SINCE 1974
The Internal Revenue Service (IRS) uses several different types of identification numbers for individuals and businesses. Most U.S. citizens are familiar with Social Security Numbers or Employer Identification Numbers, however, not everyone knows about the other types of federal tax ID numbers. In this article, we discuss Individual Tax Identification Numbers, or “ITINS”. We breakdown […]
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The term “subsidiary” is used often in business, however, you might not know exactly what it means. Subsidiaries are an important part of the legal structure of nearly every large company. In this article, we discuss what subsidiary companies are, how they are used, and the best way to structure them. What Is A […]
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The solar energy industry has been experiencing remarkable growth, driven by increasing demand for renewable energy solutions. As solar companies expand and navigate the complexities of the market, selecting the right business structure becomes a crucial decision. Forming a Delaware Limited Liability Company (LLC) offers many benefits for solar companies. This article explores why Delaware […]
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Who owns and manages an LLC? If you’re thinking about setting up a Limited Liability Company (LLC), it’s helpful to understand the roles of LLC owners and how they’re involved in managing the business. LLCs offer the flexibility to create unique management structures, pick officer titles, distribute management responsibilities, and outline ownership interest. In this […]
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What is a corporation? Corporations are a type of legal structure that play a significant role in the business world. Entrepreneurs use the legal structure of a corporation to protect themselves from risks and grow their businesses into large enterprises. You interact with businesses set up as corporations nearly every day, however, you may not […]
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As a business owner or entrepreneur, you may have come across the term “holding company.” Holding companies are a type of legal structure utilized by businesses across various industries. When set up correctly, a holding company can offer unique legal protections that a single business entity cannot achieve. Many well-known corporations use holding companies as […]
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If you’ve formed a Delaware LLC but haven’t conducted business this year, you might be wondering if you still need to pay the Delaware Franchise Tax. Here’s what you need to know. What Is The Delaware Franchise Tax, Again? The Delaware Franchise Tax is an annual requirement that all companies registered in Delaware have to […]
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If you own an LLC or corporation, you might have encountered the term “Certificate of Incumbency.” Maybe a bank or a lender requested this Certificate to secure a loan for your business. What exactly is a Certificate of Incumbency? This article delves into Certificates of Incumbency, explaining what they are, why they are used, and […]
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Permanent residents of the United States, including US green card holders, can start businesses and form LLCs in Delaware. In fact, individuals from nearly any country worldwide (with the exception of restricted countries) are eligible to establish a Delaware LLC. If you’re a permanent resident aspiring to achieve the American Dream, creating an LLC for […]
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Delaware corporations need to fulfill an important legal requirement: filing the Delaware Annual Report. The Delaware Annual Report is a set of business information that needs to be submitted to the Delaware Division of Corporations each year. Filing the Annual Report is crucial for maintaining a Delaware corporation’s good standing in the state. Corporations are […]
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Limited Liability Companies (LLCs) are a popular entity choice for business owners because they’re easy to manage. But did you know that even within LLCs, there are different management structures to consider? In this article, we dive deep into the two types of management structures for LLCs: Member-Managed LLCs and Manager-Managed LLCs. What […]
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If you’re setting up a Delaware LLC or Delaware corporation and wondering if you can serve as your own Registered Agent, the short answer is yes. However, there are some significant drawbacks to acting as your own Registered Agent in Delaware. It’s important to weigh all your options, including the possibility of engaging a Registered […]
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If you have a Delaware LLC or corporation, there will be times when you will need to check the company’s status and obtain a Delaware Certificate of Good Standing. In this article, we’ll discuss some key details of Delaware Good Standing Certificates, including how to secure one for your Delaware company, the costs involved, […]
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After forming a Delaware LLC or corporation, many business owners wonder, “What’s next?” One crucial part of running a business is maintaining your company’s good standing status. In this article, we delve into what good standing means and guide you on how to maintain your company’s good standing status in Delaware. We also discuss how […]
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Setting up a limited liability company (LLC) is a big first step towards starting or growing your business. But it takes more than just deciding on a company name to get your LLC off the ground. One essential legal requirement is appointing a Registered Agent for your company. In this article, what breakdown of the […]
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Understanding the role of a Delaware Registered Agent is an important part of incorporating a business. Did you know that Delaware law requires every company registered in Delaware to have a Registered Agent? So, if you want to form a Delaware LLC or a Delaware corporation, you will need to know how to meet this […]
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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? Navigating corporate documentation is crucial for business operations, especially when engaging in financial transactions or significant changes in […]
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A Corporate Secretary can be a valuable asset to a corporation as it grows. But what does a Corporate Secretary do, exactly? Are companies required to have one? We dive into the details of what a Corporate Secretary is and why they are important. What Is a Corporate Secretary? A Corporate Secretary is one of […]
