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Domesticating a business involves the moving of an existing business to a new state. Domestication allows the business to retain its original date of incorporation, its existing federal tax identification number, bank accounts, licenses, and lines of credit.

As the name suggests, a plan of domestication is a plan for the domestication/conversion process. It authorizes the remaining steps required for domestication.

A vital step in the corporation start-up process is filing Articles of Incorporation. This is a formal document outlining your business structure, shares, and legal entity name. It's filed with the Vermont Secretary of State's corporation division and will be part of the public record.

Vermont domestication is a procedure authorized by Vermont law that lets an LLC change the state that primarily governs the company. Vermont's domestication process allows an LLC formed in another state?called a foreign LLC or out-of-state LLC?to transfer to Vermont.

Attaining a Vermont EIN, also known as a Vermont tax ID number, is an important step in opening a business. Your tax ID allows you to legally pursue mission critical tasks like hiring employees, filing taxes and opening a bank account. Essentially, your company's tax ID number is your company's social security number.

An EIN is a 9-digit number (for example, 12-3456789) assigned to employers, sole proprietors, corporations, partnerships, estates, trusts, certain individuals, and other entities for tax filing and reporting purposes.