#LegalBytes: The Official Podcast of Cummings & Cummings Law

Samsung left New Jersey. Here's how small- and medium-sized business owners can do the same.

Attorney 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 [https://www.cummings.law/redomestication/] 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/ [https://www.cummings.law/redomestication/]

Financial Times: "A wealth tax in America? Not if Silicon Valley’s billionaires have their way."

Attorney 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 [https://www.cummings.law/redomestication/move-business-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/ [https://www.cummings.law/redomestication/move-business-out-of-california/]

Is time running out to transfer your company out of California? [Step-by-Step]

Attorney 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 [https://www.cummings.law/redomestication/move-business-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/ [https://www.cummings.law/redomestication/]

Steps to transfer a company (LLC or corporation) to Florida

Attorney 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 [https://www.cummings.law/redomestication/] 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/ [https://www.cummings.law/redomestication/]

Report: These Are The States Driving America's Economic Growth

Attorney 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 [https://www.cummings.law/redomestication/] 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/ [https://www.cummings.law/redomestication/]