Losing proof that your company exists in Delaware can be a stressful situation. This critical documentation is essential for establishing your business's legal existence and is required for many business transactions. However, accidents happen, and important papers can be misplaced or destroyed.
If you find yourself unable to locate any proof that your Delaware company exists, don't panic. There are steps you can take to recover your company's identity and ensure its continuity in Delaware.
Accounting is an essential part of any business, as it helps to keep track of finances and ensure that a business is profitable. Two of the most common methods of accounting are the cash method and the accrual method. These are sometimes called cash basis accounting or accrual basis accounting. While both methods have their benefits and drawbacks, it's important to understand the differences between them in order to choose the best method for your business. Additionally, the type of entity that you have can dictate which method of accounting you are allowed to use.
With the rise of public consciousness regarding sustainability and corporate responsibility, more business owners are looking for ways to further their mission and business with an eye for the future. The state of Delaware has long been a leader in corporate governance so it’s no surprise that they’ve adapted to the times by adding an entity type to meet the needs of the modern business owner.
For many business owners, all the official parts of the setup process are complete! These days it’s common to have a website and social media accounts for a business before it’s official. You may have already set up a few of these things (my partner and I had before we officially started our LLC).
Let’s look at some of the most important unofficial parts of setting up your business.
As a reminder, the 2021 Delaware LLC Franchise Tax due date is approaching.
To avoid penalty and interest, the tax must be paid by June 1, 2022.
Franchise taxes are assessed annually on every LLC entity registered in Delaware, regardless of level of business activity. Franchise tax for LLCs is a flat rate of $300 that must be paid by June 1st every year. You can learn more aboutwhy it's called a franchise tax here.
Business licensing is probably the least straightforward of the steps to opening a business. This is because business licensing varies greatly by location. In some jurisdictions or industries, you may not need a business license at all. In others, you may need one at the federal, state, county, and city level.
Welcome to part three of our series, Start an LLC with Me. If you missed it, inpart oneI walked you through how to start a Delaware LLC, step-by-step. Inpart two, we went over how to apply for an EIN number with the IRS.
Today we're heading on to the next step most LLC's take: opening a business bank account.
This is part two of our series, Start an LLC with Me. In this series we're walking you through each step to setting up an LLC and becoming a fully operational small business.Read part one here.
If you recall from our first post of the series, my friend and I started a small business that began to make money. My accountant advised us to form an LLC for tax purposes. We officially formed an LLC with The Incorporators and received all the documentation we need to move forward with setting up other elements of our business.
Today we’re beginning a series to walk new business owners through all the initial steps to form a Delaware LLC and get their business up and running.
Like many people, the pandemic has given me time to explore my strengths and hobbies from home. A fun side project I was doing with a friend has begun to make money and my accountant advised us to start an LLC.
Selecting a registered agent may feel like a daunting task. With so many service providers available, it may feel like who you select doesn't really matter. But registered agents provide a critical business service and it's important that you select a registered agent who is ready to be your partner in entity management.