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Save The Date: Delaware Wants Your Franchise Taxes

Foley Lardner LLP - Milwaukee Office

March 6, 2014

Previously published on February 27, 2014

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. 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.


The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.

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