How to Pack up Your Business and Move to Kentucky?
Kentucky has been on a role recently. Its been generating a lot of jobs, attracting a lot of employers from across the US. The US operates on a federalist system. A federalist political structure involves local or regional political entities that are given a tremendous amount of freedom regarding their local laws as well as economic policies.
In other words, you create a situation where one country exists nationally but within it, there are many different local rules. These local rules are not just there for decoration. These differences don’t exist so people have something to talk about. These differences have a very distinct and practical effect on people’s lives.
It really all boils down to people voting with their feet.
If you have several states and among these states, one doesn’t have an income tax and has a very robust economy, what do you think will happen? That’s right. People who live in the other federal states would vote with their feet. They would physically move to the state where there is a lot more economic activity and they won’t be taxed as much.
In other words, federalism enables the creation of a competitive market for business, labor and political participation. You create an open system where people can vote with their wallets and their feet. This is why a lot more businesses are moving to Kentucky because it is very business friendly. We’ve studied all the other states and how the regulations and local laws are slowing down job creation. Too many rules end up defeating local entrepreneur’s big visions and dreams.
Accordingly, if you are looking for greener pastures and you have decided to move to Kentucky, you need to make sure that you are legally free and clear to do so. This means that you have to file the right paperwork to pack up and leave with your business from your original home state.
Often times, this takes the form of making sure that your leases have properly expired and you don’t have any balance due as far as your state tax obligations are concerned. You have to make sure you have a solid check list and every item is properly taken care of.
After you’ve done that, you can safely move to Kentucky to start your business life anew.
If you already established in your business, this really wouldn’t disrupt your operations all that much. You can even continue to run business as you slowly move your operations and headquarters to Kentucky. Often times, this gradualist approach is the better way forward because you don’t risk a sharp downturn in your company revenues as you make the switch from out of state to Kentucky.