I purchased a shelf corp thats residing in another state, with an inc name that has nothing to do with the business I plan on conducting.
1. Is it possible to change the name of the corp, so it reflects what business I'll exactly be doing, without changing the age of the corp?
2. How do I get to conduct business in my homestate, with a corporation that resides in another state?
You can always change the name of a company. Check with the sos of the state that the entity was formed in.
You would need to foreign file your entity in the state that it is doing work in.
Is it true, with a corporation that resides in another state, while I do business in my home state, I'll be paying taxes twice?
What are the pros and cons of having an out of state corporation?
Wouldn't it be possible to just create a homestate llc, than transfer the credit from the aged out of state inc to the homestate llc?
Hold on, it gets complicated. The newest issue is what is called TAX NEXUS. I am a DE series LLC that works so far only in NJ. Cause none of my customers are in DE and I have done no sales, I just pay Jersey for everything. Some states have no taxes but a minimum fee for just being there. For example I pay $250 to DE to file a report on June 1st telling them I am still in business.
Some states allow you to convert one state's company into theirs. For example you could take a NV entity and make it a Texas one for some money. Supposedly from what I heard is that Wyoming and another state allow you to bring in an entity from out of state and redo it, with a born on date of whatever date it was formed outside WY. You can even convert LLCs to C-Corps and vice versa as well.
In general, out of State entitys are not really super home runs like the old days. Nothing but paperwork to say the least.
When you convert over, most states call that domestication. When you bring an entity to do business (but not convert) it is called foreign filing.
I hope you are not doing business in CALIFORNIA as they seem to be the worst on NEXUS issues with an out of state entity.