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Corporate Transparency Act Updates February 2024

Corporate Transparency Act Updates

Beginning January 1, 2024, all new entities (“reporting company”) have been tasked with filing a Beneficial Ownership Information Report (BOIR) with the U.S. Dept. of Treasury, Financial Crimes Enforcement Network (FinCEN). This BOIR identifies the beneficial owners and anyone with “substantial control” of the reporting company. Since then, several updates have taken place, and we're currently revising the CTA information accordingly. Should you have any questions, please contact us, and we are happy to discuss the CTA and simple and easy ways to file your BOIR,  BOIR Filing Q&A The...

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The Importance of Filing Your Delaware Annual Report

Delaware Annual Report

Delaware Annual Reports and Franchise Taxes are due March 1st for all active Domestic Corporations. Failure to file the report and pay the required franchise taxes will result in a penalty of $200.00 plus 1.5% interest per month on tax and penalty. It is imperative that the Annual Report is completed timely. What is a Delaware Annual Report? The Delaware Annual Report for Domestic Corporations is a document containing business information and is filed along with the franchise taxes due each year. The entity does not have to be physically in Delaware or doing business in the state. What...

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Understanding The Wyoming Merger Process

wyoming merger process

When it comes to business expansion and growth through mergers, choosing the right state for filing can be a critical decision. Wyoming, often dubbed the "Delaware of the West" due to its business-friendly environment, is increasingly becoming a preferred destination for companies seeking to navigate the complexities of mergers. To review Wyoming's Corporation Merger Statutes, focus on Section 17-16-1102. When considering filing a Wyoming merger, some questions you may be asking are: Is there a statutory form for mergers in Wyoming? No, Wyoming does not provide a statutory merger form for...

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Navigating Reporting Requirements Under the Corporate Transparency Act

corporate transparency act

The Corporate Transparency Act will go into effect on January 1, 2024. Enacted in 2021, it aims to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities. Beginning January 1, 2024, all new entities (“reporting company”) will need to file a Beneficial Ownership Information Report (BOIR) with the U.S. Dept. of Treasury, Financial Crimes Enforcement Network (FinCEN). This BOIR must identify the beneficial owners and anyone with “substantial control” of the reporting company. They also must identify two “company applicants”...

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Secure Business Filing in Colorado: Know How to Protect Your Information

Secure Business Filing prohibits business identity theft and business filings such as dissolution without your permission or knowledge. Colorado’s business entity laws were amended when the measures were enacted in 2022- SB22-034.This action puts restrictions in place so you can control who can submit filings or make changes on your behalf. Establishing and Managing Secure Business Filing Accounts Setting up a secured business filing account with the Colorado Secretary of State when you form your entity is critical to preventing business identity theft. You can still create a Secure...

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Unlocking Efficiency: Why Corporate Service Companies Are a Game Changer

efficiency in business

In the world of corporate governance, time is of the essence. The invaluable expertise and efficiency offered by a corporate service company, like Corp1, can make all the difference. In this blog, we'll explore why you should consider partnering with a service company backed by real-world examples. Here are some ways that corporate service companies like Corp1 can unlock efficiency for your needs: Document Retrieval Speed and Expertise: Corporate service companies excel in obtaining documents swiftly, often faster than clients can directly. They leverage agent access accounts, on-site...

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8 Steps to Forming a Business Entity

Congratulations! You have decided to start a business and embrace your entrepreneurial spirit. Forming a business entity does not have to be intimidating or complicated. We can help. We have broken down the formation process into eight simple steps and given you some food for thought. Choose a Name and Check to see if it is available Before registering your business, please check your name availability with the state in which you are registering. Each state has unique rules regarding naming and may or may not accept variations of business names. Check the Domain Name Your company’s domain...

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Delaware State Bill 110 LLC and Corporation Fee Increase

delaware llc fee increase

Effective August 1, 2023, the State of Delaware Division of Corporations will implement a fee increase for Limited Liability Companies (LLCs) and Corporations. This decision comes following the enactment of Delaware State Bill 110, which seeks to strengthen and bolster the state's business infrastructure. Under the revised fee structure, the new filing fee for LLCs will be $110.00, a $20.00 increase from the previous amount of $90.00. Similarly, Corporations will experience a minimum fee adjustment from $89.00 to $109.00. Please note that this fee increase does not affect the fees for...

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Delaware Section 502 Principal Place of Business Compliance

Effective August 1, 2022, Delaware amended the General Corporation Law of the State of Delaware (“DGCL”), affecting several provisions. The State of Delaware is enforcing Delaware Title Code 8. Del.C Sec 502 (a)(3) for the 2022 Annual Report tax year.  Companies are now prohibited from using a registered agent's address as their principal place of business.  If your entity has done this in the past, then an Amended Annual Report to change to your physical address must be completed at once.  What is Section 502? Section 502 clarifies that unless a corporation maintains its principal place...

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