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Delaware Boat Registration Series – Part 2

Delaware boat registrationIn part one of our three part Delaware Boat Registration series we answered some frequently asked questions about how to register your boat in Delaware. Here in part two, we’re covering boat registration renewals, transfers, and deflagging/deleting.

When can I renew my Delaware boat registration? As mentioned in part one, Delaware boat registrations run on a calendar year. Beginning mid-October, registration renewal opens up. Therefore if your registration expires December 31st, you may renew beginning in mid-October.

What information do I need to renew my Delaware boat registration? You will need the information from your original registration, such as the hull number, boat registration/DL number and the exact individual or company name your boat is registered under. Please note if your boat is registered under a company name, the company needs to be in good standing with the State of Delaware and with its registered agent.

I need to renew, but my address needs to be changed. How do I change the address on my registration? Your address can be updated during the renewal or transfer process.

Can I use your address on my registration? Yes. If you’re an Incserv registered agent client, you can use our address on the registration.

How do I transfer my Delaware boat registration? Transferring registration is simple. You’ll need a notarized bill of sale and then you will complete a new application. For all the details on new applications, click here to check out part one of our series.

Can I deflag or delete my Delaware boat registration? Deleting your Delaware Boat registration is also commonly referred to as deflagging your boat. Like transferring registration, the process is easy. All you need is the registration number. This is the number that starts with DL on your registration card. The Delaware Department of Natural Resources (DNREC) can then produce a deletion letter. If the deletion letter needs to be apostilled for use abroad, we can help with that too!

As always, if you have additional questions or need assistance with boat registration, renewal, transfer, and/or deletion, give us a call or email us. We would be happy to help, as we courier boat registrations back and forth to DNREC several times a week for our clients.

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Delaware Boat Registration Series – Part 1

delaware boat registration“How does Delaware boat registration work?” or “I need to register my boat in Delaware. Can you help?”  are questions we often hear from clients.  Good news! The Delaware boat registration process is relatively quick and painless. Read on to get all the details broken down in an easy to follow question and answer format.

What documents will I need  for my Delaware boat registration?  All boats / vessels will need a completed Delaware Department of Natural Resources (DNREC) boat registration application.  New boats will also need a copy of the Manufacturer’s Certificate of Origin (MCO) or Builder’s Certificate assigned to purchaser(s) and Bill of Sale if Certificate of Origin or Builder’s Certificate is not assigned to purchaser(s), and a Federal or State Issued ID, such as a driver’s license or passport. For used boats, a copy of the title, registration (non-title states only), federal documentation (photocopy of seller’s most recent Certificate of Documentation), and if applicable, a lien release must accompany the application.  In many cases, a copy of notarized bill of sale with complete description of the vessel is also needed.

How long does the Delaware boat registration process take? Once we have all of your documentation, we can email you proof of registration within about three (3) business days. Originals will then be mailed or sent overnight.

What does the State of Delaware provide as proof of registration for my boat/vessel? DNREC provides a boat registration card and two (2) decals. A verification letter can also be obtained, if needed.

What does the Delaware boat registration card look like? The Delaware boat / vessel registration card is printed on white paper. They no longer provide a blue plastic registration card.

How long is Delaware boat registration good for? Delaware boat / vessel registrations are available in annual or three-year increments. Registration runs on a calendar year and is not prorated. Therefore, the fees will be the same and your registration will expire on December 31st, whether you register your boat/vessel in January or October.

What is the cost for a Delaware boat registration? Fees vary depending on the size of the boat and whether you choose a one (1) year or three (3) year registration term.  For example, in 2017,  a 10’ boat/vessel registered for one (1) year, is $20, but a 49’ boat / vessel registered for three (3) years is $300.

If you have additional questions or need assistance with Delaware boat registration, give us a call or email us. We would be happy to help, as we courier boat registrations back and forth to DNREC several times a week for our clients.

Gennine No Comments

Delaware House Bill 175 Passed

Delaware House Bill 175, passed on July 2nd, alters various fees assessed by the Delaware Secretary of State.  The Bill Synopsis is as follows:

“This Act alters various fees assessed by the Delaware Secretary of State. The Act provides that most changes to the fees and taxes assessed will take effect on August 1, 2017; however increases to the maximum franchise tax and the late penalty for the filing of an annual franchise tax report shall take effect for the tax year beginning January 1, 2017, and the increase of the assumed par value multiplier for calculation of the corporate franchise tax and the authorized shares multiplier for corporations with greater than 10,000 authorized shares for calculation of the corporate franchise tax shall take effect for the tax year beginning on January 1, 2018.”

Click here to read Delaware House Bill 175 in detail.

If you have any questions or need assistance with annual reports or franchise taxes, please do not hesitate to contact us.

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DE Secretary of State Employee Recognition Luncheon

Update*

Reminder…

On Friday, June 9, 2017 an Employee Recognition Luncheon is planned for all the employees of the Delaware Secretary of State – Division of Corporations.  State services have been altered.

* There will be NO “Same Day” or “Must Approval” service filings for this day.

All 30 Minute and One-Hour service filings must be received prior to 10:00 AM (ET)Two-Hour service filings will need to be received prior to 9:00 AM (ET) and 24 Hour service filings must be received prior to 12:00 PM (ET).

We will be able to secure filing dates and times until 10:30 PM (ET).

To meet these deadlines, Incerv must receive all filings AT LEAST 15 MINUTES before the DE SOS corresponding cut-off times.

Incserv will have full-staff available to meet all of your corporate and UCC needs. Contact us via email or call 800.346.4646
(International callers please dial 302.531.0855.)

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March 24th – DE Secretary of State Cut-Off Times Altered!

