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June 23, 2003
Dear Valued Client:
Delaware's Governor Minner has signed House
Bills 267 and 268 altering fees and annual taxes.
Tax changes are effective January 1, 2003 and
all other changes are effective August 1, 2003.
Bills are available for review on the internet
at: http://www.legis.state.de.us/Legislature.nsf/fsLIS?openframeset&Frame=Main&S
Almost all fees for filings in Delaware for
both corporations and Limited Liability Companies
have been increased by varying amounts. For
example, the minimum filing fee for a new incorporation,
assuming certified copies, 24 hour expedite
and the County recording fee, will increase
from $162 to $187. The fees to form a new Limited
Liability Company (again, assuming the 24 hour
expedite and certified copies) will go from
$120 to $170. Comparable increases have been
made in the fees due with every filing or document
retrieval.
The annual tax rates - due on March 1, 2004
for corporations and June 1, 2004 for LLCs -
have increased as well. A table is laid out
below but, in short, the minimum fee for a corporation
will increase from $50 to $60 and that for an
LLC will increase from $100 to $200.
Any document received on or after June 23,
2003 which voluntarily terminates the existence
of a company (ie: merger, dissolution, cancellation,
conversion, etc) will be assessed the 2003 tax
using the new tax rates.
| Corp
Franchise Tax |
Old |
New |
| Annual
Report filing fee |
$20 |
$25 |
| Penalty |
$50 |
$100 |
| 1-3,000
shares |
$30 |
$35 |
| 3,001-5,000
shares |
$50 |
$62.50 |
| 5,001-10,000
shares |
$90 |
$112.50 |
| Each
additional 10,000 or portion thereof |
$50 |
$62.50 |
| Maximum
Shares |
150,000
|
165,000 |
| |
| Other
Tax |
Old |
New |
| General
Partnership |
$100 |
$200 |
| Limited
Partnership |
$100
|
$200 |
| Limited
Liability Company |
$100
|
$200 |
As always, please call one of our Corporate
Specialists at 1.888.664.6263 or 1.845.398.0900
with any questions or requests you may have.
The
IBCF Corporate Specialist Team is always here
to help. Do not hesitate to contact
us if you have any questions, or need assistance
with any of your business needs.
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