Directors often rely on experts in making decisions, to comply with their fiduciary duty of care in becoming adequately informed. This article discusses when a director may successfully claim reliance on experts in avoiding liability for a breach of his or her fiduciary duty of care.... Continue Reading
Posted In: Entrepreneurs & Start-Ups
A Delaware LLC can be very flexible when it comes to preserving ownership in the family business you've worked so hard to create. In fact, an LLC has the potential to preserve ownership for future decades.... Continue Reading
Posted In: About LLCs
Members of an LLC may change the LLC’s ownership and the terms governing its management and operation by amending its operating agreement. Here are five parties you’ll want to inform when you do so to avoid putting your company at any undue risk.... Continue Reading
Posted In: About LLCs
Seeking tax efficiency for your Delaware business? Discover the powerful benefits of electing Subchapter S status with the IRS. This unique tax classification avoids double taxation while providing pass-through taxation and liability protection. We break down the requirements, restrictions, and step-by-step process for new and existing corporations to obtain S Corp status.... Continue Reading
Posted In: Business Strategies
The term “ITIN” stands for Individual Tax Identification Number. Any person who needs a tax identification number but is not eligible to obtain a Social Security Number can apply for an ITIN. An ITIN is easy to identify, as it always begins with the number “9.”... Continue Reading
Posted In: Compliance
Drafting corporate resolutions, recording meeting minutes and tracking stock available for issuance is sometimes seen as a distraction from the company’s primary focus of pursuing its business plan and achieving its goals.... Continue Reading
Posted In: About Corporations
Delaware's legal environment presents a balanced paradigm between business interests and shareholder rights, safeguarding the integrity of the corporate world. Delaware's recent Court of Chancery decision regarding Elon Musk and Tesla serves as an important case study for entrepreneurs, business owners, and legal professionals... Continue Reading
Posted In: Business Strategies
Electing Subchapter S Status for your corporation or LLC will allow your business to save money on taxes. Find out if your Delaware business is eligible.... Continue Reading
Posted In: Business Strategies
Bylaws are rules set by a company to govern itself. Brett Melson discusses more about corporate bylaws, their function, and how they should be implemented.... Continue Reading
Posted In: About Corporations
What is the role of a Registered Agent? Find out more about the key responsibilities of a Delaware Registered Agent and how they can help your business.... Continue Reading
Posted In: Business Strategies
Delaware corporations should hold an annual meeting and take minutes. Not sure how to take corporate minutes? Here’s what you need to know.... Continue Reading
Posted In: About Corporations
A Delaware LLC authorized person plays a role in the launch of the business. Read about the Certificate of Formation and an LLC organizer’s responsibilities.... Continue Reading
Posted In: About LLCs
In short, and as discussed here, Delaware’s General Corporation Law provides that shareholders are ultimately responsible for appointment and removal of Directors, with the mechanics and processes relating to the vote, removal, and replacement ordinarily set forth in the corporation’s bylaws.... Continue Reading
Posted In: About Corporations
The Delaware legislature created the limited liability company (LLC) in such a way as to allow the LLC's members the freedom to contract with one another upon whatever terms they deem are best suited to their company.... Continue Reading
Posted In: About LLCs
Are you starting a Delaware Corporation? Learn more about the process of drafting a Certificate of Incorporation and your role as the business’s incorporator.... Continue Reading
Posted In: About Corporations