I have a s-corp (with CC debts) in NY and recently move to WA. What do I need to do to move my business to WA?
1 officer NY s-crop (selling crafted products on online marketplaces, almost no inventory – just materials, very little assets).
The business owes around 6k to a credit card (business account) and I am not able to pay it off at once. I plan to pay it off systematically within this year.
My understanding is that dissolving NY s-corp will result in filing bankruptcy as I cannot pay cc debt right away. This is something I would like to avoid. What can I do to move the s-corp to WA? I see terms like conversion, merger, reorganization, etc., but which one?
Also, is it possible to switch to LLC in WA while keeping the EIN? S-corp proves to be too much paper works for my small and simple operation.
The business owes around 6k to a credit card (business account) and I am not able to pay it off at once. I plan to pay it off systematically within this year.
My understanding is that dissolving NY s-corp will result in filing bankruptcy as I cannot pay cc debt right away. This is something I would like to avoid. What can I do to move the s-corp to WA? I see terms like conversion, merger, reorganization, etc., but which one?
Also, is it possible to switch to LLC in WA while keeping the EIN? S-corp proves to be too much paper works for my small and simple operation.