Starting and expanding a business often involves navigating a maze of corporate filings. From forming a new corporation or merging with another, each step requires meticulous attention to detail and adherence to state-specific regulations. Timely and expedited filing is not just about compliance; it’s about setting the foundation for your business’s growth and success.
Why can’t I form a business immediately?
When forming a business or amending the records of an existing business, filings must be processed with the Secretary of State in your chosen jurisdiction. Upon submission, filings are reviewed by state employees to verify the required information was provided. Turnaround times can vary greatly depending on jurisdiction and for a variety of reasons:
- Volume of filings received: For example, Delaware sees an influx of filings at the beginning of the year before its March 1st deadline for Corporation Annual Report filings.
- Number of state employees: New employees undergoing training may delay turnaround time and cause general staffing issues.
- Closures: State and Federal holidays can cause delays, and weather-related closures are impossible to plan around!
What if I need to file using expedited service?
Let’s say you need your business formed as soon as possible for a real estate venture (just an example) and don’t have time to wait for state employees to review your filing. There are some states, Colorado for example, that have online filing/payment options. One benefit of online filing portals is faster turnaround time. In Colorado, submissions to the online filing portal are processed and filed immediately. However, many states with online filing options still have a review period before filings are accepted and considered effective. Filings submitted without an expedited option are called “routine submissions” in most states.
Are you willing to pay the price?
Thankfully, many states offer expedite options to speed up the turnaround time. However, these expedited services come at a cost and are not available in all states. We are going to highlight Colorado, Delaware, and Wyoming as Corp1 has physical offices in these states, and we are available to assist with any of your corporate filing needs.
Delaware
The Delaware Division of Corporations offers various services, including 1-Hour, 2-Hour, Same Day, and Next Day Expedited Services, designed to meet each business’s needs. Processing times may vary during the busy season, as they are based upon the volume of items received in the office. Expedite services will also cost you an additional fee outside the standard state filing fees.
Suppose you want Delaware filing evidence returned faster than routine processing, which can take up to 2 months currently. In that case, you have several options depending on your budget and how fast you need evidence returned:
- One Hour Service– $1,000.00
- They are completed within one hour of receipt. Filing must be received by 9:00 p.m. EST.
- Two Hour Service– $500.00
- They are completed within two hours of receipt. Filing must be received by 7:00 p.m. EST.
- Same Day Service– ranges from $100.00 to $200.00
- Must be received before 2:00 p.m. EST. For additional information about specific fees, see Schedule of Fees.
Same Day and Next Day services are frequently selected as the expedited cost is more reasonable than other options, and filings are still returned within an appropriate timeframe. Delaware’s online filing option is different than Colorado’s because only Commercial Registered Agents have access to the online filing portal. Corp1 is readily available to assist with any of your Delaware filing needs!
The critical thing to note is that companies choose Delaware because the Delaware Division of Corporations is responsive to the needs of the legal and business communities and can make things happen much quicker than in many other states.
Wyoming
Wyoming attracts a lot of business owners and entrepreneurs for a few reasons:
- Business-friendly environment with robust privacy safeguards: Wyoming facilitates company owners’ privacy by allowing or permitting anonymous LLC ownership.
- Low taxes: Wyoming is one of the most desirable options for company owners who wish to reduce their taxation obligations, as it does not impose a state income tax on LLCs.
- Adaptable operating guidelines: Wyoming’s LLC statutes are some of the most significant and adaptable in the country, providing companies with extensive information on setting up their operations.
However, expedited services in Wyoming are extremely limited, and planning ahead is required in order to secure your desired file date. The majority of Wyoming filings must be submitted at the state counter for processing, and there are no expedited services currently offered for over-the-counter submissions. Turnaround time can take up to 15 business days, according to statutory provisions, so it is important to be prepared!
Wyoming does have an online filing portal with limited filing options:
- Domestic Formations
- LLCs, Corporations, Non-Profits, and Limited Partnerships can file a domestic formation online in Wyoming. Turnaround time is immediate.
- Annual Reports
- All entity types can file Annual Reports using the online portal. Fillings have an immediate turnaround time.
- Note: There is a $500.00 fee limit on the online payment portal. Corp1 can assist with over-the-counter processing as needed.
- Reinstatements (in some cases)
- Reinstatement for failure to file an annual report can be filed online in Wyoming with an immediate turnaround time.
How can I save money on my filing?
Business filings can be expensive, especially if you need something done at the last minute. Planning ahead and understanding turnaround times for corporate filings is essential to ensure the timely processing of your business documents. Each state has different processing times, which can help you plan accordingly. Additionally, many states offer expedited services for faster processing, which can be beneficial when time is critical.
That’s where we come in! Our experienced team is here to assist you in engaging our nationwide network of agents and correspondents to provide corporate filing expertise in all 50 States and internationally. We have offices in Delaware, Colorado, New Mexico, and Wyoming, spanning multiple time zones and delivering superior customer service.
Our team will review and submit corporate filing documents prepared by our office, you, an attorney, or an accountant, and ensure timely submission and communication until the documents are accepted and filed.
Contact us to learn more and enjoy the seamless process of forming your entity and beginning your new business!
Resources: Delaware Division of Corporations, Wyoming Secretary of State