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What is needed to keep my Delaware Company in Compliance?

Delaware CompanyWith a Delaware company, you may find that you receive several payment requests from your Registered Agent for different services, and it may not be clear what those services are.  This blog helps clarify what those invoices are for.  There are two types of payments that need to be made each year.

State of Delaware Annual Franchise Tax:  Each company is required to pay an annual franchise tax to the State of Delaware.  Each year, you will receive a notice from your Registered Agent on behalf of the Delaware informing you of the tax payment requirement.

CORPORATION:  Due on or before March 1st of each year, and also requires and annual report to be filed. You will receive this notice from our office mid-end of December each year.

LLC/LP:  Due on or before June 1st of each year. You will receive this notice from your Registered Agent mid-end of April each year.

For more information, see our blog on Delaware franchise tax payments.  Click here.

Delaware Statutory Registered Agent:  This is the service fee to represent the company as the Registered Agent in Delaware. This is billed annually; typically renewing on the date of our appointment. Every company formed or qualified within most States are required to appoint a Registered Agent with the Secretary of State. A Registered Agent is the company or individual named to receive Service of Process and all official notices from the jurisdiction on behalf of the company.

For more information on the role of the Registered Agent, see our blog.

How can I make this process easier?Delaware company

There are a few ways to simplify this process and reduce the number of invoices you receive.

  • If you have multiple entities, synch all your entities to the same date. Rather than receive invoices on the anniversary of the appointment, which could be scattered throughout the year, synch these invoices to one date (e.g. January 1).  Or, you could synch the invoices to be received around the same time as your annual tax notice.
  • Sign up for our Annual Report Filing Services (ARFS). With this service, for a small annual fee, we will make sure your tax payment is made.  To learn more about this service click here.

Amy Balke, Accounting Manager

 

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Franchise Tax & Annual Report Filing – Incserv’s Annual Report Filing Service through Snapshot™

Did you know you can file your Delaware Annual Report through Snapshot™?  You can!  Just click on “Franchise Tax & Annual Reports” in the top gray navigation bar, or choose the third icon on the page, “File an Annual Report in a snap.”

Annual Report

There are several perks to filing through Snapshot™.

  1. It’s really easy! Everything’s on one page, there are helpful “What is This?” links on each section.
  2. You can easily copy the principal place of business address into the other address sections with just a click of a button!
  3. A copy of the report that was filed is saved for you! If you file via Snapshot™, you can pull a copy whenever you need it, at no charge, including the second page with the valuable stock and asset information.
  4. Snapshot™ saves the information you entered on the online form, making it really easy to file the following year since all you have to do is review the data on the form, make any changes, and proceed!  For more information on the benefits of Annual Report filing in Snapshot™, check out our previous five-part blog that starts here.

One of our most popular enhanced services is our Annual Report Filing Service (ARFS).  Don’t want to have to worry about filing your report yourself this year?  Let us do it!  With ARFS, we take care of everything for you.  And you can add ARFS right from Snapshot™!  Simply go to the Entities table (use the “Entities” link on the top gray navigation bar), locate the entity you’d like to add ARFS to, and click “Add” in the Annual Report Services column for that entity.  You will be directed to a form where you can choose to add our Annual Report Filing Service.  Snapshot™ will even prorate your invoice so it matches up to your current registered agent billing period!

If you have several entities you would like to add ARFS, you may want to email us at arfs@incserv.com and we can assist you with this!

Sara Flanagan, Systems Analyst

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Don’t Forget! – Delaware LLC, LP & GP Taxes Due June 1st

taxesDomestic and Foreign Alternative Entity Taxes Coming Due

The Delaware 2017 Limited Liability Company, Limited Partnership and General Partnership taxes are due on or before June 1, 2018. The tax is $300 per entity and there is no requirement to file an Annual Report.  Annual taxes are assessed if the entity is active in the records of the Division of Corporations anytime during January 1st through December 31st of the current tax year.  If not paid by June 1, a penalty is assessed and interest will begin to accrue.  The company will no longer be in good standing if this fee is not paid and can even be at risk of being voided.

