I have a sole proprietor business in California and an S-Corp in California. I would like to either incorporate my sole proprietor in Wyoming or transfer my S-Corp. Which would be more cost effective?
Shelly,
Without understanding the full scope of your business plan, it is difficult to fully answer your question.
If the sole-proprietorship is conducting a different type of business than the S-Corp, it may be a good idea to form a separate business in Wyoming, if the type of business you are conducting allows you to do so (my colleague answered a question regarding business nexus definitions, which may help you decide if your company could or should be registered in a state other than that of your residence).
As far as transferring your S-Corp from California to Wyoming, this is something you could do, as Wyoming allows for companies to redomesticate there.
Again, without understanding the nature of your business, it’s hard to say which direction is the best for you to take.
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