Save The Date: Delaware Wants Your Franchise Taxes

27 February 2014 Technology Transactions Today Blog

If you’ve been keeping tabs on strategy for franchise tax payments in Delaware, you’re probably already aware that annual reports and franchise tax payments are due in the near future. For for-profit corporations filed with the Division of Corporations of the Secretary of State of Delaware, the annual report and franchise tax payment is due on or before March 1, 2014.

The Delaware Secretary of State requires that this filing and payment be made on-line.  Any officer or director can file these documents and payments, beginning with filing instructions found here. For corporations with a tax liability of $5,000 or more, this payment is made on a quarterly basis.

During the filing process, taxes can be recalculated using the Assumed Par Value Capital method which typically reduces the taxes often to a minimum of $350, and payment can be made by a major credit card. The information needed to file is as follows:  (i) EIN, (ii) Number of shares issued, (iii) Total Gross Assets, (iv) Asset Date, (v) Principal Place of Business, (vi) Address, (vii) at least one officer (name and address), and (viii) all directors (names and addresses).  Also during the filing process, the information can be saved and completed at a later date, but the session number must be noted.

If you’re looking for more advice about Delaware annual reports or franchise tax payments, the attorneys and business law paralegals at Foley are glad to answer your questions.

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