EFFECTIVE DATES AND NEW CORPORATION/LLC FILINGS

As we near the end of 2018 the topic of effective dates is a discussion that comes to mind in relation to the filing of new Corporations and/or new Limited Liability Companies.  Your client may have a new business venture and is looking to form a new business entity. Your first inclination may be to deter them from filing this close to the end of the year in order to avoid 2018 taxes, however in many States you can file now, setting forth a future effective date. Continue reading “EFFECTIVE DATES AND NEW CORPORATION/LLC FILINGS”

What you should know about Corporate and LLC Dissolutions

Corporate and LLC-Dissolutions

As we approach the end of year many Corporations and Limited Liability Companies find themselves needing to dissolve. Here’s what to expect when dissolving a corporation or a Limited Liability Company.

For corporations many states require that you obtain consent from their governing tax authority before they will accept the filing of a dissolution.  For instance, New York and New Jersey have a stringent tax clearance process you must go through before you can dissolve a corporation. In NY, before you can file for dissolution with the Dept. of State you must first obtain consent from the NY  Department of Taxation and Finance.  Before the New York Department of Taxation and Finance will grant that consent, a corporation must be current with their franchise tax return filings, payment of taxes and a “final franchise tax return” must be filed (and marked such) along with payment of any taxes due per that return.   Continue reading “What you should know about Corporate and LLC Dissolutions”

Kris Delong is an experienced Corporate Services Manager  with a demonstrated history of working in the legal service industry. Skilled in New York LLC and Corporations creation, LLC Publications, Entity Dissoulutions, Bi Annual Report Filing and  Regersted Agent Service. A Blumberg team member since 1997.

What is an “annual report”?

Annual Report Filing Service

Every business entity filed on a state level with the Secretaries of State of each state is required to file an “annual report” in order to remain active and in good standing.  Failure to file such an annual report may result in penalties or revocation of the corporate or business charter. While the time of filing of a company’s annual report may vary with the state in which it is filed, it is a requirement to remain in business. Continue reading “What is an “annual report”?”

In Which State Should You Organize Your Business?

In Which State Should You Organize Your Business?

Companies which own or lease real estate, employ people, conduct business and/or generate income in a state are considered to be “doing business” in that state. A small business that is “doing business” in only one state should, in most cases, organize in that state. If, however, you are contemplating doing business in more than one state, the decision about where to organize your business gains importance. Continue reading “In Which State Should You Organize Your Business?”

What is a Delaware Statutory Trust?

A Delaware Statutory Trust (DST) is a legal entity in which each beneficiary  has a “beneficial interest” and for Federal income tax purposes is treated as owning an undivided fractional interest in the property held by the trust.  Delaware statutory trusts are formed as private governing agreements under which either (1) property (real, tangible and intangible) is held, managed, administered, invested and/or operated; or (2) business or professional activities for profit are carried on by one or more individuals who act as trustees for the benefit of a party who is entitled to a beneficial interest in the trust property.

Continue reading “What is a Delaware Statutory Trust?”

How to Form a Not-for-Profit Corporation

Not-for-Profit Corporations are formed for many reasons.  In New York State there are two types of formations: charitable and non-charitable.  New York now allows for filings of each with a purpose as simple as:  any purpose for which corporations may be organized under the Not-for-Profit Corporation Law as a charitable corporation or any purpose for which corporations may be organized under the Not-for-Profit Corporation Law as a non-charitable corporation. Continue reading “How to Form a Not-for-Profit Corporation”