Small Business Reading Room


Friday, June 11, 2010

Business Benefits

If you have a small business and are looking for options to help your hard earned dollars work as hard for you, as you worked for them...consider the following:

As a small business owner, you can speak with a financial advisor about the benefits of retirement plans for yourself and/or your employees. You may appreciate personal long range benefits as well as the more immediate relief of business tax benefits.

Another important consideration for your business is insurance. Insurance can be purchased to cover your physical assets against fire and water damage, just as you protect your home and personal assets. It can also be purchased to cover the more intangible asset of the business itself. If you are interested in the longevity of your business...protection against death or disability is available, in which the business can be named as beneficiary.

Let professionals, with whom you may already have relationships, help guide you with these and other decisions about your small business needs!
0 comments


Delaware Corporate Legislation Tracker

The Delaware Corporate Legislation Tracker is a free service, designed to keep you informed on current and pending legislation related to Delaware Corporate rules, regulations, and Delaware business matters. Stay on top of changes to the DGCL & the Delaware Code with the Delaware Corporate Legislation Tracker!

There's been a flurry of activity this week including a proposed amendment to the Delaware Constitution, House Joint Resolutions, and of course some newly introduced legislation that will affect the way business is done in Delaware.

Here's the breakdown:

The following Legislation affecting Title 12 - Decedents' Estates and Fiduciary Relations was acted upon by the General Assembly on 6/08/2010:

SB 282
Title: AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO TRUSTS.




Synopsis:
Many wills and trusts contain formula clauses allocating shares of a decedent’s estate or trust estate based on Internal Revenue Code provisions relating to federal estate tax exemptions and generation-skipping transfer tax exemptions. The federal estate tax and generation-skipping transfer tax are repealed for calendar year 2010 but, under current law, will be reinstated in calendar year 2011. The bill is intended to create a presumption that if a decedent’s formula clause had different beneficiaries of the different shares of his estate or trust under the formula, the clause is to be interpreted based on the law in effect as though the decedent died on December 31, 2009. If a decedent’s formula clause had substantially the same beneficiaries of the different shares of his estate or trust under the formula, the clause is to be interpreted so as though the estate and generation skipping tax exemptions are unlimited. This section allows an interested person to file a petition under 10 Del. C. § 6504 within six months following the later of (i) the effective date of this section; or (ii) the death of the decedent, if such person believes that presumptions in the statute are incorrect as to that decedent, so that the provisions of this section should not apply. This section does not apply to a will or trust that is executed or amended after December 31, 2009.


Bill History:

Jun 08, 2010 - Assigned to Banking Committee in Senate



HB 455
Title: AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO DURABLE POWERS OF ATTORNEY AND ADDING A CHAPTER 49A THERETO RELATING TO DURABLE PERSONAL POWERS OF ATTORNEY.



Synopsis:
This bill does two things. It keeps in place the existing Durable Powers of Attorney statute which is relied upon for commercial transactions, changing only the out-dated reference of “attorney-in-fact” to “agent”; eliminating a provision now covered in the new Chapter 49A, Durable Personal Powers of Attorney; and making clear that 49 is independent of 49A. The bill also adds a new Chapter 49A to Title 12 which provides significant improvements in the creation of a personal power of attorney by ensuring that a principal grants only those authorities sought to be granted, and by ensuring that an agent acknowledges the scope of authority granted and the associated responsibilities. A statutory form of power of attorney is provided so that any individual may have a valid and enforceable power of attorney, regardless of access to a lawyer. Finally, it there are enhanced execution standards, a notary and a disinterested witness, to ensure the identity of the principle and to protect against execution under circumstances which suggest coercion, fraud, or incompetence. The Act will take effect on October 1, 2010, in order to provide transition time.



Bill History:

Jun 09, 2010 - Reported Out of Committee (JUDICIARY) in House with 7 On Its Merits
Jun 08, 2010 - Introduced in House and assigned to Judiciary Committee
Jun 08, 2010 - Assigned to Judiciary Committee in House



The following Legislation affecting Title 18 - Insurance Code was acted upon by the General Assembly on 06/08/2010:

HB 453
Title: AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO THE CONVERSION OF A MUTUAL INSURER TO A STOCK INSURER

Synopsis:
This Act updates the provisions of the Delaware Insurance Code governing the conversion of a mutual insurer to a stock insurer. It is intended that new Chapter [49A] will facilitate the recapitalization of the insurance industry nationally by establishing a proven method of capital formation for insurance companies that elect to domicile in Delaware.


Bill History:

Jun 08, 2010 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House



The following Legislation affecting Title 29 - State Government and Title 30 - State Taxes was acted upon by the General Assembly on 6/10/2010:

SB 294
Title: AN ACT TO AMEND TITLES 29 AND 30 OF THE DELAWARE CODE RELATING TO ECONOMIC DEVELOPMENT INCENTIVES.


Synopsis:
Section 1 of this Act establishes the Job Incentive Fund, which is designed to provide grants to firms that expand and diversify the most vital components of Delaware’s economy.

Section 2 of this Act provides a multi-year funding source for the grants by earmarking Abandoned Property revenues.

Section 3 of this Act removes the sunset from the State’s current employment and investment tax incentives and leaves them in effect.


