4 Essential Considerations for Multi-State Business Owners
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Are you an entrepreneur planning to expand your business to multiple states? Maybe you already own properties in these states, and growing your business is the obvious next step. If you’re curious about diversifying your real estate portfolio with new properties, TAM BAY Commercial Realty can help you find great commercial real estate opportunities. Furthermore, these guidelines will show you how to select a registered agent, decorate your homes, and manage your budget based on the cost of living in different cities.
Appoint a Registered Agent
When you officially register your business, you also need to appoint a registered agent. You can be guided through this process as part of how to start an LLC in Florida. If you haven’t taken care of this task already, now is the time! However, choosing a registered agent can get a bit complicated if you have a multi-state business. This is because you need to work with an agent who lives in the particular state where your company is actually registered – in other words, you can’t have one in every state where you happen to operate.
No matter who you choose as your registered agent, you’ll need to define your company’s key decision-making processes and workflows. That way, your agent can handle pressing tasks, such as tax notifications and even lawsuits.
Shop for Home Goods
Moving between several homes can be tiring. Make sure that each one of your properties is a truly relaxing and comfortable space where you can unwind when your work is done. Whether you’re purchasing home decor, furniture, or a security system, you’ll want to check out thorough, unbiased product reviews from reputable websites before spending any money. That way, you can confidently purchase high-quality products that will last a long time.
Enroll in the Right Insurance Policies
What’s the most confusing aspect of running a multi-state business and owning homes in several states? It just might be figuring out your insurance policies! As far as car insurance goes, you should take out a policy in the state where you’ve already registered your car. But what should you do about health insurance? eHealth states that while you can take out two health insurance policies under certain circumstances, you may just want to enroll in a policy in the state where you bulk the most time.
Figure Out Your Cost of Living
If you live between different states and operate your business across the country, you’ll end up paying varying costs for essential services depending on where you’re located. The cost of housing can vary in different markets as well. Here’s a brief breakdown of several key living expenses in a few cities so that you can make smart budgeting decisions no matter where you are:
- According to Rocket Homes, aspiring home buyers in Naples, FL, can expect to pay about $950,000.
- Parents in Fort Myers, FL, who would like to hire private childcare providers should budget approximately $496.65 per week.
- If you own a home in Huntsville, AL, your annual health insurance premiums for a policy based in this state will run between $310 to $547 per month.
- Individuals living in Savannah, GA, will generally spend about $493 on groceries each month.
Today, many business owners find it easier to expand into several states – entrepreneurs have more freedom to break into new markets in an increasingly connected world. But managing your properties can get tricky! With these tips, you’ll be able to take care of key administrative tasks, work out a budget for your family, and choose the right products for each of your homes.
Ready to invest in commercial real estate in Tampa? Turn to TAM BAY Commercial Realty to start your property search! Fill out the contact form on our website to learn more about our services.