Friday, September 02, 2005
New Delaware Legislation: The Delaware Revised Captive Insurance Company Act
The Delaware Captive Insurance Association (DCIA) has applauded the Delaware General Assembly and Governor Ruth Ann Minner on the passing of The Delaware Revised Captive Insurance Company Act. Below are excerpts from an article found on the Division of Corporations website:
- "Its objective is to encourage the formation of new captive insurance companies – known as captives – in Delaware, thereby bringing the state new business, tax revenue, and jobs."
Highlights of Delaware’s new legislation include:
· flat, capped premium taxes
· measured, responsible regulation
· cost advantages
· allowable licensing of a variety of captive types
· expanded choices in the legal form of organization a captive may take
· a wide range of allowable insurance coverages
· flexibility on minimum capital and surplus requirements
· investment opportunities.
Check out www.delawarecaptive.org for more information on captive insurance companies.
Delaware Small Business Events in September
September is filled with events for small business owners and entrepreneurs. Below is a list of some of the events scheduled throughout Delaware, including contact information for registering.
- Joint Chamber Business Briefing & Mixer at the Beach. September 7, 4 p.m - 7 p.m.
State Insurance Commissioner Matt Denn will be the guest speaker at The Baycenter at Ruddertowne in Dewey Beach. The cost is free and registration is requested. Call 302-655-7221 to register.
- Business Planning BOOTCAMP Series. September 8, 6 p.m. - 9 p.m.
This is an 8-week series sponsored by the YWCA and held in Wilmington. The cost is $100. Contact Dfeainfo@ywcacc.org or 302-658-7161 for information.
- So You Want To Start A Business? September 12 and September 20.
These two events are sponsored by the Small Business Development Center. The September 12 seminar will be held at Delaware State University, while the September 20 Seminar will be held in Wilmington at the SBDC offices. Contact 302-571-1555 for more information. Cost is free.
- Market Research: How to Help Your Business Succeed. September 13, 1 p.m. - 3 p.m.
This event is sponsored by the Small Business Development center and will be held in Wilmington at the SBDC offices. Contact 302-571-1555 for more information.
- Show Me The Money. September 14, 19, 21.
These events are sponsored by the First State Community Loan Fund and will review the loan application process. The events are located throughout the State. Contact Delores Lee at 302-652-6774 for information and registration.
- Understanding Cash Flow. September 20, 1 p.m. - 4 p.m.
This Small Business Development Center event will teach how to develop cash flow projections. The event will be held in Wilmington and cost $20. Call 302-571-1555 for more information.
- Writing a Business Plan
Part I - September 20, 5:45 p.m. - 8:45 p.m.
Part II - September 27, 5:45 p.m. - 8:45 p.m.
This 2-part series is sponsored by the Service Corps of Retired Executives (SCORE). It will be held at the Claymont Community Center and the cost is $70 for both sessions. Visit www.scoredelaware.org or call 302-573-6552 to register.
If you get the chance to attend any of these workshops, please let us know. We'd love to hear about your experience.
Wednesday, August 31, 2005
Labor Day- a National Holiday
The Delaware Division of Corporations will be closed on Monday, September 5th in order to observe the Labor Day Holiday. Accordingly, our office will also be closed.
No doubt, many here in the U.S. will be gathering with family and friends in what will be the last celebration of the summer. Everyone loves a parade, picnic or barbecue, but how many of us know exactly what Labor Day is really all about?
I found some interesting things about the history of Labor Day- how it came about and what it means at the U.S. Department of Labor website. Here's a brief picture...
As you may have guessed, Labor Day is a creation of the American labor movement which celebrates the achievements of U.S. workers. The holiday takes place on the first Monday in September in recognition of the contributions workers have made to our country.
There is some debate as to who proposed the first Labor Day holiday, but the first Labor Day celebration can be traced back to Sept. 5th, 1882 in none other than New York City. A short 12 years later, Congress passed an act making the first Monday in September of each year a legal holiday.