Annual Taxes can be paid by:

Logging into Snapshot™ (https://snapshot.incserv.com/login.aspx)

Calling Incserv to assist (800.346.4646)

Going directly to the state website (https://corp.delaware.gov/paytaxes.shtml)

Incserv also provides a service for paying annual taxes for you each year, contact us and ask about ARFS for your alternative entity.

Rose Redman, Quality Assurance and Employee Development Manager

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Snapshot™ Overview: Navigating the Site

Our last blog discussed the best way for you to login to Snapshot™.  Today we are going to discuss the different pages within Snapshot™ after you login with your email and password.  (If you login with your DE file number and Incserv Company number, you will have access only to the Franchise Tax & Annual Reports page.)

After you login to Snapshot™, you’ll find yourself on the home page.  You can use the gray bar at the top to navigate, or you can use the icons in the middle of your screen.  (Also note you should turn off your popup blocker as some functions of our site require popups to be displayed.)

 

Snapshot™

The first item on the gray navigation bar is Alerts.  Anything important affecting your companies appears here.  If you have an alert, there will be a gold number beside the word “Alerts.”  You can see the above client account has 8 alerts.  Here you can find if we are about to resign on any of your entities due to non-payment of an invoice, or if there are any outstanding invoices you should pay, or what entities have tax deadlines approaching.

On the Orders page, you can place a new order, view orders for invoices that are in-process with Incserv (please note the amounts shown on these invoices can change – it’s best to contact the CSR assigned to that order if you have any questions about the order), and view invoices.

On the Account page, you can make changes to the client information we have on file.  You can also reset your password here.

On the Entities page, you can view a list of all of your entities, plus much more!  We’re going to address using the Entities page in our next blog in our Snapshot™ series!

On the Billing page, you can view your statement, view your payment history, and view your billing summary, including PDFs of your invoices.  You can also pay your outstanding invoices from this page.  We’ll talk about the Billing page more in depth in an upcoming blog.

On the Franchise Tax & Annual Reports page, you can file your DE annual report if you have a DE corporation, or pay your DE LLC tax if you have a DE LLC.  You can read more about the benefits of filing through Snapshot™ in our 5-part blog series that starts here.  We’ll also touch on annual report filing and our auto-file service in the third blog in our Snapshot™ series.

Finally, on the Resources page, you can view information about filing in or maintaining a company in each of the 50 states!  We’ll introduce you to more information about our Resources tab in a future blog within this series.

As always, if you have any questions, feel free to contact us, call us, or chat with us, and we’ll be happy to walk you through any part of Snapshot™ – or just wait for one of our upcoming blogs where we take a closer look at the benefits of using Snapshot™!

Sara Flanagan, Systems Analyst

 

 

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April 2nd Deadline – DC Biennial Reports and Trade Name Renewals!

ReportsEvery two years, entities doing business in the District of Columbia (DC) are required to file biennial reports to maintain its authority to do business.   During the report filing period, you may update your principal office address, make changes to the governors of the entity (officers, directors, managers and/or members), and change your registered agent.

Additionally, if you have a trade name that will expire this year, you must renew your trade name by April 2nd to avoid cancellation.

ReportsIf the Department of Consumer & Regulatory Affairs (DCRA) does not receive your report or renewal by April 2nd, a $100 penalty will be assessed, in addition to filing fees.  After August 31st, the trade name will be cancelled and the entity will be revoked.

Don’t risk your good standing with DCRA!  Let Incserv assist with filing your report and renewing your trade name!   You can click on the link to our website to place your order https://incserv.com/franchise-taxannual-report-order-form/?v=317b9cf9fc4d.

If you have any questions or would like additional information about our compliance services, simply e-mail us at DCorders@incserv.com or call us at 202.386.7575 or 877.531.1131.  We will be happy to assist!

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DC Biennial Reports & Trade Name Renewals Due by April 2nd!

Biennial Report, DCIn order to maintain its authority to do business in the District of Columbia (DC), registered entities are required to file a biennial report the year after registering with the Department of Consumer & Regulatory Affairs (DCRA) and every two years thereafter. 

