Last edited: Mar 2, 2014
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