Delaware Intercorp Blog

Tuesday, July 28, 2015

Longwood Gardens



Visiting Delaware and looking for a day trip?  Longwood Gardens is a great destination not to be missed.  It is located just north of Delaware in Kennett Square, Pennsylvania.

In addition to its amazing plants, gardens & fountains, Longwood Gardens offers on-site dining, and a variety of music and entertainment events.  They’ve even recently added a Beer Garden! 

My family has a tradition of visiting yearly in the summer.  We’ll eat at the café, spend some time strolling around to view the sights, and then enjoy the evening performance (Fiddler on the Roof this year) at the open air theater.

It’s really a beautiful place to spend the day!

posted by Robin at 8:20 AM 0 Comments

Monday, July 27, 2015

College Students and Credit Cards

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In a little over a month, schools will be back in session. For those students and parents who are preparing for that first year of college, they have to make a decision whether the student should have a credit card
Obviously, a credit card for a college student has its pros and cons. It can be an excellent way of building credit, but it can also be a means of building significant debt.
If the student does build up a larger than expected balance on the card, the parent could take the card away or enroll their student in a credit card debt assistance program. Enrollment in such a program could teach the student the value of good credit and also the problems caused by using a credit card foolishly.
As you can see, both the parents and the student must make a very important decision on having a credit card issued to a college student. 

By Bill Regenauer


posted by Larry at 10:24 AM 0 Comments

Monday, July 27, 2015

MUSEUMS


Summer vacation is half over.  Are your children complaining of boredom?  Is it too hot to play outdoors?

Why not take them to an air-conditioned museum.

There are several in Delaware that children will enjoy.  My favorite is the Delaware Museum of Natural History in Greenville, Delaware.  The dinosaur exhibits are excellent.  They also have a small child area where the children can touch and hold small live animals.  They have face painting too.

There is also the Delaware Children’s Museumin Wilmington, Delaware.  Check out their calendar on their website.  They have new activities every day.

Finally, if your children are interested in airplanes, visit the Air Mobility Command Museum in Dover, Delaware.    Children can learn about old war planes and are allowed to walk inside the planes.  They also have an exhibit that the children can sit in and pretend to fly.

So next time your children say “I’m bored”, hop in your car and drive to a local museum in Delaware.

By Diane White                                   

posted by Larry at 10:23 AM 0 Comments

Tuesday, July 21, 2015

Delaware Division of Corporations Closed September 4-7, 2015




The Delaware Division of Corporations has made the following announcement:

IMPORTANT NOTICE: THE DELAWARE DIVISION OF CORPORATIONS WILL BE CLOSED FOR A MAJOR COMPUTER SYSTEM CONVERSION OVER LABOR DAY WEEKEND 2015. THE OFFICE WILL BE CLOSED ON FRIDAY, SEPTEMBER 4TH AND WILL REOPEN FOR BUSINESS ON TUESDAY, SEPTEMBER 8TH. 



We’ll do our best to keep you updated of any changes to the currently planned downtime.
 

If you have any questions, please contact our team for assistance.  We’re here to support you!

posted by Robin at 3:52 PM 0 Comments

Tuesday, July 21, 2015

U.K. Tax Treatment of Delaware LLCs Explained

Good news from across the pond with respect to the double taxation trap!

Earlier this month, the United Kingdom Supreme Court issued a landmark decision which will finally allow U.K. investors to avoid double taxation when investing in the United States through a Delaware Limited Liability Company.

You can read the decision for yourself here:  Anson v. HMRC (2015) UKSC 44  (PDF)

For those of you who just want the low down, and want to skip the legal document review- we've got you covered!

