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3 Things to Do After You Start Your LLC

3 Things to Do After You Start Your LLC

Starting an LLC is a significant milestone for any business owner, marking the official launch of a new venture. However, the journey doesn't end with registration. To ensure long-term success and stability, it's crucial to take specific steps immediately after forming your LLC. Let's go over three essential actions to take right after you start your LLC, helping you build a solid foundation for your business.
Reminder: Upcoming Deadline to Submit Your Beneficial Ownership Information Report to FinCEN

Reminder: Upcoming Deadline to Submit Your Beneficial Ownership Information Report to FinCEN

If you own or manage a business, it's time to mark your calendars for an important compliance deadline: the submission of your Beneficial Ownership Information (BOI) report to FinCEN (Financial Crimes Enforcement Network), a division of the U.S. Department of Treasury. 

The reporting requirements, mandated by the Corporate Transparency Act (CTA), aim to prevent financial crimes like money laundering, tax evasion, and fraud. The CTA seeks to improve transparency about who owns and operates entities based in the United States. 

What to Do if You Don't Need Your LLC Anymore

What to Do if You Don't Need Your LLC Anymore

There are many reasons why a business owner may choose to no longer utilize their LLC. Most often it is because the business was unsuccessful at producing revenue or because the business owner retired or moved on from the business entirely.

One important step in closing your Delaware LLC is to officially cancel your LLC charter with the state of Delaware. It’s important to correctly close your LLC in order to avoid fines and penalties for an LLC you are no longer utilizing. 

Tutorial: Filing Your BOI Report with FinCEN Report

Tutorial: Filing Your BOI Report with FinCEN Report

Ensuring compliance with financial regulations is crucial for businesses to uphold integrity and security in their operations. The Corporate Transparency Act mandates that many businesses file beneficial ownership information reports with FinCEN, the Financial Crimes Enforcement Network, a bureau of the U.S. Department of Treasury. To learn more about the CTA and what it means for many business owners, take a look at our CTA FAQs page

The Incorporators has partnered with FinCEN Report, a third-party service that walks you through the process of filing your BOI report. 

Penalties for Non-Compliance with the Corporate Transparency Act

Penalties for Non-Compliance with the Corporate Transparency Act

In an era of heightened emphasis on corporate transparency and accountability, legislation like the Corporate Transparency Act (CTA) plays a pivotal role in ensuring that businesses disclose accurate and up-to-date information about their ownership structure.

The CTA, enacted to combat money laundering, terrorist financing, and other financial crimes, imposes significant penalties for non-compliance.

Let’s review the consequences of failing to comply with the Corporate Transparency Act, covering scenarios such as forgetting to file, filing incorrect information accidentally, filing incorrect information intentionally, and not filing at all.

Beneficial Ownership Information Deadline Extended for New Companies

Beneficial Ownership Information Deadline Extended for New Companies

In a significant development for financial reporting, the Financial Crimes Enforcement Network (FinCEN) has announced a crucial deadline extension for reporting companies. This update allows reporting companies created or registered in 2024 an additional 90 calendar days from the time they receive their documents from the Secretary of State (or other public notice of creation) to file their initial Beneficial Ownership Information (BOI) reports with FinCEN.
What You Need to Know About Company Applicants

What You Need to Know About Company Applicants

With the upcoming regulatory changes bought forth by the enactment of the Corporate Transparency Act, companies established on or after January 1, 2024 will be required to submit Beneficial Ownership Information (BOI) to FinCEN, a bureau of the U.S. Department of Treasury. 

Newly formed entities will be required to submit company applicant details with their BOI reports. One company applicant is required but two may be listed. 

All About Beneficial Ownership Information

All About Beneficial Ownership Information

The upcoming implementation of the Corporate Transparency Act mandate the reporting of beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of Treasury. But what is beneficial ownership and what specific information will be required to be reported? Let's take a look at the details.
The Corporate Transparency Act: An Introduction

The Corporate Transparency Act: An Introduction

In 2021, the U.S. Congress passed the Corporate Transparency Act (CTA) as part of the broader William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021. This legislative action resulted in significant changes to the regulations concerning financial integrity and will require action by the majority of LLCs and Corporations.
Lost Proof of Existence? Steps to Recover Your Company's Identity in Delaware

Lost Proof of Existence? Steps to Recover Your Company's Identity in Delaware

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.

Cash Method of Accounting vs. Accrual Method

Cash Method of Accounting vs. Accrual Method

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.
Holiday Hours

Holiday Hours

In anticipation of the upcoming holidays, we'd like to take a moment to share our holiday hours with you. 

On Friday, December 23rd, we will be closing at 2pm EST.

We will be closed on Monday, December 26th in observance of Christmas Day and Monday, January 2nd in observance of New Year's Day.