In most states you can organize an entity with a commencement date in the future (typically not more than 90 days ahead). This is most often referred to as using a “delayed effective date“.
As we near the end of 2020 the topic of effective dates is a discussion that comes to mind in relation to the filing of new Corporations and Limited Liability Companies. Your client may have a new business venture and is looking to form a business entity for it. Your first inclination may be to deter them from filing this close to the end of the year in order to avoid 2020 taxes, however in many States you can file now, setting forth a delayed effective date.
Filing now with an effective date of 01/01/2021 allows you to get the plans and paperwork done without rushing. Your client will be able to ring in the New Year knowing that their new business will hit the ground running.
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