50 State Series: How to move your LLC or corporation out of Illinois and keep your EIN

Attorney and CPA Chad D. Cummings explains why Illinois continues to lose businesses and residents in this presentation. The state ranks 38th on the Tax Foundation’s 2026 State Tax Competitiveness Index with the third-highest corporate income tax rate in the nation at 9.5 percent, the highest property taxes in the country, and public pensions funded at only 52 percent. A proposed constitutional amendment would raise the top individual income tax rate to 7.95 percent and lock it in, removing the legislature’s ability to reverse course. Meanwhile, Florida and Texas impose no state personal income tax and offer far more competitive environments. This presentation shows how redomestication allows Illinois business owners to transfer their company’s home state to Florida or Texas without dissolving the entity, without creating a new company, and on a completely tax-free basis while preserving the same FEIN, contracts, credit history, and bank accounts. If you own a business in Illinois, the trajectory makes clear why now is the time to act. Learn more: https://www.cummings.law/redomestication/