Podcast
#LegalBytes: The Official Podcast of Cummings & Cummings Law
Hosted by Cummings & Cummings Law · EN
Legal, tax, financial, accounting, and estate planning concepts for business owners and their families
144episodes
Episodes
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Transferring a company (LLC or corporation) out of Illinois [step-by-step]
3w ago00:12:10Tap to summarizeAttorney and CPA Chad D. Cummings examines the Chicago Bears’ decision to leave Illinois after 106 years in this presentation. The franchise’s Board of Directors voted to pursue a new stadium in Hammond, Indiana, after years of failed negotiations with Illinois over public funding, while Indiana passed a funding bill in less than 60 days. Illinois ranks 38th on the Tax Foundation’s 2026 State Tax Competitiveness Index with the third-highest corporate tax rate in the country, the highest property taxes in the nation, a pension system funded at only 52 percent, and a proposed constitutional surtax that would raise the top individual rate to 7.95 percent. Indiana ranks 10th with significantly lower rates and a more competitive environment. This presentation shows how the same competitive dynamics driving the Bears, Samsung, Dell, ExxonMobil, and Tesla out of high-tax states apply to every business owner, and how redomestication allows Illinois companies to transfer to another state without dissolving the entity, without creating a new company, and on a completely tax-free basis while preserving the same FEIN, contracts, credit history, and bank accounts. If the Bears could not justify remaining in Illinois, the question for every other Illinois business owner is what is keeping you. Learn more: https://www.cummings.law/redomestication/move-business-out-of-illinois/
Transcribe →Wealth Taxes: How to Move Your Company to a New State... and Hopefully Avoid Them!
3w ago00:11:52Tap to summarizeAttorney and CPA Chad D. Cummings examines the nationwide push for state wealth taxes and the clear lessons from Europe in this presentation. Tax Foundation president and CEO Daniel Bunn’s recent op-ed in The Hill surveys the growing movement across California, Washington, Rhode Island, Virginia, Michigan, and other states, concluding that these taxes will fail for the same reasons they failed abroad. Of the twelve OECD countries that imposed wealth taxes in 1996, nine have repealed them after capital flight, administrative complexity, and far lower revenue than projected. This presentation explains why the behavioral response at the state level will be even faster, how California’s Proposition 40 and similar measures already signal expanding thresholds and permanent taxation, and how redomestication allows business owners to transfer their company’s legal domicile to a new state without dissolving the entity, without creating a new company, and on a completely tax-free basis while preserving the same FEIN, contracts, credit history, and bank accounts. If you own a business in a state pursuing these measures, the window to act is before they pass. Learn more: https://www.cummings.law/redomestication/
Transcribe →Samsung left New Jersey. Here's how small- and medium-sized business owners can do the same.
4w ago00:11:56Tap to summarizeAttorney and CPA Chad D. Cummings discusses Samsung Electronics' rapid relocation from New Jersey to Texas in this presentation. Eight months after opening a new 270,000 square foot headquarters in New Jersey, Samsung announced it is moving its U.S. headquarters and 1,000 corporate jobs to its campus in Plano, Texas. Samsung joins other major companies like Mercedes-Benz, Hertz, and ExxonMobil in choosing Texas over New Jersey, where the corporate tax rate reaches 11.5 percent. This presentation examines the growing corporate migration to Texas and how the same redomestication process Samsung effectively used for its operations is available to small and mid-sized businesses. Redomestication transfers the company to a new state without dissolution and without federal income tax consequences when performed correctly, preserving the FEIN, contracts, credit history, and bank accounts. If you own a business in a high-tax state like New Jersey, the math that Samsung performed is instructive. Learn more: https://www.cummings.law/redomestication/
Transcribe →Financial Times: "A wealth tax in America? Not if Silicon Valley’s billionaires have their way."