The biennial report filing period allows for updating officers, directors, managers and/or members.   Additionally, you may now elect to change your registered agent at this time!  Incorporating Services, Ltd. would be honored to represent you in DC and all 50 states!

Also, if your trade name is expiring this year, you must renew your trade name by April 2nd or risk having the registration cancelled after August 31st.  This is consistent with the biennial report filing requirement.  Don’t lose your registrations! Blank forms may be found on the DCRA website at https://dcra.dc.gov/node/514502. Let Incserv help you to stay in compliance!

As always, if you have any questions about biennial reports or need assistance with filing, we are more than happy to help. Simply e-mail us at dcorders@incserv.com or call us at 202.386.7575 or 877.531.1131.

Deirdre Davis-Washington, Assistant Vice President

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Delaware Annual Report & Franchise Tax–The Buzz! Part 5

Delaware Annual Report & franchise taxThe Delaware Annual Report deadline is approaching quickly – File by Thursday, March 1st!

For our final installment of Delaware Annual Report & Franchise Tax–The Buzz!, we would just like to remind you that the deadline is approaching quickly!  Delaware Domestic Corporations must submit their 2017 Annual Franchise Tax Report and Payment on or before 3/1/2018 (that’s this Thursday) in order to remain in good standing.  Penalty and interest are also assessed for entities that file their annual report and pay their franchise taxes after the due date, which is why it’s important to file by the deadline!

  • Have questions about the content of the Delaware annual report? You can refer back to the previous sections of this blog for helpful tips (click here to view part three).
  • Need help filing? Log into Snapshot™ for step by step filing or contact Incserv to have one of our trained Client Service Representatives file for you.  Our online order form is one great way to request our help and provide us with the information we need to file.  You can also call or email us for assistance as well!
  • Don’t have a Snapshot™ login? You can visit this link anytime and place a request for a login.  In addition, during business hours, feel free to email or call us and we will be happy to provide you with a login and password for your Snapshot™ account.

Thanks for visiting our blog.  Stay tuned for more great content to come from Incserv!

Lucy Rose, Project Manager, Product Research and Development

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DE Annual Report & Franchise Tax – The Buzz! Pt 4

Delaware Annual Report & franchise taxPart four of our Delaware Annual Report & Franchise Tax Series will answer questions about the deadline for filing. If this happens to be the first blog you’re seeing in the series, click here to start from the beginning.

The Delaware annual report for all domestic corporations is due on or before March 1.

What happens if I miss the deadline for filing my corporation’s Delaware annual report and paying the franchise tax?

 A penalty fee of $200 will be added if the annual report is not filed by the due date. In addition, 1.5% interest is assessed and added to the total amount due. The 1.5% interest is calculated based only on the total franchise tax due and does not include the annual report fee and penalty. Interest is continually accrued on the 6th of each month until the franchise tax is paid or the entity goes into an inactive status.

What if I have not filed Delaware annual reports for two consecutive years?

The State will declare the company void.  The company will not be in good standing and will need to pay all applicable fees.  A reinstatement will need to be filed in order to bring it back into good standing.  If Incserv is the registered agent, a resignation will most likely be filed prior to March 1, which will place the company into a forfeited status.  Again, all applicable fees and the pertinent filing will need to be completed in order to reinstate to good standing.

What do I do if I made a mistake on my Delaware annual report filing?

An amendment may be filed, but it must be filed before a subsequent report is filed. For example if you made a mistake on the 2016 report, the 2016 report must be amended before the 2017 report is filed. Otherwise the 2016 record will stand as is.

If you have any questions about or need assistance with filing a Delaware annual report or paying Delaware franchise tax, feel free to reach out to us. We’re here to help!

Rose Redman, Quality Assurance and Employee Development Manager

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Delaware Annual Report & Franchise Tax–The Buzz! Part 3

Delaware Annual Report & franchise taxFrequently Asked Questions – Delaware Annual Report

In today’s Delaware Annual Report & Franchise Tax – The Buzz!, we would like to offer you answers to frequently asked questions you may have while filing your Delaware Annual Report.  If you happen to have missed part one and two of our blog series, click here to view.

