Business Insights
Do Delaware Companies Need a Delaware Bank Account? Good news – if your business is incorporated in Delaware, you can open a bank account in any state! Most Delaware businesses are actually based out of different states and even different countries. Whether you’re in California or India, you can register a company in Delaware […]
Asset Protection
Delaware LLCs: Key Benefits for Real Estate Investors Delaware LLC Benefit #1) Asset Protection Limited personal liability protection. Separate LLCs for each property protect assets within the property portfolio. Delaware LLCs offer limited personal liability protection for investors and separates personal assets from company debts and liabilities. This protection is critical for investors who […]
Business Insights
How to Close a Delaware LLC: 3 Steps Formally closing a Delaware LLC requires completing the following steps: Step 1.) Members Vote on Cancellation Before proceeding with closing the business, the existing Members must agree to cancel the LLC. Oftentimes the LLC Operating Agreement will include a provision detailing how Members should come to […]
Asset Protection
What Is a Special Purpose Vehicle? A Special Purpose Vehicle, or “SPV”, is a separate LLC established by a parent company to complete a unique business activity or task. Most companies include broad purpose clauses in their corporate bylaws. These clauses basically say the company can undertake any action as long as it is […]
Taxes
Tax Deductions and Write-Offs for Single-Member LLCs Single-Member LLC owners can find significant cost savings for their business just by digging into the tax code. Here are some less obvious business expense deductions that Single-Member LLCs can claim to significantly lower their costs: Home-Office Deduction – Deduct up to $1,500 if you run your business […]
Taxes
Do I Need a Delaware Tax Accountant? Working with a CPA located in Delaware is not required for operating a Delaware LLC. As a business owner, you are free to work with a tax professional in your home state. This is because you will pay taxes from where you operate and will likely not […]