Delaware Intercorp Blog

Friday, March 27, 2015

The Delaware Corporate Legislation Tracker - March 27, 2015

The Delaware Legislature is in session and they are busy proposing changes to Delaware law that may impact your business!

The Delaware Corporate Legislation Tracker is a free service offered by our firm, designed to keep you informed on current and pending legislation related to Delaware Corporate rules, regulations, and Delaware business matters.

Here's the latest edition:


The following Legislation affecting Delaware Title 10 - Courts and Judicial Procedure was acted upon by the Legislature on 3/26/2015:




SB 43
Title:  AN ACT TO AMEND TITLE 10 OF THE DELAWARE CODE RELATING TO ORGANIZATION, POWERS, JURISDICTION AND OPERATION OF COURTS.

Synopsis:

This bill reconciles general provisions applicable to Commissioners found in section 1991 with more specific provisions found in 10 Del. C. § 511(a) and § 1315(a) regarding the appointment of a commissioner when there is a vacancy in office and residency requirements. Family Court’s specific provision relating to Commissioners found in section 915 is being updated, to ensure consistency and uniformity in practice.


Bill History:

Mar 26, 2015 - Passed by Senate. Votes: Passed 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
Mar 25, 2015 - Reported Out of Committee (JUDICIARY) in Senate with 6 On Its Merits
Mar 19, 2015 - Assigned to Judiciary Committee in Senate




The following Legislation affecting Delaware Title 12 - Decedents' Estates and Fiduciary Relations was acted upon by the Legislature on 3/26/2015:




SB 42
Title:  AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO FIDUCIARY RELATIONS.

Synopsis:

This bill: (i) clarifies but does not substantively alter the existing law regarding the permissibility of the terms of a governing instrument to vary the right of a beneficiary to be informed of the beneficiary’s interest in a trust for a period of time; (ii) provides a nonexclusive list of certain circumstances that constitute a “period of time”; and (iii) provides that a person acting as a designated representative of a beneficiary shall represent and bind the beneficiary for purposes of any judicial proceeding or any nonjudicial matter and shall have standing to bring an action on behalf of the beneficiary.

The bill also adds a new §3339 to Title 12 to: (i) include a definition of a “designated representative,” a concept that has been adopted by statute in several states, (ii) clarify that the terms of a trust instrument may authorize certain persons to designate or appoint one or more persons as a “designated representative,” (iii) provide that a person who is so appointed as a “designated representative” only becomes a “designated representative” upon delivery of his or her written acceptance of such appointment to the trustee, and (iv) provide a presumption that a “designated representative” acts in a fiduciary capacity.

Section 2 of the Act provides for the effective date of the Act.


Bill History:

Mar 26, 2015 - Passed by Senate. Votes: Passed 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
Mar 25, 2015 - Reported Out of Committee (BANKING AND BUSINESS) in Senate with 1 Favorable, 3 On Its Merits
Mar 18, 2015 - Assigned to Banking and Business Committee in Senate


The following Legislation affecting Delaware Title 12 - Decedents' Estates and Fiduciary Relations was acted upon by the Legislature on 3/26/2015:




SS 1 for SB 16
Title:  AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO FIDUCIARY RELATIONS.

Synopsis:

This Act amends Section 2306 of Delaware’s probate code to clarify that if a decedent owned real estate in Delaware, either solely or as tenants in common, the small estate affidavit authorized by Section 2306 of Delaware’s probate code should not be issued and, therefore, the grant of letters for the estate shall be necessary, pursuant to Chapter 15 of Title 12 of the Delaware Code.

This bill is a substitute bill because unexplained printing errors appeared in the final version of the bill.


Bill History:

Mar 25, 2015 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House
Mar 24, 2015 - Passed by Senate. Votes: Passed 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Mar 18, 2015 - Reported Out of Committee (JUDICIARY) in Senate with 5 On Its Merits
Jan 29, 2015 - Re-Assigned to Judiciary committee in Senate
Jan 29, 2015 - was introduced and adopted in lieu of SB 16

posted by Russell Rozanski at 12:20 PM 0 Comments

Wednesday, March 25, 2015

Delaware LLC/LP/GP Franchise Tax - Due June 1st




Delaware LLCs, LPs and GPs should soon be receiving their official notification of the annual Delaware Franchise Tax assessment. 

