Historically, business incorporation required an act of legislature and signature of the governor, and would be limited to large enterprises. About 150 years ago, the laws were simplified to allow anyone to form a business with a filing and no act of the general assembly of a state legislature. Examples of Entities include an incorporated […]
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Real estate is passive and not a lightning rod that attracts liability. Real estate is also a large store of value. If the restaurant company holds title to the real estate, then you have taken a big risk that was easily avoidable. You should never let real estate be exposed to creditors of the business. […]
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If a business owner is personally sued and loses, the business owner’s LLC interest may be subject to attachment by the judgment creditor if the business was not formed as a Delaware LLC. A Delaware LLC is unlike the LLC of most states. By statute, a Delaware LLC limits the creditor to just a single […]
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How To Convert an LLC Into a Delaware Series LLC: Three Steps Follow these steps to convert an existing LLC into a Series LLC in Delaware: Step 1: Amend the Formation Document The first step to convert an LLC into a Series LLC is to file an amended version of the LLC’s Certificate of Formation. […]
Continue Reading What Is a 501(c)3 Organization? 501(c)3 is an IRS code section that defines what qualifies as a tax exempt organization under federal law. To receive a tax determination letter from the IRS, approving the 501(c)3 status, a non-stock corporation must submit a Form 1023 or Form 1023-EZ application with the Internal Revenue Service (IRS). A […]
Continue Reading Maintenance, Fees, and Taxes Both Delaware and Wyoming have low filing fees, however in accordance with prices, Wyoming barely scratches by with a slightly lower filing fee. Wyoming’s minimum filing fee is $100. In contrast Delaware’s minimum filing fee is only $10 more at $110. With regards to initial filing fees, if you want a […]
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