need new bank account for LLC in another state?

[ieee488]

I created a single member LLC in the state of NJ, and I opened up a business checking account for the LLC. It is mainly for freeleance website design work.

Now, I am moving to another state for a new job.

I plan on dissolving the LLC in NJ and setting up a new LLC in my new state.


Do I need to open a new business checking account for this new LLC or can I keep the old business checking account assuming the bank has branches in the state I am moving to? If I need a new business checking account, what do I do with the money in the old business checking account?

[abergmanesq]

If you have an LLC in NJ and are moving to a new state there is no need to dissolve your LLC, which could have tax consequences if your business has been profitable. All you need to do is register your LLC with the new state you will be residing in. The fee is typically the same as forming a new LLC, but you won't have to pay the liquidation fee in NJ. However, if your LLC is not active or not profitable you may want to liquidate the LLC so you are not required to pay annual fee of $50 to NJ.

Once you register your LLC with the new state you will receive a certificate from the state which you will need to show the bank to open your new bank account.

Hope this helps and good luck with the move.