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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.
Important Notice: Delaware LLC Franchise Taxes Due June 1st

Important Notice: Delaware LLC Franchise Taxes Due June 1st

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.

Upcoming Holiday Hours

Upcoming Holiday Hours

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 franchise taxes

LLC Franchise Taxes? But I'm Not a Franchise!

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...

We've Moved

We've Moved

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

Our new address is:
300 Creek View Road
Suite 209
Newark, DE 19711

 

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.

How Much are Delaware Corporate Franchise Taxes?

How Much are Delaware Corporate Franchise Taxes?

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. 

How to Close Your Business Before Year End

How to Close Your Business Before Year End

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.

nationwide corporate services

Partnership for Services in All 50 States

In January of this year we announced our strategic partnership with Universal Registered Agents. After years of working together, it was a natural fit to proceed with formalizing our partnership.

Since then, we have continued to provide exceptional customer service to our existing clients and have welcomed new clients through URA.

We are excited to announce that thanks to this partnership...