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What is the foreign entity qualification

 
1/5 stars (1 vote)
Category : > Foreign Entity Qualification
Posted On : Fri Aug 28th,2009

 
A foreign entity qualification states that a company is extending its operation to another state or a country.
 

A foreign business entity is an entity formed under a statute or common law in a jurisdiction other than the state in which your corporation was originally formed. The foreign L.L.C or foreign corporation is registered with the state where you want to do business. It is also known as Out-of-state entity.

For Example: A New York limited liability company intends to operate in the state of California as well. In this situation, a foreign entity will be established in the state of New York, rather establishing a domestic limited liability company in the state of California.

The state of California entity will use the same employer identification number and it will obtain the new business licenses from the California company according to the California state guidelines.

How would the tax returns will be filed, in both the states?

  • Consolidated federal tax returns will be filed with the Internal Revenue Service.
  • The new York franchise return will be filed each year.
  • The California franchise report will be filed each year.

 

Note: Find here the state filing required to maintain company in the state of New York and California

 

 

 

 

 

  


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Comments (8)
fudmer   wrote on : Mon Nov 23rd,2009
What kind of acorporation is it, that is registered in a state within the US , d/n get a FID, limit s its activities to foreign only,qualifies under the haque documents procedures in many different foreign jurisdictions, and is basically answerable to no one?.      View Detail
InfoTaxSquare.com   wrote on : Sat Dec 05th,2009
Could you please send us an email in detail?      View Detail
David Smith   wrote on : Wed May 05th,2010
I want to form online retail biz with owners in 4 different states. Please advise      View Detail
Reply : infotaxsquare.com
 

You have to foreign qualify your company other than your home state to conduct business. For instance, your principal office is in New York and you want to conduct business in the state of NJ, MD and VA then you have to foreign qualify your business in NJ, MD and VA of your New York company.



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