Each year, the annual franchise tax is due June 1st.  Failing to submit the franchise tax payment by the June 1st deadline will result in a State assessed penalty of $200 and interest charges being assessed at the rate of 1.5% per month on the unpaid balance.   

We want to help you to make your filing and maintain your entity in good standing!  Delaware Intercorp’s EZ File provides you with the convenience of a single login to pay the franchise tax of one or multiple companies.  Additionally, paying through EZ File provides you with a single source for your franchise tax payment history. 

Contact us , so that our team can help your team get back to business!





posted by Joanne at 12:58 PM 0 Comments

Friday, March 13, 2015

The Delaware Corporate Legislation Tracker - March 13, 2015

This week, new legislation is proposed regarding arbitration of disputes in the Delaware Court of Chancery.

The Delaware Corporate Legislation Tracker is a free service offered by our firm, designed to keep you informed on current and pending legislation related to Delaware Corporate rules, regulations, and Delaware business matters.

Here's the latest edition:


The following Legislation affecting Delaware Title 10 - Courts and Judicial Procedure was acted upon by the Legislature on 3/12/2015:




HB 49
Title:  AN ACT TO AMEND TITLE 10 OF THE DELAWARE CODE RELATING TO ARBITRATION OF DISPUTES.

Synopsis:

This Act gives business entities formed in Delaware greater capacity to resolve business disputes in a rapid and efficient manner through voluntary arbitration conducted by expert arbitrators under strict timelines.

To that end, the Act requires resolution of arbitrated matters in no more than 120 days, subject to extension of up to no more than an additional 60 days, by unanimous consent of all parties to the arbitration. The Act provides significant flexibility to select an appropriate arbitrator. If the parties do not select an arbitrator, or the selected arbitrator refuses to serve, the Act truncates the process for appointing arbitrators, where necessary, ensuring a rapid and public initiation of the process in the Delaware Court of Chancery.
The Act vests exclusive jurisdiction to determine the scope of the arbitration to the arbitrator, thus eliminating in arbitrations under the Act the role of the Courts in determining substantive arbitrability in certain cases. Neither the joinder of persons not parties to the arbitration agreement nor the assertion of non-contractual claims deprives the arbitrator of the authority to determine what is subject to the arbitration and what is not. To further speed the ultimate resolution of disputes under the Act, it provides for a single direct challenge to the Delaware Supreme Court, where challenges are not otherwise waived by the parties’ agreement, or conducted by agreement before an arbitral appellate panel. Where challenges are taken to the Delaware Supreme Court, those proceedings are public and limited to review under the standards of the Federal Arbitration Act.

To ensure that no person is subject to the Act without his or her express and voluntary consent, the Act precludes its use in cases where there is a danger that vulnerable parties’ rights are at stake. Thus, this Act may not be used to adjudicate controversies between business entities and consumers of their goods and services, or controversies involving persons who have not expressly agreed to arbitrate the matter at issue.

Bill History:


Mar 12, 2015 - Introduced and Assigned to Judiciary Committee in House






posted by Russell Rozanski at 12:37 PM 0 Comments

Thursday, March 12, 2015

THE DANGERS OF SMOKING

As we all know, smoking is a dangerous habit.  An Australian study found that smokers have approximately a threefold risk of premature death over those who have never smoked. It was also discovered that smokers will die an estimated 10 years earlier than non-smokers.

Up to two-thirds of those who continue smoking will die as a result, researchers say in a press release.
That's a great concern considering that mortality rates were about twice as high "in those smoking around 10 cigarettes per day." A pack a day means death rates four to five times higher than what a nonsmoker experiences, the study finds.

That was true for both men and women as the Sydney Morning Herald reports.

A positive note is that the study shows "it's never too late to quit, no matter what your age or how much you smoke," says another expert, as HealthDay News reports.

Post by William Regenauer

posted by Larry at 10:44 AM 0 Comments

Thursday, March 12, 2015

NHRA Drag Racing

Are you someone who is interested in all kinds of racing?   The Delmarva area has several local drag strips.

Just over the Delaware/Maryland state line is Cecil County Dragway.  If you would like to watch street cars race against each other or watch some top name drivers race, you only need to travel to Rising Sun, Maryland to do so.  If you would like more information or to access the 2015 season schedule, check out their website.

Post by Diane White

posted by Larry at 10:37 AM 0 Comments