Samsung left New Jersey. Here's how small- and medium-sized business owners can do the same.

Attorney and CPA Chad D. Cummings discusses Samsung Electronics' rapid relocation from New Jersey to Texas in this presentation. Eight months after opening a new 270,000 square foot headquarters in New Jersey, Samsung announced it is moving its U.S. headquarters and 1,000 corporate jobs to its campus in Plano, Texas. Samsung joins other major companies like Mercedes-Benz, Hertz, and ExxonMobil in choosing Texas over New Jersey, where the corporate tax rate reaches 11.5 percent. This presentation examines the growing corporate migration to Texas and how the same redomestication process Samsung effectively used for its operations is available to small and mid-sized businesses. Redomestication transfers the company to a new state without dissolution and without federal income tax consequences when performed correctly, preserving the FEIN, contracts, credit history, and bank accounts. If you own a business in a high-tax state like New Jersey, the math that Samsung performed is instructive. Learn more: https://www.cummings.law/redomestication/