What Is the Delaware Annual Report? The Delaware Annual Report is a legal requirement that Delaware corporations must complete each year. This report collects information about the company’s directors and senior officers from the past year. More specifically, the Delaware Annual Report requires the names and addresses of each director and one senior officer. Delaware […]
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What is an LLC, Exactly? An LLC (Limited Liability Company) is a business structure that protects its owners (known as members) from personal liability for business debts, shielding personal assets like homes and savings. A Delaware LLC offers flexibility and privacy when structuring the ownership and management. LLC Members have much freedom of contract to […]
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What Is a Corporate Secretary? A Corporate Secretary is one of three essential senior officer positions typically found within a corporation. Along with the President and Treasurer, the Corporate Secretary rounds out the core officer positions that a company appoints when initially incorporating. The Corporate Secretary works closely with c-suite executives and the Board of […]
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Is A Non-Stock Corporation a Non-Profit? A non-stock corporation is not a non-profit by default. Forming a non-stock corporation is just the first step to becoming a non-profit. An organization must have additional filings approved by the IRS to be granted 501(c)(3) tax exempt status. A non-profit organization does not have any stock by definition. […]
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What Is A Certificate of Incumbency? A Certificate of Incumbency is an internal company document that provides details about the company’s leadership at a moment in time. Certificates of Incumbency are particularly useful for verifying authorized people within a company during processes like opening bank accounts or securing financing. For corporations, the Certificate of Incumbency […]
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What Does “Incorporation” Mean, Exactly? “Incorporation” is the process that many business owners go through to legally separate themselves from their business and protect their personal assets. Incorporating a business means filing documents in a state to turn the business into a legal entity. Most businesses incorporate as either a corporation or a limited liability […]
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