Business Compliance
Why Is the Delaware LLC Franchise Tax Increasing? Here are the Key reasons for the HB 400 Franchise Tax increase: Generating additional state revenue for Delaware’s operating budget. Updating fees that had not kept pace with inflation and administrative costs. Supporting Delaware’s business infrastructure, including the systems and services used to process about 360,000 new […]
Business Compliance
Why Do Business Owners Want to Pause an LLC? When business owners inquire about pausing an LLC, they typically refer to temporarily ceasing operations without permanently dissolving the entity to save on government and registered agent maintenance fees. The goal is often to avoid ongoing fees, annual reports, and compliance requirements while preserving the LLC, […]
Certificate of Good Standing
What Does “Good Standing” Mean? Being in “good standing” means your company meets all its legal requirements in the state where it was set up. Generally, a company is in good standing if it has paid its state taxes and doesn’t owe any bills. Some states require corporations to also file an Annual Report […]
Certificate of Incumbency
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 […]
Corporate Transparency Act
What Is A Beneficial Ownership Information Report (BOIR)? Starting in 2024, U.S. businesses need to submit Beneficial Ownership Information to FinCEN. These reports include personal information about significant people involved in the company, including owners and managers. CTAboi.com has a Complete Guide to Beneficial Ownership Information Reporting (BOIR) Imagine you are an FBI agent investigating […]
Corporate Transparency Act
What are Beneficial Ownership Information Reporting Requirements? Starting from January 1st, 2024, both new and existing business entities must file Beneficial Ownership Information (BOI) reports with FinCEN. This includes most LLCs and corporations formed in the U.S. These reporting requirements were introduced as part of the Corporate Transparency Act, a federal law that combats illegal […]