SINCE 1974
We often get questions about LLC stockholders, bylaws, stock certificates, directors, minutes and sometimes a Limited Liability “Corporation.” It’s understandable to have questions about how LLCs are structured and operate. Here’s what you need to know. Are there shareholders in an LLC? Limited Liability Companies do not have stock or bylaws. In fact, LLCs have […]
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We often get questions about LLC stockholders, bylaws, stock certificates, directors, minutes and sometimes a Limited Liability “Corporation.” It’s understandable to have questions about how LLCs are structured and operate. Here’s what you need to know. Do LLCs have stock? Typically, “stock” is not the term used for LLC ownership shares. In most LLCs, the […]
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Whether you’re interested in forming a corporation or are just curious, it’s understandable to wonder, “What does the President of a Corporation do?” Traditionally the President of a Corporation is the highest executive officer. The Bylaws of the Corporation set forth the role of the President. Some businesses have also established higher offices, such as […]
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Incorporating your company is an exciting process, but the work isn’t done after you form an LLC or Corporation. After that, there are several more steps to take, like getting a tax ID number for your business. The process of getting a tax ID isn’t complicated, but there is often some confusion about what, exactly, […]
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Is the first step applying for a business license or forming a Delaware LLC? Unlike the chicken or the egg, this question has a definitive answer – the LLC formation comes before the business license. In order to begin doing business under a business license, you must first have formed the applicant. The LLC should […]
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If you’ve formed an LLC but haven’t done business this year, you may be wondering if you need to pay the Delaware franchise tax. Here’s what you need to know. What Happens If I Don’t Pay the Delaware Franchise Tax? If a company fails to pay franchise tax, it will eventually lose its good standing […]
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An increasing number of people are finding themselves either self-employed or engaging in short-term employment arrangements. These individuals are typically actors, content creators, gig economy workers or consultants. These employment arrangements can come with many benefits, however, they may also pose a tricky tax situation. An effective strategy for self employed individuals to reduce their […]
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If you have your own business, you may benefit by forming an LLC. An LLC keeps an owner’s personal assets separate from any business assets. LLCs can protect owners from liability in the event of a legal dispute with a creditor, or even a business partner. This is true even if your business does not […]
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If you have applied for a loan with your corporation as the borrower, you may have heard the term “Delaware Certificate of Incumbency”. What is a Delaware Certificate of Incumbency and when do you need one? What Is a Delaware Certificate of Incumbency? A Delaware Certificate of Incumbency is a document signed by an officer […]
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“The only ship that doesn’t float is a partnership”. This is common when consulting entrepreneurs who are considering bringing on a business partner. While a general partnership is the oldest business organization, it is the worst choice possible. This is because general partnerships are laden with traps that could easily end in financial ruin for […]
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Changed your Delaware business name? Updating your branding may require a business entity name change with the Delaware Secretary of State. Notifying the IRS of your corporate or LLC name change is an important second step. In most instances, a name change will not require a new EIN but a simple letter to provide notice […]
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Serial entrepreneurs often explore multiple opportunities simultaneously. To start a new line of business, you may not need a whole new LLC. You can use your current LLC and put various lines of business under one entity. This practice is often referred to as forming an Umbrella LLC structure. Using an Umbrella LLC for multiple […]
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Starting a new business comes with navigating new waters and that includes what licensing is required. Business licenses are often issued at the local government level and are required for you to conduct business. This license allows the governing agency to verify that you are following the rules set in place to protect the public […]
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A serial entrepreneur will often form multiple “brother-sister” companies to keep their assets from becoming commingled. But having partners that own an interest in each of these companies can generate separate partnership tax returns for each entity. One way to simplify this is to form a holding company with the partners. You can reduce the […]
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Philanthropists often ask if an LLC can be a non-profit. What they are referring to is the 501c3 tax-exemption status. 501c3 status is a coveted designation because it exempts a company from federal, sales, and property taxes. These exemptions are crucial to the function of non-profit organizations. IRS regulations do not allow LLCs to be […]
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