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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.

New business owners often struggle to determine if forming an LLC or incorporating is the right option for them.

LLCs and S-Corps are commonly cited options, particularly for solopreneurs. But while they have some overlapping benefits (like pass through taxation), they have several notable differences. 

This is part five of our series, Start an LLC with Me. So far, we’ve started a Delaware LLC, gotten an EIN number, opened a business bank account, and gotten a business license.

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 about why it's called a franchise tax here.

This is the fourth post in our series Start an LLC with Me. In our first post, readers came along as I officially formed an LLC. I then got an EIN number (and shared step-by-step instructions) and opened a business bank account. Next up: getting a business license.

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, in part one I walked you through how to start a Delaware LLC, step-by-step. In part 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.

As the year comes to a close, we'd like to take a moment to share our holiday hours for the coming week. 

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

• December 24th (Christmas Holiday observed)
• December 31st (New Years observed)

We wish you and your family a happy and healthy holiday and we look forward to working with you in the New Year. 

What is the cheapest way to form an LLC?

Our most cost effective package option is our LLC E-Kit, an all digital package with delivery via email.

This package is priced at $175 and includes all state taxes and fees. Each package includes everything you need to make your business official including a stamped filed copy of your Certificate of Formation, a sample operating agreement and minutes, membership certificates

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)