Published April 10, 2023, by TheStreet
Stepping away from your business can be an emotional time and is a pivotal transitional period, especially if you have dedicated most of your life to your company. The ultimate payoff for most successful, long-established business owners is the ability to transfer ownership of the company to their children or to sell the business and achieve financial goals.
Relocating to a new state adds a twist. You will need to fully understand the tax laws of both the state where your business is located and the new state. Otherwise, you may be overlooking key considerations relating to the structure of the sale and timing of the move.
Philip Herzberg, our lead financial advisor at Team Hewins, shares how to Relocate your business to a state with no Income tax and everything you need to consider.