On Friday, March 24, 2017 an Employee Recognition Luncheon is planned for all the employees of the Delaware Secretary of State – Division of Corporations.  State services have been altered.

All 30 Minute and One-Hour service filings must be received prior to 6:00 PM (ET) and Two-Hour service filings will need to be received prior to 5:00 PM (ET).  All other cut-off times will remain unchanged.

We will be able to secure filing dates and times until 10:30 PM (ET).

To meet these deadlines, Incserv must receive all filings AT LEAST 15 MINUTES

before the DE Secretary of State corresponding cut-off times.

Incserv will have full-staff available to meet all of your corporate and UCC needs. Contact us via email or call 800.346.4646 (International callers please dial 302.531.0855).

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New and Energized Focus on Compliance

January 10, 2017- Incorporating Services, Ltd. (Incserv) is pleased to announce Steffan Bradford as the newly appointed Team Leader for its Compliance Department. Steffan began his career with Incserv in 2011, as a member of the Client Services Team. His client focused perspective combined with the seasoned team already in place has created a renewed energy.

The focal points within the Compliance Department are the Annual Report Monitoring (ARMS) and Annual Report Filing Services (ARFS). As most jurisdictions have annual filing and/or tax requirements it is imperative these obligations are met in order to maintain any legal protections the entity may provide. ARMS takes the task of keeping track of annual report filing and franchise tax due dates off of your desk and puts it on to ours. ARMS monitors due dates for all entity types across the nation, and sends filing reminders ahead of the deadline. An automated filing option is also available (ARFS). With the auto-file option added, Incserv’s Compliance Department proactively compiles and maintains the information necessary to prepare, file and make payments. As the due dates approach, the team automatically files and/or makes payment. Proof of compliance is then uploaded to a personal client portal for easy access whenever you need it. Steffan and the team have worked to fine tune these processes and enhance the communication we have with our clients.

For more information or to contact Steffan directly, call 302-531-0729 or email sbradford@incserv.com.

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The Panama Papers Part II

The Panama Papers Part II

Joshua M. Twilley, President of Incorporating Services, Ltd. shares with us the following with regards to the Panama Papers.

The Panama Papers (Papers) put a spotlight on the uses of corporate entities for tax purposes.  While many (if not most) of the entities in the Papers were established legally and are not necessarily involved in legal wrongdoing, the focus on the uses of corporate entities and how they can be monitored while protecting the privacy of entities is an important discussion.  I previously wrote about the Panama Papers here.

Rick Geisenberger, Chief Deputy Secretary of State of Delaware and head of the Department of Corporations, recently outlined some of the issues facing identification and prosecution of those using corporate entities operating in illegal ways.  Mr. Geisenberger ‘s article appears in the September/October 2016 issue of Delaware Business, a publication of the Delaware State Chamber of Commerce.

This insightful article, which can be found here, also highlights several easy-to-implement solutions to make sure corporate entities are not used for illegal purposes.

Delaware has been a leader on developing best practices for protecting America’s interests, which many other states have adopted.  I agree with Rick that the solution can’t be solved by looking to each state to adopt some form of compliance, with 50 different sets of laws and 50 different levels of corporate involvement.  The currently proposed federal solution outlined in the article would ensure compliance in all jurisdictions, creating a good balance of protection and privacy, and give federal authorities the ability to investigate and prosecute.

The information within this post is intended for general information purposes only. Incserv and its employees cannot offer legal or financial advice. Please consult with your legal counsel for assistance in how this information may or may not affect you and your business prior to making any decisions. The above information (and any attachments) should be judged accordingly.

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Delaware Statutory Trust

Joshua M. Twilley, President of Incorporating Services, Ltd. shares with us his insight on the Delaware Statutory Trusts.

Delaware is long known to be a leader in corporate law, but Delaware is also a trailblazer in trust law.  In 1988, Delaware was the first state to adopt a legal framework governing trust law, with the passage of the Delaware Business Trust Act, which governs the Delaware Statutory Trust (DST).  While other states have adopted similar legislation, the Delaware version has evolved over the years.  Today, the DST is considered the preferred vehicle for trust activities that involve financial transactions.

What is a Delaware Statutory Trust?

In an ordinary trust relationship, a fiduciary would hold legal title on a property on behalf of another, who held the equity title.  These trusts are governed by a Common Law framework.  The Delaware Business Trust Law allows for the creation of a Delaware Statutory Trust (DST).  The DST is considered a separate entity which can in many ways behave like a corporate entity, with a body of trustees and a group of beneficial owners.

What makes a Delaware Statutory Trust a preferred vehicle?

This structure offers a number of advantages.  The trust can have multiple trustees and beneficial owners, who receive the same liability protection afforded to stockholders of a Delaware corporation.  As an independent entity, the DST can enter into contracts while still protecting beneficial owners, and even provides beneficial owners protection in the event of bankruptcy.  Finally, the Delaware Court of Chancery, widely considered one of the best corporate and trust courts in the world, has jurisdiction over the DST.

How is a Delaware Statutory Trust formed and maintained?

Forming a DST is an easy process, requiring a certificate of trust to be filed with the Delaware Secretary of State, along with the Trust Agreement.  There are no annual maintenance requirements (franchise tax or annual report) for a DST.  A Delaware resident must be named as a trustee.

Incserv can assist in all aspects of filing the Delaware Statutory Trust and can provide a Delaware resident as a trustee.  Contact us for more information.

The information within this post is intended for general information purposes only. Incserv and its employees cannot offer legal or financial advice. Please consult with your legal counsel for assistance in how this information may or may not affect you and your business prior to making any decisions. The above information (and any attachments) should be judged accordingly.