Understanding the Legal Aspects of Business Address Change
Entrepreneurs planning to change the addresses of their businesses are required to follow a lengthy procedure. These steps need to be followed; you just can’t skip the legal aspects. A change of business address requires notifying government agencies, employees, and even vendors. To update your business address details, which includes making changes in the print and online materials as well as in the bank accounts, you need to work from a checklist. This outline will help you edit your business address. Informing Secretary of State
It is mandatory to inform your Secretary of State about your business address change. Procedures vary from state to state. This is compulsory for every other business type. To approach the Secretary of your state, you just need to fill a form and pay a nominal fee.
Revising Permits and Business Licenses
It is important to update or obtain new permits and licenses for your business. You need to check the details of this procedure in your state, city or county. There is a fee involved for updating or obtaining your permits and licenses.
Notifying the IRS
When you plan to change your business address, you need to notify the IRS. While there is no need to change your employer ID number (EIN), you will need to fill in the change of address form (Form 8822-Change of Address (Part II)). On this form, notify whether you want a change in the mailing address or also if you want to change the address where you receive information regarding your business income, excise, employment and other tax related matters.
Updating Business Contracts & Documents
You need to update your business loan paper work, bank accounts, business documents, etc. that would reflect your new business address. Also, make sure to inform the local branches you do business with, as well as their national headquarters about your address change.
Notifying the State Department of Revenue
You need to notify your State Department of Revenue about your new address change in order to receive information on sales taxes, state income taxes, and other state taxes to the new address.
Informing the authorities in the current city and county
To cancel licenses and permits, you need to inform the authorities in the city and county about the business address change. This will terminate any licenses and put an end date on any local taxes and fees.
Obtaining new address in a new state
In case you move your business to a new state, you need to register with your new state through the state’s Secretary of State. It may not be required on your part to set up a new LLC in the new state, but you need to register as a foreign entity or even convert to that state’s laws. You also need to register with the new state's Department of Revenue to pay their taxes.
Notifying the United States Postal Service or USPS
You can also request a change of address from the United States Postal Service or USPS as the IRS and other state and revenue agencies check with the USPS to verify your new address information. Be careful not to put a blanket change of address form if you share office space with many individuals or businesses.
If you are planning to modify your business address, make sure to notify the proper authorities to avoid any legal hassle in the future. So, when you think, "I need to change my business address," just get in touch with the professionals at the Watson Firm to deal with the legal issues so you don’t have to. You can make a call on 205.545.7278 or fill the form on this page to get started straight away!