4w ago00:17:17Tap to summarizeAttorney and CPA Chad D. Cummings discusses the upcoming California wealth tax ballot measure in this presentation as reported by Stephen Foley of the Financial Times. Proposition 40, which would impose a five percent tax on the net worth of California billionaires, has qualified for the November 3, 2026 general election and is shaping up as one of the most expensive and closely watched referendum battles in the state’s history. Backers argue it will raise $100 billion to replace lost federal healthcare funding, while opponents, including a broad coalition of billionaires, unions, and Governor Newsom, warn of capital flight, economic damage, and the likelihood that the tax will not remain limited to billionaires. This presentation examines the proposal’s details, the early exodus of high-net-worth individuals, the spoiler measures on the ballot, and the strategic implications for California business owners. Redomestication offers a proven path to transfer a company out of California without dissolution and without federal income tax consequences when performed correctly. If you own a business in California, the stakes of this vote are significant. Learn more: https://www.cummings.law/redomestication/move-business-out-of-california/
Transcribe →Is time running out to transfer your company out of California? [Step-by-Step]
4w ago00:13:20Tap to summarizeAttorney and CPA Chad D. Cummings discusses the aggressive residency audits by the California Franchise Tax Board in this presentation. Following the qualification of the California Billionaire Tax Act for the November 2026 ballot, the FTB has launched some of the most intrusive audits in its history, demanding GPS records, transaction data, and other evidence from departing high-net-worth individuals. This enforcement posture applies not only to individuals but to every business entity still domiciled in California, regardless of size. If your LLC or corporation remains formed in California, the FTB retains jurisdiction even if you personally relocated. This presentation explains how redomestication allows business owners to transfer their company out of California without dissolving the entity, without creating a new company, and on a completely tax-free basis while preserving the same FEIN, contracts, credit history, and bank accounts. If you own a business still domiciled in California, the current audit activity and budget pressures make the timing urgent. Learn more: https://www.cummings.law/redomestication/
Transcribe →Steps to transfer a company (LLC or corporation) to Florida
Jul 1400:12:06Tap to summarizeAttorney and CPA Chad D. Cummings discusses the impact of major liquidity events on California business owners and the accelerating exodus to Florida in this presentation. SpaceX’s June 12, 2026 IPO at a valuation exceeding two trillion dollars created approximately 4,400 new millionaires in California, where the top marginal income tax rate is 13.3 percent. For an employee receiving ten million dollars in equity, that means a California tax bill of $1.33 million compared to zero in Florida. Similar events at companies like OpenAI are generating another wave of newly liquid California residents who have one opportunity to establish residency in a no-income-tax state before their gains are taxed. Brokers in South Florida report a surge of California area codes, and the pattern is clear: the people leaving are not retiring. They are founding companies, hiring employees, and deploying capital. This presentation explains how redomestication allows business owners to transfer their company’s legal domicile out of California without dissolving the entity, without creating a new company, and on a completely tax-free basis while preserving the same FEIN, contracts, credit history, and bank accounts. If you own a business in California, the math and the timing make the decision urgent. Learn more: https://www.cummings.law/redomestication/
Transcribe →Report: These Are The States Driving America's Economic Growth
Jul 1300:11:38Tap to summarizeAttorney and CPA Chad D. Cummings analyzes recent U.S. GDP growth data and the migration patterns driving it in this presentation. In 2025, the national economy grew 2.1 percent in real terms, with every state expanding. Florida led at 3.1 percent, Texas at 2.5 percent, and the Sun Belt outperformed the national average while high-tax states like California and New York showed slower underlying momentum when viewed alongside continued population loss. IRS migration data confirm that the states gaining residents and growing above the national average are those with no income tax and lower costs of doing business. This presentation shows how redomestication allows business owners to transfer their company’s legal domicile to Florida or Texas without dissolving the entity, without creating a new company, and on a completely tax-free basis while preserving the same FEIN, contracts, credit history, and bank accounts. If you own a business in a state losing population while relying on concentrated sector performance, the formula is clear. Learn more: https://www.cummings.law/redomestication/
Transcribe →Report: #DEXIT is just getting started, and the Delaware exodus to Texas continues.
Jul 1000:10:41Tap to summarizeAttorney and CPA Chad D. Cummings discusses the accelerating trend of companies redomesticating from Delaware to Texas in this presentation. In June 2024, Tesla and SpaceX led the way. By June 2026, the movement has expanded significantly, with eight additional companies, including Dell Technologies, voting to redomesticate in a single month, representing a combined market value of approximately $290 billion. Since June 2024, more than 25 companies with over four trillion dollars in aggregate market value have committed to the move. This presentation examines the governance and tax advantages of Texas, the statutory conversion process used by these large corporations, and how the same redomestication mechanism is available to small and mid-sized businesses. Redomestication transfers the entity to a new state without dissolution and without federal income tax consequences when performed correctly, preserving the FEIN, contracts, credit history, and bank accounts. If you own a business still domiciled in Delaware or another high-tax state, the pattern is clear. Learn more: https://www.cummings.law/redomestication/
Transcribe →Report: Professors Behind California's Wealth Tax Threaten Lawsuit Against Critic [CA Wealth Tax]
Jul 900:12:26Tap to summarizeAttorney and CPA Chad D. Cummings reviews the California wealth tax ballot measure and the recent cease-and-desist letters sent by its authors to a critic. We discuss how the proposal, marketed as a one-time tax on billionaires, has already driven departures of significant wealth and income tax revenue, and how the authors have responded to criticism with legal threats rather than substantive debate. We also cover the broader implications for California business owners, including the risk of expanding wealth taxes and the importance of redomestication as a strategic tool to protect your company. Redomestication transfers your entity’s domicile to another state without dissolution and without federal income tax consequences when performed correctly, preserving your FEIN, contracts, credit history, and bank accounts. Learn more: https://www.cummings.law/redomestication/
Transcribe →Report: Billionaire Tax Officially Heads To Nov. 3 Ballot [California Wealth Tax]
Jul 900:11:58Tap to summarizeAttorney and CPA Chad D. Cummings discusses the qualified California Billionaire Tax Act ballot measure in this presentation. The measure, which would impose a five percent wealth tax on billionaires’ assets, has officially qualified for the November 3, 2026 general election despite opposition from Governor Newsom, Planned Parenthood Affiliates of California, the California Teachers Association, and others. Even before a single vote, the proposal has already driven significant departures, with billionaires such as Mark Zuckerberg, Larry Page, Sergey Brin, Peter Thiel, and David Sacks relocating out of state and costing California substantial ongoing income tax revenue at the 13.3 percent top marginal rate. This presentation explains how redomestication, paired with a change of personal residency and reduction of business operations in California, allows business owners to protect their companies from these expanding tax risks. The process transfers the entity’s domicile without dissolution and without federal income tax consequences when done properly. If you own a business in California, the pattern is clear. Learn more: https://www.cummings.law/redomestication/
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