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Have you ever wondered if it’s a good idea to start more than one LLC? Well, you’re not alone. Many business owners consider setting up multiple limited liability companies, and there are plenty of reasons why. It’s like having different baskets for your eggs – it can keep them safe. But forming LLCs is not […]
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Limited liability companies, or LLCs are the most popular business entity type for entrepreneurs. Small business owners prefer LLCs due to their flexibility and simplicity. Unlike corporations, the structure of LLCs does not come with strict requirements. LLC owners are free to run their company the way that they see best. This flexibility however often […]
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If you’re a small business owner with an LLC, you’ll probably need to prove your ownership in your company at some point. This requirement comes up during crucial business functions, like opening an LLC bank account. Since proving ownership in an LLC is such an important part of running a small business, here is our […]
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In 2024, over 30 million businesses will need to meet new compliance requirements. The Corporate Transparency Act (CTA) takes effect on January 1st and mandates U.S. companies to file Beneficial Ownership Information (BOI) reports with FinCEN. All types of businesses will be impacted by the CTA. However, startups may find BOI reporting requirements especially challenging. […]
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If you run a small business, you’ve probably never heard of the Financial Crimes Enforcement Network, or “FinCEN”. However, starting in 2024, over 30 million businesses in the U.S. will need to get familiar with this government agency. With the Corporate Transparency Act going into effect, businesses of all sizes are preparing for new federal […]
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Business entities operating in the United States need to prepare for new compliance requirements taking effect on January 1, 2024. The Corporate Transparency Act (CTA) requires LLCs and corporations to submit BOI reports to FinCEN. These reports contain basic information about a company’s significant owners and important decision makers. Whether your business is a solo […]
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In a time where financial transparency is essential, the Corporate Transparency Act (CTA) brings new compliance requirements for U.S businesses. Understanding these new requirements is crucial for business owners, managers, and stakeholders to avoid significant penalties, including fines and jail time. Starting January 1st, 2024, U.S. businesses will need to disclose information about their […]
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Starting January 1st, 2024, owners of U.S. businesses will need to comply with new rules. The Corporate Transparency Act (CTA) is a federal law that requires business entities, like LLCs and corporations, to report information about their owners to the Financial Crimes Enforcement Network (FinCEN). These new reports are called “Beneficial Ownership Information Reports”. Honest […]
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Many business owners strive to balance running a profitable business with doing good for the planet. As businesses grow, enforcing standards and achieving sustainability goals becomes more challenging. One successful strategy that businesses use to pursue both profits and purpose is to incorporate as a Delaware Public Benefit Corporation, or a “PBC”. But what […]
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If you own a Delaware Limited Liability Company (LLC) and want to start doing business in Texas, you might have questions. Can a Delaware LLC do business in Texas? Absolutely, but there are some steps you need to follow first. This process is called foreign qualification. Foreign qualification may seem challenging, but in this comprehensive […]
Continue Reading As a business owner or entrepreneur, you may have seen the term “holding company” before. Holding companies are a type of legal structure used by businesses across many different industries. If done right, a holding company can provide unique legal protections that cannot be achieved with just one business entity. Many well-known corporations use holding […]
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If you have a Delaware LLC or Delaware corporation, there are some annual requirements that you need to know about. If you haven’t kept up with these requirements, your company may have gone “void” or “inactive.” But what does it mean if your Delaware company goes void and what should you do? Letting […]
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Forming a Delaware LLC through an incorporation service, like IncNow, can be so simple that it leaves people with questions. Many LLC owners ask: What else do I need to do? What are the next steps? What annual fees do I pay? Delaware LLCs are easy to set-up and manage. However, there are some things […]
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Incorporating your business as a Delaware corporation comes with lots of benefits. However, running a corporation the right way can require a lot of paperwork. There are many different types of corporate documents: from by-laws to Annual Reports. One of the most important documents that a Delaware corporation needs is a Stockholder Agreement. A Delaware […]
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Delaware LLCs are popular with small business owners because they are easy to set up, understand and manage. However, there are some common Delaware LLC mistakes owners make. The results of these mistakes can range from just an inconvenience to something that hurts the business. Forming a Delaware LLC is a smart move for […]
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If you have a Delaware Limited Liability Company (LLC), and you’re thinking about doing business in Florida, you might be wondering what you need to do. Can a Delaware LLC do business in Florida? Yes, it can, but there are some steps you need to take first. This is called foreign qualification. Foreign qualification might […]
Continue Reading Corporations play a significant role in the business world. Entrepreneurs use the legal structure of a corporation to protect themselves from risks and grow their businesses into large enterprises. While you may interact with corporations nearly every day, you may not fully understand how they work. In this article, we break a corporation […]
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One of the best decisions that a new business owner can make is to incorporate their business. But with so many business entity types and legal lingo, incorporating your business can be overwhelming and confusing. If you are a first-time business owner, you may be asking questions like: What does LLC stand for? What does […]
