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Cyber Law Guide
The Truth About Incorporating In Delaware
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Delaware is a great place to incorporate, but is it
for you?
The great state of Delaware was one of the first during the last half of the
nineteenth century to pass legislation that was extremely business-friendly, and
remains a corporate haven to the present day.
It’s small wonder that nearly 60% of all Fortune
500 companies and over 50% of public U.S. corporations are registered in
Delaware. With well over a century of experience, Delaware has the most
extensive body of corporate case law of any state in the Union. |
Legal matters related to
corporations in Delaware are overseen by Delaware’s Chancery
Court - which is a “court of equity” as opposed to a “court
of law.” As such, there is no jury. All legal decisions are
rendered in writing by the judge (known as a “chancellor” in
this case), and cases tend to move more quickly through the
system. Whereas a Court of Law can provide only monetary
relief on a given issue, a Chancery Court can actually issue
injunctions prohibiting or requiring a course of action –
which is very handy when a major acquisition or hostile
takeover is imminent.
Delaware law also allows for some flexibility if yours is a
business that offers more than one type of service. For
example, perhaps you make part of your living as a computer
graphic designer, part of it as a professional blogger, and
yet another part of it fixing motorcycles – and on top of
that, you get royalties from published writings and play
guitar in a country-western band on the weekends. This can
make for some very complicated bookkeeping, and technically
necessitates the formation of a separate business entity for
each.
Delaware law allows you to create what is known as a “Serial
LLC,” which can cover several lines of business under one
entity while treating them separately from each other for
purposes of liability. Originally, the purpose of Delaware’s
Series LLC law was to allow money management funds to
operate as LLCs. Today, people who own multiple rental
and/or investment properties are using this law to simplify
their own bookkeeping and avoid the necessity of creating a
separate entity for each. You can read the full text of
Delaware’s Series LLC Law at
http://www.delcode.state.de.us/title6/c018/sc02/index.htm
. You’ll probably want to consult with your tax advisor, who
can tell you exactly how formation of a Serial LLC can help
you in your state, if at all.
Beyond that, other advantages include a relatively low
initial fee for incorporating, which may be under $90.
Should you decide to issue stock, you’ll also find that such
shares are tax exempt in Delaware, providing you – as the
owner of the corporation – do not reside there.
These tips will help you in choosing a state to incorporate
in and see if Delaware matches with your business needs.
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