Report: Thousands of Businesses Fleeing New York, Many Jobs at Risk

In this presentation, attorney and CPA Chad D. Cummings breaks down the alarming exodus of businesses from New York City. According to the Economic Development Corporation, New York City lost nearly 5,000 businesses in a single year, with the second quarter of 2025 alone seeing a net loss of over 8,000 employers—numbers comparable to the worst days of the COVID-19 pandemic. High taxes, crushing regulations, and skyrocketing commercial rents are driving companies out of the state and into lower-cost, business-friendly states like Florida and Texas. Chad explains why simply moving yourself is not enough and shows how redomestication is the smartest, cleanest, and most tax-efficient way to move your existing LLC, corporation, or partnership out of New York without dissolving the company, without forming a new entity, without losing your FEIN, and without triggering federal taxes. If you own a business in New York and are tired of rising costs and complexity, this presentation gives you the data and the practical legal solution to protect your company and secure a better future. Learn more: https://www.cummings.law/redomestication/