This ad will close in
Question added to topic Legal Basics For StartupsApril 13, 2008

What permits or licenses do I need to open a branch in another state?

We are licensed mortgage brokers in Hawaii and we would like to open a branch in California. Aside from the finance lenders license we need to obtain, what other permits are needed?
If you plan to set up operations in another state, you will need to either form a totally new business entity in that state or "qualify" as a foreign (that is, out-of-state) entity to do business there. You should discuss with your accountant and attorney which approach makes the most sense for your business because they involve different costs and tax ramifications. It may also depend on whether the owners of the Hawaii company will be identical to the owners of the California company.

Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.

0 Comments. Post Yours.

About ASK ENTREPRENEUR

Ask Entrepreneur is a question-and-answer forum for and by the Entrepreneur.com community. Send in your burning business question, or comment on someone else's now. Have a Question? Ask Now

Topics (over 1000+ answers)

Don’t see a topic? Suggest One

Ask Entrepreneur Q&A Hangouts

Google + Hangout With Shark Tank
Google + Hangout With Jason Falls
Google + Hangout With Angela Jia Kim
Google + Hangout With Grant Cardone