ExxonMobil may leave New Jersey after 144 years—and Texas is the reason

ExxonMobil’s decision to move its legal domicile to Texas from New Jersey after more than a century is not a symbolic gesture. It is a strategic use of redomestication, a legal process that allows a company to change its home state while preserving its EIN, contracts, bank accounts, and operating history. In this presentation, attorney and CPA Chad D. Cummings explains what redomestication is, how it works under state law and the Internal Revenue Code, and why companies of all sizes are using it to align their legal structure with where they actually operate. The discussion contrasts redomestication with common but flawed alternatives such as foreign registration, merger, and dissolution, and outlines the legal and tax risks those approaches create. It also explains how regulatory environment, litigation exposure, and tax structure influence domicile decisions, and why the same analysis applied by Fortune 500 companies is directly applicable to closely held businesses. Learn more: https://www.cummings.law/redomestication/