{"id":28100,"date":"2023-11-23T08:28:16","date_gmt":"2023-11-23T08:28:16","guid":{"rendered":"https:\/\/boostsuite.com\/?page_id=28100"},"modified":"2024-04-09T14:25:24","modified_gmt":"2024-04-09T14:25:24","slug":"delaware","status":"publish","type":"page","link":"https:\/\/boostsuite.com\/how-long-does-it-take-to-get-an-llc\/delaware\/","title":{"rendered":"How Long Does it Take to Get an LLC in Delaware (2024 Guide)"},"content":{"rendered":"\n
New business owners commonly choose the Limited Liability Company structure for their new entity because they\u2019re typically easy to establish, pay less taxes, and aren\u2019t hard to maintain. It\u2019s also great because you can protect your personal assets, while raising money from investors and reaping the benefits from taxation as an LLC rather than a corporation. All of the benefits typically sound too good to be true for new business owners, but how long does it take to get an LLC in Delaware? We\u2019ll cover what to expect during the formation process, as well as formation times in the state of Delaware in this guide.<\/p>\n\n\n\n
Delaware\u2019s nickname is \u201cThe First State\u201d, due to the fact that it was the first of the 13 colonies to become a state. It was also dubbed \u201cThe Diamond State\u201d by Thomas Jefferson because of its strategic military position on the Eastern Seaboard. There\u2019s lots of waterfront scenery in Delaware, with the Atlantic Ocean in the east, the Delaware River, and the Delaware Bay. There are three forests in the state, too. When it comes to natural resources, Delaware has really fertile soil which is perfect for farming, and magnesium, gravel and sand are mined in the state, as well.<\/p>\n\n\n\n
Delaware\u2019s Gross State Product (GSP) is $66.5 billion in 2023, and it\u2019s grown 14.5% over the past 5 years. The biggest industries in the state according to revenue are Credit Card Issuing, Commercial Banking, Chemical Wholesaling, Private Equity, Hedge Funds and Investment Vehicles and drug, Cosmetic and Toiletry Wholesaling. The largest employers in the state are ChritianaCare, Jpmorgan Chase, Amazon.com, Bank of America and the University of Delaware. And the sectors that contribute the most to the state\u2019s overall GSP are Finance and Insurance, Real Estate and Rental and Leasing, Healthcare and Social Assistance, Manufacturing, and Professional, Scientific and Technical Services. <\/p>\n\n\n\n
People sometimes call Delaware the Chemical Capital of the world because of all of the chemical manufacturing, including things like plastics, industrial chemicals and pharmaceuticals. In fact, DuPont is headquartered in Delaware, and it\u2019s one of the world\u2019s leading chemical manufacturing businesses.<\/p>\n\n\n\n
The Usnews.com\u2019s list of best states ranked Delaware\u2019s business environment #3 in the whole country, and its business growth in 23rd place. It\u2019s #22 in terms of higher education, #21 in economic opportunity, and #30 in affordability. It\u2019s also ranked #1 for equality, which isn\u2019t surprising given the large LGBTQIA+ community in the state. <\/p>\n\n\n\n
The state\u2019s median household income is $71,091, which is nearly $1,400 more than the national average, and the cost of living index is 97.7, as opposed to the nation\u2019s standard of 100.0. That means that citizens tend to have extra money to spend. <\/p>\n\n\n\n
Delaware is well-known for being business-friendly, and there are some investors that won\u2019t even consider investing in a company unless they\u2019re formed in Delaware.<\/p>\n\n\n\n
Here are some of the regulations and incentives for forming an LLC in Delaware. <\/p>\n\n\n\n
The Division of Revenue also offers the following tax credits:<\/p>\n\n\n\n
For more information and to apply for grants and incentives, click here<\/a>, and to apply for grants, click here<\/a>.<\/p>\n\n\n\n Delaware is one of the most business-friendly states in America. It has some statutes, such as the Limited Liability Company Act, and the Delaware General Corporation Law, which are updated regularly and are kept relevant to businesses by consulting corporate lawyers. Business laws in Delaware are so great that business students are often required to study them, and other states use them as models for their own laws. <\/p>\n\n\n\n Going to court as a business owner in Delaware isn\u2019t as difficult as it is in other states, either. The Delaware Court of Chancery is equipped with judges who are experts in corporate law. Not only are they known for knowing business law inside and out, they\u2019re well known for making timely decisions, which saves you money on legal costs. <\/p>\n\n\n\n There aren\u2019t sales taxes or income taxes to pay if you don\u2019t do business in the state, which is great for many business owners. But there\u2019s also no tax on intangible income, which refers to income made from intellectual property, like film rights, books, etc. <\/p>\n\n\n\n Delaware is the only state that allows business owners to form \u201cSeries LLCs\u201d. This is an LLC with other LLCs within it. It\u2019s made up of a parent company and a number of series that branch off of it. Often these series are used to sort out and separate different properties or assets. Lots of real estate companies create series LLCs in Delaware to isolate liability of their multiple properties. <\/p>\n\n\n\n Many venture capitalists and angel investors won\u2019t consider doing business with your company unless it\u2019s created in Delaware. This is because of all of the tax breaks they get in the state. <\/p>\n\n\n\n There are downsides of forming an LLC in Delaware, too. <\/p>\n\n\n\n You\u2019re required to pay a Franchise tax annually. The fee is $300 per year. That\u2019s not the highest annual business tax in the country, but it\u2019s high enough for you to do some research into other states if Delaware isn\u2019t your first choice. <\/p>\n\n\n\n Since series LLCs are only accepted in Delaware, it could mean trouble for you if you have to go to court in another state. Courts in other states may not recognize the structure of your business entity, or honor the organization of your assets. <\/p>\n\n\n\n And although there are loads of tax benefits for businesses in Delaware, they usually don\u2019t provide many benefits for small to medium-sized businesses.<\/p>\n\n\n\n You need to know how to form a Limited Liability Company to properly understand formation time frames. Here are the steps to starting an LLC in Delaware. <\/p>\n\n\n\nPros and Cons of Establishing an LLC in Delaware<\/h3>\n\n\n\n
Procedure of Establishing an LLC in Delaware<\/h2>\n\n\n\n
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