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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. 

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.

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. 

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 about why it's called a franchise tax here.

In preparation for the upcoming holidays, we'd like to take a moment to share with you our hours for the remainder of the calendar year. 

The Incorporators Ltd. will be closed on the following dates:

• November 11th (Veterans Day)
• November 25th (Thanksgiving Holiday)
• November 26th (The day after Thanksgiving)
• December 24th (Christmas Holiday observed)
• December 31st (New Years observed)

Delaware LLC's are required to pay an annual tax to the state of Delaware on or before June 1st. The tax is often referred to as "franchise tax".

Why is it called franchise tax?

This terminology confuses some, simply because our common use of the word franchise usually means a store with multiple locations. In this case, the term is used because the taxes for LLC's...

The Incorporators Ltd. is pleased to announce that we've moved to a new office space.

Our new larger space will accommodate our growing team so that we can continue to provide you with the unparalleled client service you've come to expect from us.

If you have a Delaware corporation or are considering forming a corporation in Delaware, annual corporate franchise taxes and report filing will be a pivotal part of maintaining corporate compliance and keeping your entity in good standing.  

Today we're answering all of the most common questions about Delaware corporate franchise taxes. 

It has been a challenging year, particularly for many small businesses. According to the US Chamber of Commerce, "Only four in 10 (40%) of all small business owners believe their business can continue to operate indefinitely without having to shut down permanently."   

If it's time to say goodbye to your business, we can help you close up shop so that you're not accruing taxes in to 2021.