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Multi-State Living for Business Owners

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When you own homes in different states there can be challenges managing both properties. When you also own your own business, another layer of concern is added, but it can be done. Read on for tips on how to manage residences in two states as well as your own business.

Research your options for saving money

The cost of car insurance can vary widely by region, so if you divide your time between the two areas fairly equally, buy your vehicle insurance in the less expensive state. The same is true of car registration and health insurance, as well as insurance for your pets. Make sure to register your vehicles, and again you can select the area with lower fees where they will be registered.

Protect your business with a registered agent

A registered agent is a person designated to send and receive legal documents, such as tax documents, legal papers, formation documents, and filing paperwork, on behalf of your company. Many states require that you have a registered agent for your LLC or corporation. In any case, it’s a good idea to have a registered agent in the state where your business is registered if you’re not on-site on a daily basis. As the owner, you can establish how decisions will be made and how the business will be run, and your agent carries out these processes when you are gone. They can also notify you of concerns like tax notifications, deadlines, and lawsuits and make it easier for you to go on vacation, knowing things will be covered.

Keep your home and family safe

We all want to keep our family safe, whether online, at home, or out in the world. Invest in reliable smoke alarms, indoor air quality monitors, baby gates, and other items to keep your family safe. Before purchasing, take the time to read product reviews from experts as well as other customers. While a burglar alarm with a motion detector may sound like a great choice, it’s even better if it has been professionally tested and evaluated.

Consider the cost of living by area

The cost of living varies widely from state to state and town to town. For example, if you’re searching for Denver storage units you may find the average cost is quite different from that in Memphis, TN. Some areas may have more costly housing but cheaper utilities. Below are monthly averages of costs for several cities.

  • Denver, CO: storage- $120; rent- $1994; utilities-$108.63; median household income-$72,661

  • Phoenix, AZ: storage- $115; rent-$1590; utilities-$190.91; median household income- $60,914

  • Seattle, WA: storage- $193; rent- $2334; utilities- $187.54; median household income- $97,185

  • Boston, MA: storage-$187; rent- $3772; utilities- $242.83; median household income- $76,298

  • Charlotte,, NC: storage- $86; rent- $1631; utilities- $165.08; median household income- $69,720

  • Monthly rent for a 5 x 10 storage unit in Chesterfield ranges from $67 to $99.

Although owning homes in two different states can be challenging, there are also many rewards in such a situation. Increased flexibility and variety are built in, and if you own your own business, there may be strategic advantages. To make the most of your dual home setup, take time to do the research comparing costs of insurance, vehicle registration, local storage, and other needed items, so you can pursue these in the most economical way. You’ll want to make sure you’ve chosen a reliable registered agent to manage your business while you’re away, too. By devoting time and energy to research and preparation and selecting good people to assist your business, you’ll be well on your way to a happy, two-home lifestyle.

If you’re in the Chesterfield area, contact AJM Associates for help with group insurance and human resources assistance for your business.

Guest Blogger Sarah Velasquez - Our Perfect Abode

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