New Federal Requirement - Submit a Beneficial Ownership Information Report
New Federal Requirement - Submit a Beneficial Ownership Information Report
When you transact business in a state other than where you originally incorporated, you may need to foreign qualify. While there are a number of factors, if you have employees, assets or significant revenues from another state, you will have to file the necessary paperwork that will authorize you to do business in that state. No matter where you need to foreign qualify, we can help.
Filings backed by our knowledgeable and experienced business experts. We make it easy.
Our team of specialists will gather your information over the phone. From there, we’ll get started on the foreign qualification process for you.
Then, we put our business experience to work to help you with the filing to make sure it is done right and done timely.
Once we complete the process, your documents will be uploaded to your secure online account, giving you anytime access.
Our knowledgeable staff has years of experience handling every type of filing for customers of all sizes. Do what you love, and let us handle the paperwork.
Swyft Filings has helped thousands of companies apply for foreign qualification. We’ll put that expertise and knowledge to work for you so you can focus on your business.
Your secure online account lets you complete the process with a few mouse clicks. Our business professionals will take over from there and leverage their expertise and our automated process to do it quickly and correctly.
Rather than doing the research and figuring out exactly how to do the paperwork yourself, let our professionals handle it for you. Our mission is to take away the hassles of paperwork so you can build your business.
Foreign qualification is essential for your business’s success. It needs to be done right. Swyft Filings can get it done fast and get it done right the first time, allowing you to get back to following your passion while we handle the paperwork.
Still have questions? Call 877-777-0450 or Live Chat with us for real-time support.
“Foreign qualification” does not mean qualifying to do business outside of the United States of America. Foreign, in this context, refers to another state within the United States, other than the one where you formed your company. If you are already doing business in your home state, but want to do business in another state, or hire employees in another state, you may need to “foreign qualify.” Also, if you formed a company in the popular states of Delaware, Nevada or Wyoming, but are based in another state, you will likely have to foreign qualify in your state of operation. Foreign qualification is registering to do business in that state. When you do that, you will have to appoint a registered agent with a physical address within that state.
To answer that question, you need to ask yourself a few questions:
Are your operations primarily in a state other than the one where you originally formed?
Do you have a physical presence in another state like leased space or owned property?
Do you have employees in another state?
Do you do business such as take orders or earn revenues from another state?
Do you have a bank account in another state?
If you answered any of these with a “yes,” you may need to foreign qualify. You can call our business professionals if you have questions or ask your accounting or legal professional.
Yes, it does cost money to foreign qualify, but it can cost you much more if you try to get away with not doing it when you should have. Many state laws require it and will charge you a penalty on top of “making up” for the past due fees. You may also not be able to adequately pursue or defend a lawsuit in courts of the states where you are transacting business without registering and foreign qualifying.
An alternative to foreign qualifying is to incorporate your business or form your LLC in the other state(s) in which you plan to do business. The primary difference is that when you incorporate or form your LLC in multiple states, your company becomes domestic in each of those states, thereby creating separate entities. By foreign qualifying, you don’t have to form a new corporate entity for each state in which you operate. This avoid the unnecessary costs and administrative headaches.
Curious as to what foreign qualification can do for your business? Learn more about this important step for your business in Swyft’s Resource Center.
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