You are in the process of starting a new business and of course, you know a lot about your business. However, it is necessary to have a good command of the terminology related to the business and market you will establish.
If you own a Delaware company, there are a number of important business terms you need to know; so, you may need to fully understand all your documents and important dates to ensure your company’s compliance.
- Certificate of Formation
A Certificate of Formation is a document that creates a new Limited Liability Company (LLC) under state law in the U.S., it states specific information about the business that is prescribed by an authorizing statute.
- Certificate of Incorporation
A Certificate of Incorporation is a document issued by the government to officially recognize the start of a new corporation.
- Certificate of Dissolution
When your corporation is going out of business, what you need to do is file a Certificate of Dissolution to wind down the affairs of the company. Following the filing of the certificate, you have three years to wind down the affairs of the company.
- Certificate of Amendment
To make arrangements for a document prepared and filed before the state. For example, changing the name of the company, the number of shares offered for sale, or the nominal value of the shares.
- Certificate of Existence
A document issued by the state to indicate that an entity is operating and fulfilling its responsibilities. In order to maintain this situation, businesses must pay Franchise Taxes and Registered Agent fees.
- Certificate of Good Standing
Similar to the Certificate of Existence, it is also issued by the State, stating that the company is operational and fulfilling its responsibilities. If you need assistance in providing this document, you can contact us.
- Franchise Tax
It is the annual tax that is required from all limited liability companies and corporations established in Delaware due to the establishment in this state. While an LLC pays a Franchise Tax of $300 per year; the minimum Franchise Tax for corporations is $225.
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