Bill History:

Jun 10, 2010 - Assigned to Finance Committee in Senate



The following Legislation affecting The Delaware Constitution of 1897 as amended was acted upon by the General Assembly on 6/10/2010:

HB 465
Title: AN ACT PROPOSING AN AMENDMENT TO ARTICLE III AND THE SCHEDULE OF THE DELAWARE CONSTITUTION OF 1897, AS AMENDED, RELATING TO THE RECORDER OF DEEDS.


Synopsis:
This is the first leg of a constitutional amendment to provide for the development of a statewide and integrated recordation system. At the present time, the three counties operate three separate offices that handle the functions of the Recorder of Deeds. Each operates using its own requirements and procedures, each provides services only in its respective county, and each is managed by a different elected official.

This proposed constitutional amendment will enable the General Assembly to create by statute a more cost-effective and efficient statewide system for recordation. The proposed amendment removes the constitutional provisions requiring that the Recorder of Deeds be an elected office.


Bill History:

Jun 10, 2010 - Introduced and Assigned to House Administration Committee in House



HB 468
Title: AN ACT PROPOSING AN AMENDMENT TO ARTICLE III, ARTICLE IV, AND THE SCHEDULE OF THE DELAWARE CONSTITUTION OF 1897, AS AMENDED, RELATING TO THE REGISTER OF WILLS.


Synopsis:
This is the first leg of a constitutional amendment to provide for an integrated and state-wide Register of Wills office. At the present time, the three counties operate three separate offices that handle the functions of the Register of Wills. Each operates using its own requirements and procedures, each provides services solely in its respective county, and each is managed by a different elected official.
This proposed constitutional amendment will enable the General Assembly to create by statute a more cost-effective and efficient system of Register of Wills offices. The proposed amendment removes the constitutional provisions requiring that the Register of Wills be an elected office. Because the Register of Wills presently acts as a clerk of the Court of Chancery, the proposed amendment reorganizes that function under the leadership and jurisdiction of the Court of Chancery.


Bill History:

Jun 10, 2010 - Introduced in House and assigned to House Administration Committee
Jun 10, 2010 - Assigned to House Administration Committee in House



HJR 12
Title: RECOMMENDING THAT THE COUNTY RECORDER OF DEEDS NO LONGER BE AN ELECTED OFFICE AND THAT A WORKING GROUP BE ESTABLISHED TO DEVELOP RECOMMENDATIONS FOR CREATING A SINGLE STATEWIDE RECORDATION SYSTEM, THEREBY MAKING STATE AND COUNTY GOVERNMENT MORE EFFECTIVE AND EFFICIENT.


Synopsis:
This resolution recommends that the County Recorder of Deeds no longer be an elected office, thereby streamlining the administration of these functions, reducing government costs, saving taxpayer dollars and improving the efficiency of state and county government. This resolution would establish a working group of all affected constituencies to develop the legislation necessary to allow for the creation of a single statewide recordation system in coordination with the Department of State. The working group would be required to develop recommendations that are “revenue neutral” for the counties.


Bill History:
Jun 10, 2010 - Introduced and Assigned to Housing & Community Affairs Committee in House



HJR 13
Title: RECOMMENDING THAT THE COUNTY REGISTER OF WILLS NO LONGER BE AN ELECTED OFFICE AND THAT A WORKING GROUP BE ESTABLISHED TO DEVELOP RECOMMENDATIONS TO TRANSFER THE DUTIES OF THE REGISTER OF WILLS TO THE COURT OF CHANCERY, THEREBY MAKING STATE AND COUNTY GOVERNMENT MORE EFFECTIVE AND EFFICIENT.


Synopsis:
This resolution recommends that the County Registers of Wills no longer be an elected office, thereby streamlining the administration of these functions, reducing government costs, saving taxpayer dollars and improving the efficiency of state and county government. This resolution would establish a working group of all affected constituencies to develop the legislation necessary to allow for the Court of Chancery to conduct the functions of the Register of Wills under the authority of the Register in Chancery. The working group would be required to develop recommendations that are “revenue neutral” for the counties and that ensure that current employees have the option to retain the pension and benefit plans offered by the counties.


Bill History:
Jun 10, 2010 - Introduced in House and assigned to House Administration Committee
Jun 10, 2010 - Assigned to House Administration Committee in House




0 comments


Tuesday, June 08, 2010

Inspiration for sale- cheap!

It's bound to happen sooner or later- even to the best of us. Idea block can strike without warning, and it can be devastating to your industrialist mojo.

So what's a serial entrepreneur to do when they are between ventures?

Here's an article packed full of inspiration that just may help you get back up on the horse again soon:

Money from (almost) nothing: 8 mundane items that became money-making products

0 comments





link to Atom Feed
links

magazines

blogs

Archives

Delaware Intercorp, Inc.
113 Barksdale Professional center
Newark, DE 19711-3258

"For all the best reasons to incorporate,the best place
is Delaware and the best incorporator is
Delaware Intercorp!"

Call Monday - Friday 09:00 (am) - 17:00 (pm) Eastern Time (GMT-05:00)

Toll Free - USA only - 888.324.1817
International: (1) 302.266.9367
FAX: 302.266.9940
Email: info@delawareintercorp.com