This page contains links that pertain to the Delaware Corporation Law Annotated. ... Article 9 - Secured Transactions and UCC filings; Chapter 15 - Partnership ...
To establish a partnership in Delaware, here's everything you need to know. Related Products MORE >> · Form Your Own Limited Liability Company ... A partnership agreement is not a mandatory legal requirement for establishing a ...
Like a corporation, a limited partnership is a separate legal entity from its partners . A limited partnership must have at least ...
Our attorneys were actively involved in drafting the Delaware Limited Liability Company Act, the Delaware Revised Uniform Limited Partnership Act, and the ...
The Council and the Section's LLC and Partnership Committee are ... Limited Liability Company Act, the Delaware Revised Uniform Limited Partnership Act and ...
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Vernon has lectured widely on subjects of Delaware corporate and limited partnership law, and he has served on the editorial boards of leading Delaware law ...
Partnerships, limited partnerships and limited liability partnerships are forms of organization ... of LLCs in 1992, partnerships were the most oft-used alternative to a nonprofit corporation. ... The Delaware Revised Uniform Partnership Act, 6 Del.
Effective August 1, 2008, the Delaware legislature made several significant amendments to the state's Limited Liability Company Act and Limited Partnership ...
Delaware Corporation Laws Annotated lets you find more of what you need for ... and non-profit corporations; partnerships; limited liability companies; and the ...
The Delaware General Corporation Law; Limited Liability Company Act; Statutory Trust Statute; Revised Uniform Limited Partnership Act; Related provisions of ...
Aug 1, 2014 ... ... Delaware legislature amended the General Corporation Law DGCL ... the Delaware Revised Uniform Limited Partnership Act DRULPA the ...
Delaware corporations are regarded by the state as legal entities independent from the directors and owners of the businesses. If you plan to lawfully run a business in Delaware, you will need to get your business registered with the Internal Revenue Service and the state. Over 50 percent of all Fortune 500 companies in the United States chose to incorporate their business in Delaware. Lack of corporate income tax, exceptional protection for directors and stockholders, and being the number one state for its litigation method are among the reasons why several businesses chose the state of Delaware. In addition, Delaware courts are very competent and fair in making decisions concerning business disputes.
Delaware corporation registration has many benefits. Setting up the appropriate tax information, reserving a name for your business, and becoming a registered agent are some of the main benefits.
Choosing an Entity
The business entity type you choose for your company has repercussions when it comes to laws and taxes. It is best to contact legal services to make sure you choose the correct type of business entity. When you choose an entity, you are able to list yourself as a sole proprietor, nonprofit organization, or other type of partnership. These choices can benefit your company by reducing your taxes with tax breaks or by giving you other choices, like not paying sales tax if you are a nonprofit business.
Name reservation is one of the major benefits of registering your business with the state. When you register your name, you are protecting your business from others who might use your company name without legal registration. In case that your name is the same as another else, you can change yours or have the legal backup to make the other company change its name. You can hold your name for 120 days from the start of a name reservation, according to the state of Delaware’s official site.
Becoming a Registered Agent
You may choose to have a registered agent or to become a registered agent yourself. Basically, if you live or work in the state of Delaware, you can choose to represent your own business in legal or business matters. Every business must have an agent, so working with a seasoned agent or becoming an agent yourself is possible.
If your company is an LLC that is not located in Delaware, you must contact the Delaware Secretary of State to register. Registering in Delaware will allow your business to extend into Delaware, because operating without registering your trade and sales is not permitted.
The cost of Delaware corporation registration varies based on how you register your corporation. The state filing fee is $89, which must be paid regardless of whether you do all of the filing work yourself or hire a company to do the registration for you. The cost of hiring a registration service depends on which incorporation package you purchase. BizFilings, for example, charges $95 in addition to the Delaware state fee for the basic registration package. This package includes verifying that your desired business name is available and filing all of the forms required for registering your corporation.
The process of registering a corporation is fraught with legal issues. The first issue is determining if your desired business name is already in use. If a company offering products and services similar to yours is using your desired name, you may have to choose another name to avoid trademark infringement issues. Starting a corporation in Delaware also makes it necessary to have a registered agent in the state. A registered agent is a person or company with an address in Delaware that can process your business registration during normal business hours. If you do not live in Delaware, you will need to hire a registered agent to fulfill this requirement. You may need to solicit the help of a legal services provider when starting your corporation.
Registering your business as a corporation changes your tax obligations. If you previously paid self-employment tax as a sole proprietor, you will now have to pay your personal income tax as well as corporate tax on your net business profits. Additionally, Delaware requires corporations using the authorized shares method to pay the minimum annual franchise tax of $75, and companies using the assumed par value capital method are required to pay the minimum annual tax of $350. If your company owes $5,000 or more, you must make predetermined payments on June 1, September 1, December 1, and March 1 of each year.
When you start a corporation, you should create corporate bylaws and articles of incorporation. These documents outline the structure of your organization and govern how it will operate. You may have difficulty drafting these documents if your partner does not agree with your ideas. You may also have to consult an attorney to ensure these documents are appropriate for your company.
The process of Delaware corporation registration may have fees associated with it. Hiring a registered agent and reserving a name for your business are two possible expenses.
When you register in Delaware, obtaining a registered agent or becoming a registered agent yourself is required by the state. Hiring a registered agent may or may not cost anything, depending on whether you intend to be the agent yourself or the agent is appointed by the state. Reserving a name for your company in Delaware costs $75, according to the state of Delaware’s official website. If this is the first time you register a business, you may also wish to contact a lawyer regarding legal services. This additional service may cost $50 or more per hour, but speaking with a lawyer will help you register your business correctly.
Your registration in Delaware will allow you to extend your operation in Delaware. When you live or work in Delaware, as the business owner, you have the privilege to hire a registered agent or be a registered agent yourself. Other benefits, such as corporate income tax privileges, stockholder and director protection, and fair litigation system, encourage many individuals to have their businesses registered in Delaware. To save you a lot of headaches later on, be certain that no other business is already using your desired business name. If you live outside Delaware, you will normally need to hire the services of a registered agent or a legal services provider in the state.
Delaware corporation registration is highly beneficial to businesses operating within this region. Understanding the advantages and drawbacks of this process will help you decide if this is the appropriate path for your business to take. One notable effects of registering is the cease of corporate income tax due to the state. This alone can be very valuable.
Registering in and of itself is a simple process. The complication comes in understanding the laws surround corporate entities in Delaware and the meeting qualifications to be registered. During the process you will be required to select effects of your business such as name and entity type which will be crucial in determining the direction of your business. Having a solid basis from which to move forward is necessity to being registered.
Another benefit of Delaware corporation registration is the removal of ownership limitations. This allows business to expand and produce within itself creating greater over all revenue.
Becoming a corporate entity is important to the growth of your business. If you are considering the option of registering as a corporation in the state of Delaware click the links to the left. You will find further information to help you navigate and understand this process.
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