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If you’re planning to operate your Delaware LLC in New York, you may wonder about the necessary steps. Is your Delaware LLC allowed to do business in New York? The answer is yes, but first, you need to complete a foreign qualification. While it might sound complicated, we’re going to break down how to qualify […]
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A Delaware LLC can do business in any U.S. state, as long as it completes a foreign qualification. Business owners and entrepreneurs use Delaware limited liability companies to do business all over the world. Whether you’re in California or India, operating a Delaware LLC is easy. However, if you’re doing business outside Delaware with your […]
Continue Reading When it comes to setting up a business, there are different company types to choose from. One of the most popular is the Limited Liability Company (LLC). An LLC is like a blend of a partnership and a corporation. It offers the owners, known as members, protection from personal liability, similar to a corporation, while […]
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As an entrepreneur, you might be wondering how to open a business bank account for a Delaware-based company. The rules vary among banks in the United States, so it’s essential to check with your specific bank. We’ve put together a guide to help you understand the basic rules that all banks follow. Keep in mind, […]
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Anyone starting a Limited Liability Company (LLC) or a corporation in Delaware is required to have a Delaware registered agent. A Delaware registered agent helps your business stay on the right side of the law by making sure you get important legal documents and tax notices. With so many registered agent services out there, it […]
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Forming a Delaware Limited Liability Company(LLC) is a wise choice for real estate investors seeking asset protection and business growth. Real estate investing remains an attractive method for generating income, building wealth, and diversifying portfolios. As with any business venture, it’s essential for investors to carefully evaluate their businesses’ structures to maximize personal asset protection. […]
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The world of e-commerce and online businesses has grown exponentially in recent years, with digital nomads and internet entrepreneurs seizing opportunities to make a living online. One crucial decision these entrepreneurs face is selecting the right business structure. A Delaware Limited Liability Company (LLC) offers numerous benefits for online businesses. This article explores the benefits […]
Continue Reading Who owns and manages an LLC? If you’re thinking about setting up a Limited Liability Company (LLC), it’s helpful to understand the roles of LLC owners and how they’re involved in managing the business. LLCs offer the flexibility to create unique management structures, pick officer titles, distribute management responsibilities, and outline ownership interest. In this […]
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Every year, there are new opportunities to grow your business. For many small business owners, now is the perfect time to consider forming a Limited Liability Company (LLC). The LLC has quickly become the most popular business structure for small business owners. According to the Delaware Division of Corporations, over 1.29 million LLCs are registered […]
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Once you get your business operations off the ground, you will need to consider some of the financial aspects of operating an LLC. This includes managing capital contributions and distributions in your newly formed company. As a small business owner or aspiring entrepreneur, it’s essential to understand these processes to ensure your LLC’s success. […]
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When starting a new business, registering an LLC or corporation is just the first step. To truly get up and running, there are several more steps to take, such as getting an EIN number for your business. While the process of obtaining an EIN number from the IRS is not complicated, business owners often have […]
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In recent years, a growing number of people have turned to freelancing as a way to earn a living. Starting a freelancing business can be a great opportunity with many benefits, including flexibility and independence. One important decision that freelancers have to make is how to structure their business. More specifically, whether they should operate […]
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Most entrepreneurs are optimistic when starting a new business venture. However, many understand that commerce is inherently risky. According to the U.S. Bureau of Labor Statistics, 20% of new businesses fail within two years, and only 50% make it to their fifth year. It’s ok if you decide to close your business. However, you need […]
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If you want to do business using an LLC, you will need to open a business bank account. Having a separate bank account for your LLC is required to protect your personal assets from business liabilities. Savvy entrepreneurs know they should never mix personal funds and accounts with company assets, so it’s important to know […]
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The Limited Liability Company, or “LLC”, is the most popular business entity type in the United States. LLCs are simple and flexible business structures that combine the tax treatment of a sole proprietorship with the personal liability protection of a corporation. Despite LLCs being so common, you might not know exactly what an LLC is. […]
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What do companies like Uber, AirBnB and DoorDash all have in common? Each secured millions of dollars from venture capital firms and investors as startups. They are also all incorporated as Delaware C-Corporations. Delaware C-Corps are the most popular entity choice for startup companies looking to attract investors. Angel investors and venture capital firms prefer […]
Continue Reading Permanent residents of the United States are able to start businesses and form LLCs in Delaware. This includes US green card holders. In fact, individuals from almost any country in the world (except restricted countries) can form a Delaware LLC. If you are a permanent resident looking for your piece of the American Dream, forming […]
