DELAWARE INCREASES FEES AND FRANCHISE TAXES

To View a full list of fee increases, please click here.

House Bill 267 (Chapter 75) passed the General Assembly June 30, was signed by the governor July 1 and contains many tax and fee changes for business entities at the Secretary of State Corporations Division.

I. Fee changes effective 8/1/2009
  
FOR ALL ENTITY TYPES
Certified copies: $50.00
Short form good standing: $50.00
Long form good standing: $175.00

EXPEDITED FEES
New addition is 30 Minute Expedite  - $3,000.00 with certain restrictions (See Section IV below)
Same Day - $100.00 for new formations, all other documents will be $200.00
24 Hour - $50.00 for new formations, all other documents will be $100.00
Must filings - $50.00 and will no longer charge $100.00 when the agent of record is not submitting the filing
GLOBAL Filing Expedited Fee  - $3,000.00
1 & 2 Hour Expedited Fees will not change 

CORPORATIONS ONLY
Filing and indexing will now be $115.00 (formerly $50.00).  This will affect all filings for amendment, restated, designation, merger, conversion, renewal & dissolution. Note that the exception to this increase is new incorporations and change of agent filings. That fee will remain at $50.00

II. Changes in UCC Fees and Services effective 9/1/2009

The fee for filing and indexing a UCC document of one to four pages communicated on paper or in a paper-based format (including faxes) will increase to $100.00.  If there are additional pages, the fee is $2.00 per page.

There will be a fee of $25.00 for each additional name to be indexed when there are more than two debtor-names on the financing statement.

Expedited services are being enhanced to include One Hour (Priority 1) service at a cost of $1,000.00

Two Hour (Priority 2) expedited service will increase to $500.00
Same Day (Priority 3) fee will increase to $200.00
24-Hour (Priority 4) fee will increase to $100.00
Must approval (Priority 5) expedited fee will increase to $50.00
Electronic UCC filings through the State's e-Corp Web Application will increase to $30.00
Expedited fees for searches will remain $25.00

III. Changes in Franchise Tax:

Changes effective 7/1/09 which are retroactive to 1/1/09
Multiplier for Assumed Par Value: $350.00
Max tax for 2009 forward: $180,000.00
(quarterly estimates will not change; additional amount included in balance due March 1, 2010)
 RIC (Regulated Investment Companies)  maximum: $90,000.00

Changes effective 8/1/09
Domestic Corporation  Annual Report Filing Fee (Stock and Non-Stock): $50.00
Exempt Corporations (Religious/Charitable): $ 25.00
GP’s, LP’s & LLC’s Penalty: $200.00
GP’s, LP’S & LLC’S Cancel/Voided: Accrual of taxes, penalties and interest will cease at time of voiding
Foreign Corporations Filing Fee: $125.00
Foreign Corporations Penalty: $125.00

Effective 1/1/2010 for Tax year 2010 forward
Domestic Corporation Penalty: $125.00 (due 3/1/11)
Assumed Par Value minimum tax: $350.00

CSC® Media

New titles from CSC® Media: The 2009 Edition of Virginia Laws Governing Business Entities and the 2009 Edition of Pennsylvania Laws Governing Business Entities.

CSC® Media, in collaboration with LexisNexis® Matthew Bender®, is pleased to announce the July release of The 2009 Edition of Virginia Laws Governing Business Entities.

This Edition features over 50 business entity sections affected by the 2009 Regular Session of the Virginia General Assembly, including extensive changes to the Limited Liability Company Act concerning distributions, disassociation of members, and claims against a dissolved LLC; clarification of the indemnification protections for directors and officers of stock and nonstock corporations; and conformance of the provisions of the Stock and Nonstock Corporation Acts to other businessi was away from my entity forms.

The 2009 Edition continues to feature extensive commentary on the Virginia Stock Corporation Act, including excerpts from the 1985 Report of The Virginia Code Commission on that year’s revisions to the Act, as well as explanatory comments from the Joint Bar Committee. The comments contain significant contributions from prominent Virginia attorney Allen C. Goolsby of Hunton & Williams LLP. The companion CD-ROM contains almost 100 Virginia forms for incorporation/formation, qualification, mergers, dissolution, and name reservation for all entity types.

Pennsylvania Laws Governing Business Entities

Another recent release is the 2009 Edition of Pennsylvania Laws Governing Business Entities.  This Edition contains statutes updated through the 2008 Session of the General Assembly, as well as over 70 new case annotations from state and federal court decisions. The book includes a companion CD-ROM containing over 100 Pennsylvania forms for incorporation/formation, qualification, mergers, dissolution, and name reservation, for all entity types.

Coming in September! The Fall 2009 Edition of Delaware Laws Governing Business Entities

The Fall 2009 Edition of Delaware Laws Governing Business Entities  will contain the significant revisions recently enacted by the Delaware General Assembly to the state’s business entity statutes, among them tax and fee increases payable by business entities under Delaware law. The latest legislative developments and all of the other content and features found in Delaware Laws Governing Business Entities are also available online at the Delaware Business Entity Law website. For more information, see the related article in this month’s CSCFlash.

To order or view other CSC® titles, visit our website at www.cscglobal.com/publications or contact a LexisNexis customer service representative at 1.800.833.9844. Quantity discounts are available.