Multi-state living arrangements are not uncommon for business owners. In fact, it is a common practice among many entrepreneurs and small business owners. However, it also comes with a number of specific challenges. That’s why Take it to the Edge Marketing has assembled the following helpful tips and resources.
Multi-State Business Ownership
Document your company’s structure and ownership to avoid any legal problems in the future. Create a filing system that will help you keep track of all your records and documents related to each property and state. Be aware of the tax implications in each state, as well as the different laws that might apply to your properties in the different states you operate in. Keep track of all expenses related to each property, such as taxes, insurance premiums, and maintenance costs. It is important to maintain accurate records of all receipts and expenditures related to the business so that you can accurately file your taxes at the end of the year.
It is important to keep your business and personal life separate. This means that you should not use a company credit card for personal purchases or use company funds to pay for personal expenses.
If you have employees and/or contractors, you should treat them as independent contractors. This means that they will be responsible for their own taxes and benefits. And make sure that all of your employees are aware of what their responsibilities are related to their work with your company
Benefits of Multi-State Homeownership
There are many benefits to owning property in multiple states. Some benefits include:
You can make your move more cost-efficient by weighing whether it’s cheaper to sell or donate items than to move or store them. Both movers and storage facilities can add up.
Consider replacing some items that can be more affordable to purchase in your new home state than to travel with and store them. However, before purchasing any products for your family, you should read in-depth product reviews from unbiased sources.
Cost of Living
Prices vary a great deal from state to state for things like housing and childcare. For instance, the typical value of homes in Washington D.C is $707,647, while the typical value of homes across the country in Phoenix, Arizona, is $434,879.
You should also take measures to protect your home and provide you and your family with some peace of mind. Home warranty costs can vary, though. For instance, if you’re looking for a home warranty in Arizona, monthly costs can range from $19 to $90, so check ratings and reviews to find the best match for your needs.
According to the Miami Herald, paying for child care is the second-biggest expense for Miami-Dade families that have children and can range between $95 a week and $220 or more a week, while in Mississippi, it averages $5,000 per year.
Even the cost of dining out can swing wildly from state to state. If you want a meal out in Maine, it can cost you an average of $40, but the same meal in Nevada may run you only $12.
The average annual auto insurance premium in Georgia is $2,544, and in Maine, where it may cost a hefty price for a restaurant meal, your annual auto insurance premium can be under $600 annually.
When you need to store your items during a move, check out the cheapest state for leasing storage units and use that for holding any items you’re not ready to place in your home. These Las Vegas units can cost you as little as $113 per month for a 10x10 unit and in Washington D.C., that same size unit might cost you $344!
When you’re ready to start a multi-state home and business venture, contact a qualified and experienced realtor first to help guide you through all the complexities. Understand the different cost-of-living expenses to help you budget for things like storage units and family items. Then, with a clear and researched plan, be ready to enjoy your new and successful growing business and family investment.
Take it to the Edge Marketing provides excellent sales, marketing and consulting services and products to small, medium sized and start-up businesses while maintaining the highest levels of customer service, integrity and professionalism. Questions? Don’t hesitate to reach out!