Corporate Tax Rate | No sale and value-added taxes exist in Delaware. LLCs require to pay a flat rate franchise tax | No sale and value-added taxes exist in Delaware. The franchise tax paid by the corporations is calculated depending on the corporation type, the number of authorized shares, and other factors. |
Company Name | Use of the word “bank” or a variation thereof is restricted. The words “Limited Liability Company”, or its abbreviation “LLC” or “L.L.C” must be included in the company name. The proposed company name must be distinctive upon the Secretary of State’s records from other names of series, reserved and registered names, foreign or domestic business entities. | Approvals from the Department of Banking are needed when it comes to the use of words "Bank," "Banc," "Banque" and "Trust" The proposed company name must be distinguishable under the laws of Delaware as a foreign corporation from other corporation organized, reserved, or registered The words "Association," "Company," Corporation," "Club," "Foundation," "Fund," "Incorporated," "Institute," "Society," "Union," "Syndicate," "Limited" or the abbreviation "Co.," "Corp.," "Inc.," "Ltd." or words or abbreviations of like import in other languages must be included in the corporation name. |
Board of Directors | Minimum one manager and one member required Delaware does not have age and residency requirements for managers/members. Names and addresses of the managers/members do not need to be listed in the Certificate of Formation. | Minimum one director and one shareholder required Delaware does not have age and residency requirements for directors/shareholders. Names and addresses of the directors/shareholders do not need to be listed in the Certificate of Incorporation. |
Other requirement | Annual Report: LLCs require to pay an annual tax due on or before June and no annual report required. Registered Agent: Delaware requires the registered agent to provide the name and physical address with normal business hours to receive government documents. Employer Identification Number (EIN): LLCs with employees are required to have the EIN. Moreover, the majority of the banks required corporations to have EIN in order to open a business bank account. There is no state tax identification number in Delaware. | Annual Report: Corporations require to file an Annual Franchise Tax Report due on March 1. Based on the number of shares and par value, the franchise tax is calculated. Stock: In the Articles of Incorporation, corporations must list the authorized shares. Registered Agent: Delaware requires the registered agent to provide the name and physical address with normal business hours to receive government documents. Employer Identification Number (EIN): Corporations with employees are required to have the EIN. Moreover, the majority of the banks required corporations to have EIN in order to open a business bank account. There is no state tax identification number in Delaware. |