A company that has a physical presence in a state or repeatedly engages in business transactions in that state is conducting business within that state.
Be aware, that if you are considering
1. hiring employees
2. opening bank accounts
3. buying or leasing property for business purposes
4. generating more than a minimal amount of income (and such income will be ongoing)
5. engaging in litigation
6. selling through independent contractors
7. carrying on internal corporate affairs
8. maintaining agencies/offices for transfer of securities
in another state, you may be “doing business” in that state and, if so considered, must be authorized to do business there. What Constitutes “doing business” varies from state to state.
If you do not file or “qualify” you have no access to the courts. If you are sued, it will be harder to defend the entity in court. Also, you may be subject to fees and penalties.
If you are not certain whether the activities you intend to conduct in another state constitutes “doing business”, consult with your attorney or accountant before proceeding.
In addition, there may be tax registrations; and licensing requirements for insurance, mortgage, collection, and other businesses.
Speak to a Blumberg customer service representative to find out about the cost and time frame to file an Application for Authority to qualify in another state.
Speak to a Blumberg customer service representative to find out about the cost and time frame to file an Application for Authority to qualify in another state. Click for more information
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