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Owners of a Delaware LLC can add or change members at any time simply by amending the LLC Operating Agreement. Delaware does not require owners to make any additional public filings to add members to their LLC. However, existing members should take certain steps to avoid conflict when transferring membership. We cover exactly how to […]
Continue Reading A Corporate Secretary can be a valuable asset to a corporation as it grows. But what does a Corporate Secretary do, exactly? Are companies required to have one? We dive into the details of what a Corporate Secretary is and why they are important. What Is a Corporate Secretary? A Corporate Secretary is one […]
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If you are looking to incorporate a business, you likely have sifted through tons of legal jargon. Corporations, LLCs, partnerships, sole proprietors, the list goes on. Here’s another one: Special Purpose Vehicles. People typically associate Special Purpose Vehicles, or “SPVs”, with major corporations; however, they can be useful for businesses of all sizes. Companies can […]
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If you are a business owner looking to form an LLC, you’ve likely researched some of the legal requirements. Setting up a Delaware LLC on your own can be complicated, and stressing over the details of your legal structure can take focus away from your business plan. You may be asking yourself whether you need […]
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According to data from the Bureau of Labor Statistics, about 20% of small businesses don’t make it past their first year. A contributing factor to this statistic is the fact that many business owners do not take advantage of easy tax deductions. If you set up your business as a single-member LLC, there’s a significant […]
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Almost anyone can form an LLC in Delaware. Your company does not need to conduct business in Delaware to form as a Delaware LLC. As a result, companies located in most parts of the world benefit from Delaware’s #1 rated corporate laws and business protections. But this comes with a lot of questions, including details […]
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Do you want to make money while also making a difference in the world? The Delaware Public Benefit Corporation (“PBC”) allows companies to do just that. A Public Benefit Corporation is a for-profit business with a stated “public benefit” purpose set out in its incorporation documents. Delaware PBCs benefit both stakeholders and shareholders, and many […]
Continue Reading The term “subsidiary” is used often in business, however, you might not know exactly what it means. Subsidiaries are an important part of the legal structure of nearly every large company. In this article, we discuss what subsidiary companies are, how they are used, and the best way to structure them. What Is […]
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The Financial Crimes Enforcement Network (FinCEN) has issued a final rule for creating a beneficial ownership registry pursuant to the Corporate Transparency Act (CTA). The law requires corporations, limited liability companies (LLCs), and other entity types to disclose information about individuals connected to these companies. In particular, the ultimate beneficial owners, who are the human […]
Continue Reading The terms “non-stock” corporation and “non-profit” have become almost interchangeable, however, this is not correct. “Non-stock corporation” refers to a type of legal entity filed with the Secretary of State. A “non-profit” organization refers to a non-stock corporation that has obtained a tax determination letter from the IRS. Here we sort through these two loaded […]
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The Delaware Limited Liability Company (LLC) is the preferred legal entity for entrepreneurs and small business owners. Compared to a corporation, an LLC offers much more flexibility and minimal red tape. The company’s Operating Agreement sets forth an LLC’s ownership. This internal document governs the affairs of the company and is not filed in the […]
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On October 17th, 2022, a hive of high-profile corporate attorneys will swarm Wilmington, Delaware to appear in front of the Court of Chancery. The state’s business court was tasked with resolving a dispute between Tesla CEO Elon Musk and Twitter, Inc. The lawsuit stems from Musk’s attempt to back-out of a deal he brokered in […]
Continue Reading The United States Internal Revenue Service (IRS) utilizes several different types of identification numbers. You are probably most familiar with Social Security Numbers, which are issued to all US Citizens. You may be less familiar with Employer Identification Numbers and Individual Tax Identification Numbers. The IRS uses these different numbers to distinguish between individual US […]
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If you have ever tried to rent an apartment or lease a vehicle, you are probably familiar with the personal credit system. Your Social Security Number is attached to credit reports generated by major credit bureaus. Potential lenders then use your credit score to assess your ability to borrow money. Much like how a Social […]
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A Series LLC allows you to take one LLC and break it down into its component parts. One parent LLC has the ability to form an unlimited number of separate, protected series. Each of these protected series is a legal person able to hold assets. The statute shields the assets of each protected series from […]
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You may have seen the “Circle B” logo, but what does it mean? The logo can only be displayed by a Certified B Corporation. These are companies that have achieved a minimum score on an evaluation of their corporate governance, community, employee, and environmental benefits. Here’s what you need to know about this entity. What […]
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Before forming an LLC, it is important to understand how it will be structured and managed. LLCs offer business owners complete flexibility to create unique management structures. This includes choosing officer titles, delegating management responsibilities, and structuring ownership interest. Here we breakdown common management and ownership structures for LLCs, including who the LLC Members and […]
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The Delaware LLC is the most popular type of legal entity amongst small businesses. A Delaware LLC provides bullet proof liability protection for business owners’ personal assets while avoiding the red tape involved with maintaining a corporation. Entrepreneurs prefer LLCs because they are flexible, cost effective, and easy to set up. Forming an LLC is […]
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