Q.  Where do I find my Gross Assets?

A.  The Delaware Annual Report requires your company’s entire Gross Assets as reported to the IRS on your Federal 1120, Schedule L form. If you haven’t filed your Federal Taxes yet, please refer to your Balance Sheet for your most recent information on your gross assets.  If you have an accountant or tax service handle this for you, please ask them for the most up to date information.  If you used Snapshot™ last year to file your report and nothing has changed, this information will still be available for your reference.

Q. What if my Gross Assets change after I file my Delaware annual report; shouldn’t I wait to file when it is finalized?

A.  You can file an amended Annual Report with the State of Delaware if you need to make a change, rather than filing your report late to wait for the finalized amounts. Filing late incurs both a penalty of $200 as well as interest of 1.5% per month on the unpaid tax amount.

Q. Where do I find my Issued Shares?

A.  The State of Delaware has record of your Authorized Shares and Par Value, however, Issued Shares are not public information. The shares your company has issued should be recorded on a company held stock ledger found in your corporate minute book.  If you have a CPA or Attorney handle these matters for you, please ask them for the current amounts.  If you’ve used Snapshot™ last year to file your report and nothing has changed, this information will still be available for your reference.

Q. My company didn’t do any business during part of 2017; can I enter those Inactive dates in the space provided?

A.  The Inactive dates on the report refer only to a portion of the year in which a company was potentially Inactive within the records of the Secretary of State. If you had to file a renewal or reinstatement during the calendar year of 2017 then this may apply to your company (please call or email us to provide you with the dates.)  Otherwise this does not likely apply to your company.  If your company is no longer doing business, but you have not filed a dissolution with Delaware, your company will continue to be required to file a Delaware Annual Report until this is filed; please call or email us if you feel you need to dissolve.

Q. My company never began doing business; do I still owe this report and fee?

A.  As long as the company is Active with the State of Delaware, it will owe a Delaware Annual Report and franchise tax each year. The report fees are based on the Authorized Shares as outlined in the charter documents filed with Delaware.  If the company is minimum stock then the minimum tax will be due ($225 which includes the report filing fee.)   If you feel you should dissolve the company because it will not do business in the future, please contact us to ask about dissolving.

Q. My Principal Place of Business is outside the U.S.; how do I enter this?

A.  There is a check box on the Annual Report for a “Non-US Address”. By checking this box and choosing the country, the report will format correctly to accept the address and allow the report to submit properly.

Q. Why am I receiving an error when attempting to submit my report through Snapshot?

A.  Be sure and enable your pop-up blocker for our site when filing. If you still experience trouble, please let us know.

Lucy Rose, Project Manager, Product Research and Development

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Delaware Annual Report & Franchise Tax–The Buzz! Part 2

 Annual Report & franchise tax, DelawareFiling your Delaware Annual Report & Franchise Tax via Snapshot™; Benefits and Tips!

In today’s Delaware Annual Report & Franchise Tax – The Buzz!, we would like to tell you the benefits and tips of using Incserv’s Snapshot™ Annual Report Filing Section. We may be a little biased, but we think you’ll find it to be pretty great as well!

  • No matter if you manage just one or multiple Delaware entities, all entities within your account will appear on screen for one-click Annual Report filing access.  Just click “Franchise Tax & Annual Reports” to get started.
  • Snapshot™ saves your previous year’s filing information, saving you the time of reentry! If nothing has changed, simply review and file.
  • View and download previous year Annual Reports filed through snapshot™, including the second page wherein Issued Shares and Gross Assets are listed (this information cannot be retrieved from the State as it is not public record.)
  • Snapshot™ charges a minimal fee for all this convenience of just $20 per report filing.
  • TIP! Use Google Chrome to access Snapshot™ and disable your pop-up blocker for our site.

Don’t have a Snapshot™ login?   You can visit this link anytime and place a request for a login.  During business hours, feel free to email us at radiv@incserv.com or call us and we will provide you with a login and password.

In addition to Annual Report filing, Snapshot™ provides you with a view of all of your account entities in one place including access to previously received Service of Process.  You can also place an order, view pending orders and pay invoices quickly and easily.  Watch for new features as we continue to upgrade your entity management experience!

Lucy Rose, Project Manager, Product Research and Development