Here's an explanation of the tax problem central to the issue from the Global Delaware Blog:


General Tax Treatment of the Delaware LLC in the EU and the U.K. Tax Problem

For many years, most EU jurisdictions, like the United States, have viewed the Delaware LLC as fiscally transparent for local tax purposes. This distinction has meant that the EU owner of a Delaware LLC would typically treat the income earned by the Delaware LLC as immediately taxable in the owner’s home country. The U.S. tax laws require a multi-member LLC with a foreign owner to withhold a pro-rata amount of U.S. taxes with respect to the net income of the LLC allocable to that foreign owner, regardless of whether or not the income of the LLC is distributed to the owner (i.e., the entity is fiscally tax transparent). In most EU jurisdictions, it has been clear that the U.S. taxes that are withheld should be creditable in owner’s home country (either under the domestic laws of the EU owner or by tax treaty). In other words, most EU jurisdictions treat the income earned by a Delaware LLC as taxable directly to the owner of the LLC rather than taxed to the LLC itself.

The U.K. tax authorities, on the other hand, have routinely frustrated U.S. tax practitioners by claiming that the Delaware LLC (or an LLC in any U.S. state) has attributes that more closely resemble a non-fiscally transparent entity (i.e., a corporation). Thus, the U.K. tax authorities have treated the income earned by the Delaware LLC as taxed at the level of the LLC (like a regular U.S. corporation). Then, when distributions have been made by the LLC to the U.K. owners, the U.K. tax authorities have once again taxed those distributions as “dividends” without providing relief from double taxation. In the case of a typical U.K. corporation or individual investing in the United States through a Delaware LLC, these prior rules have meant that the U.K. investor could be subject to 35-45 percent immediate U.S. federal and state taxation on the LLC’s U.S. “effectively connected” income, plus an additional 20-40 percent U.K. taxation (without a foreign tax credit) when distributions were made to the investor (i.e., taxed as “dividends”). For some U.K. investors, these old rules were said to be favorable because the U.K. investors could defer U.K. taxation until the distribution of income was made, but for most investors, the so-called “deferral” of double taxation (i.e., deferring U.K. taxation after paying high U.S. taxes up front) is rarely better than simply paying one single U.S. tax.

The decision of the U.K. Supreme Court certainly provides clarity and will no doubt help clear the way for those U.K. investors who are looking to use the Delaware LLC as a much more flexible and convenient corporate structure for their business purposes.

You can read more on that analysis in non-legalese writing that anyone can understand here.

posted by Russell Rozanski at 11:48 AM 0 Comments

Thursday, July 16, 2015

SMART SHIPPING



Whatever item you will be shipping, timing matters.  Also you would like your goodies to arrive quickly and safely.  Here are some tips that you should remember:

1. Typically, Mondays and Tuesdays are the busiest shipping days, so your  in-and –out time may be faster midweek.
2. When shipping perishables, avoid sending them right before a weekend or holiday because your package may sit in a sorting facility over the weekend. Perishable items that travel well include bread, dried fruit, mixes and hard candies.
3. When sending chocolates be sure to refrigerate it as long as you can prior to packaging and use a gel ice in the box to avoid melting.
4. Choose the best shipping option based on the price and reliability.

 Most of the shipping providers will assist you to custom pack or figure out the most cost-effective way to ship an item.

posted by daisy at 3:36 PM 0 Comments

Wednesday, July 15, 2015

DBA Filings



If you plan to operate your business under a name other than how it is legally registered, you will most likely need to file a DBA, also known as a Fictitious Name.  This would typically occur in the jurisdiction where you plan to conduct business. 


If you need to register a Fictitious Name in Delaware, our experienced team is here to support you! We provide filing service in all three of Delaware’s counties for a low $75.00 fee per filing. Fictitious Name Procurement can be conveniently purchased online at http://www.delawareintercorp.com/t-DBA-Fictitious-Name-Registration.aspx.     Have questions?  Contact me or any member of our Incorporation Staff by phone  toll free at 888.324.1817, 302.266.9367 or email info@delawareintercorp.com.

posted by Kelly at 2:35 PM 0 Comments

Wednesday, July 01, 2015

Holiday Announcement



Delaware Intercorp and State of Delaware offices will be closed on Friday, July 3 in observance of the Independence Day holiday.  Normal business hours will resume on Monday, July 6.


Orders
received by Delaware Intercorp during the holiday weekend will be processed upon our return.


Have a safe and happy holiday everyone!

posted by Kelly at 9:51 AM 0 Comments