Here's what Samuel Gompers, founder and longtime president of the American Federation of Labor has to say about Labor Day-
"All other holidays are in a more or less degree connected with conflicts and battles of man's prowess over man, of strife and discord for greed and power, of glories achieved by one nation over another. Labor Day...is devoted to no man, living or dead, to no sect, race, or nation."
What better way to celebrate the American worker than to give them a day off!
So on Monday, take a moment to reflect on the accomplishments and strength of the workforce in this country, and by all means be sure to have some fun too! After all for most of the nation, including Delaware Intercorp, Inc., it will be business as usual on Tuesday, Sept. 6th.
Tuesday, August 30, 2005
How to think like an MBA holder
Dr. Leon Winer is a retired professor who makes available online a website that...
presents instructions for developing business skills. The instructions were developed by Dr. Leon Winer who is a retired Professor of Marketing and Entrepreneurship. They were originally prepared for helping students at Pace University to analyze business case studies, to influence, negotiate, network and write business plans. They were developed and refined over a period of years. Thousands of students and business managers have used them and found them useful. This material is offered free of charge.
The chapters of this treatise are:
- Analyzing Cases and Real Situations - SCAN
- Influencing / Persuading
- Negotiating / Conflict Resolution
- Networking / Self Marketing
- Entrepreneuring / Venturing
- Business Plan Outline
- HBS Case Method Critique
I personally think the chapter on Business Plans should be required reading for anyone considering opening up shop.
Thanks to our friends at BizzBangBuzz for pointing us at Dr. Winers work.
Monday, August 29, 2005
Delaware Eminent Domain Update
We reported here earlier this month that the Delaware Legislature had authorized the formation of a committee to study Eminent Domain issues in Delaware on June 30th of this year. The committee is to study the problem and make recommendations.
As of today, according to Liane Sorenson (R-Hockessin) and Teresa Schooley (D-Newark), it looks like nothing has happened. Neither of our representatives has been able to determine if anyone has been appointed to the committee. It appears the staff person for the committee is on vacation. The task force's report is due on January 10th, 2005.
Both have promised to get us more information and we look forward to hearing that things are moving right along, and if not, why not.
Some changes have been made that help restrict the States right to use Eminent Domain. Senate Bill 217 was passed by both houses and signed into law by the Governor on July 21, 2005. This bill makes clear how eminent domain cases are to be processed. The bill also gives the courts final say in how much to reimburse a homeowner who successfully defends his property rights.
Senate Bill # 221 w/SA 1, SA 2 did not make it through the process last session. It has been assigned to committee in the House of Representatives. This bill lays out a pretty good definition of where eminent domain may, and may not, be used:
This Act prohibits the condemnation of private property where no specific public use is to be made to the property. Pursuant to this Act, a condemnation complaint must contain a specific and detailed statement of the public use for which the property is to be taken. Pursuant to this Act, a Court must dismiss any condemnation complaint that lacks a specific and detailed statement of the public use for which the property that is the subject of a condemnation proceeding is to be taken or is the stated public use is insufficient to warrant a taking. In determining whether a stated public use is sufficient to warrant a taking, it is not sufficient that a general public purpose is to be served by the taking. There must be a showing that a specific public use is to be made with the taken property and that the members of the general public, including those from whom the property is being taken, will realize an immediate and direct benefit from such taking.
For the purposes of this Act, a public use may include the construction or maintenance of public buildings, roads, schools, hospitals, railroads, reservoirs and/or utilities, but does not include revenue generation, economic development, or the re-development of currently occupied residences and may not result in the displacement of the residents of the property.
SOx Talk Back
The Securities and Exchange Commission is asking for comments from the public regarding the Sarbanes-Oxley legislation.
The Advisory Committee on Smaller Public Companies has posted a feedback form for use in delivering your comments to the committee. If you are interested, you must hurry because the deadline is August 31!
We have written extensively on these pages about the impact of SOx on corporate governance. The cost and effectiveness of SOx are both unclear. Perhaps now is a good time to chime in if you are a director or other interested party.
The written statements that the committee has received are available here. They make very interesting, if verbose, reading.