Business Compliance

  FinCEN provided the following deadlines by which companies need to comply with beneficial ownership reporting requirements: This law goes into effect on effective January 1, 2024. Companies incorporated or formed before January 1, 2024 will only have until January 1, 2025 to complete the FinCEN filing. Companies incorporated or formed on or after January […]

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 […]

What is a Delaware Certificate of Good Standing? It is a certified document the Delaware Secretary of State’s office produces. It shows that your corporation or LLC meets statutory requirements (filed all reports and paid all fees) and the state has authorized it to do business. What Does a Delaware Certificate of Good Standing Look […]

What is the Corporate Transparency Act? The Corporate Transparency Act is new legislation that requires all small business entities to file “beneficial ownership” information (BOI) with FinCEN. A beneficial owner is an individual who directly or indirectly has “substantial control” over a company and/or owns at least 25% of a company’s ownership interests. The CTA […]

We often get questions from entrepreneurs about how to open a bank account for a Delaware company. Each bank in the United States has its own requirements, so you must check with your bank. However, we have compiled guidelines that serve as a floor to what banks must follow. Often a particular bank will ask […]

When Will South Dakota Form Series LLCs? The state legislature introduced South Dakota’s House Bill 1179 on January 30, 2020, containing authorization for Series LLCs. South Dakota’s Governor signed it into law on March 23rd. This amended §47-34A-101 et seq., of the South Dakota Uniform Limited Liability Company Act. Under the act, South Dakota will […]