Friday, May 06, 2011
The Delaware Corporate Legislation Tracker
Stay on top of changes to the DGCL with the Delaware Corporate Legislation Tracker! This is a free service, designed to keep you informed on current and pending legislation related to Delaware Corporate rules and regulations. Here's what's been happening this past week:
The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 5/4/2011:
Title: AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO THE REGULATION OF SECURITIES.
This bill, named the “Delaware Investor Protection Act,” re-organizes the provisions of the Delaware Securities Act (6 Del. C., Ch. 73) into seven subchapters and makes substantive amendments to the Act.
May 04, 2011 - Amendment HA 1 - Introduced and Placed With Bill
Apr 13, 2011 - Introduced and Assigned to Judiciary Committee in House
The following Legislation affecting Title 10 - Courts and Judicial Procedure was acted upon by the General Assembly on 5/5/2011:
Title: AN ACT TO AMEND TITLE 10 OF THE DELAWARE CODE RELATING TO THE UNIFORM RECOGNITION OF FOREIGN-COUNTRY MONEY JUDGMENTS.
This bill adopts the Uniform Foreign-Country Money Judgments Recognition Act (“UFCMJRA”), promulgated by the Uniform Law Commission in 2005. UFCMJRA is intended to update the Uniform Foreign Money Judgments Recognition Act of 1962 (“1962 Act”), which Delaware had previously adopted. UFCMJRA builds upon the established principles of the 1962 Act in a necessary upgrade for the 21st Century and establishes clear and uniform standards under which state courts will enforce the foreign-country money judgments that come within its scope.
This bill advances these goals by several means. First, the bill provides simple court procedures for the enforcement of foreign-country money judgments. Second, the bill corrects and clarifies gaps in the 1962 Act revealed in the case law over the last 40 years. Third, the bill addresses burdens of proof for the first time, providing that a petitioner for recognition has the burden of proving a judgment is entitled to recognition under the standards of the bill, and that any respondent resisting recognition and enforcement has the burden of proof respecting denial of recognition. Fourth, the bill revises the grounds for denying recognition of foreign-country money judgments. Fifth, the bill establishes a statute of limitations for recognition actions. Sixth, the bill updates and clarifies both the definitions and the scope section.
May 05, 2011 - Introduced and Assigned to Judiciary Committee in House
Thursday, May 05, 2011
Delaware Business Tax Cuts are proposed as part of Governor Markell's Plan
This is good for Delaware Businesses.
As part of his new three-part jobs plan called “Building Delaware’s Future Now,” delawareonline reports that Delaware Governor Jack Markell recommends the following:
An $8.5 million tax break for banks by using a new method for calculating franchise taxes, and;
An enhanced tax credit of up to $12,500 over 10 years for each new employee hired by banks if certain requirements are met.
The governor also is calling for reductions in gross receipts taxes and utility taxes to help businesses.
Looking for something to do this weekend? Dover Days annual festival may be just the ticket for a weekend of outdoor family entertainment. The tradition dates back to 1933 and attractions include parades, a car show, Civil War Campsites, activities for kids, Maypole Dancing and a Pancake Breakfast. For additional information, including driving directions and directory, click on the following link- http://www.doverdaysfestival.com.
Wednesday, May 04, 2011
LLC Franchise Tax Reminder
Delaware's LLC Franchise Tax deadline of June 1 is fast approaching! The State is currently collecting $250.00 annually for Limited Liability Companies. Please watch your calendars as companies not meeting the June 01 deadline will be charged an additional $200.00 penalty plus interest.
For the convenience of our clients,Delaware Intercorp offers an ezfile link on our website . A nominal service fee of $35.00 for its utilization is charged.
If you have any questions regarding your Delaware entity's franchise tax, please feel free to contact a member of our service team at firstname.lastname@example.org, email@example.com or by telephone at 302.266.9367.
I just wanted to take a quick moment to let everyone know that our phone system is currently being upgraded and you may experience a temporary interruption in service.
Some clients have reported reaching a non-working number. Our phone number remains 302-266-9367.
If you have trouble reaching us by phone today, please leave us a message or send us an email at firstname.lastname@example.org and we will get back to you as soon as possible.
Thank you for your understanding while we work through this issue.
Tuesday, May 03, 2011
Kauffman Index of Entrepreneurial Activity 1996-2010
The Kauffman Index of Entrepreneurial Activity is a leading indicator of new business creation in the United States.
New 2010 data allow for an update to previous reports, with consideration of trends in the rates of entrepreneurial activity over the fifteen-year period between 1996 and 2010. The Kauffman Index reveals important shifts in the national level of entrepreneurial activity, and shifts in the demographic and geographic composition of new entrepreneurs across the country.
Here are a few of the key findings for 2010:
In 2010, 0.34 percent of the adult population (or 340 out of 100,000 adults) created a new business each month, representing approximately 565,000 new businesses per month. The 2010 entrepreneurial activity rate is the same as the 2009 rate, but represents an increase from 2007, and represents the highest level over the past decade and a half.
The entrepreneurial activity rate among Latinos increased from 0.46 percent in 2009 to 0.56 percent in 2010, reaching the highest level over the past decade and a half.
The Asian entrepreneurial activity rate also increased substantially in 2010 (from 0.31 percent to 0.37 percent).
The African-American and non-Latino white entrepreneurial activity rates decreased from 2009 to 2010.
Immigrants were more than twice as likely to start businesses each month than were the native-born in 2010. The immigrant rate of entrepreneurial activity increased sharply, from 0.51 percent in 2009 to 0.62 percent in 2010, further widening the gap between immigrant and native-born rates. The native-born rate is 0.28 percent.
The youngest age group (ages twenty-five to thirty-four) experienced an increase in entrepreneurial activity from 2009 to 2010 (0.24 percent to 0.26 percent).
Entrepreneurship rates increased the most for high school dropouts (0.49 percent to 0.59 percent), and decreased the most for high school graduates (0.38 percent to 0.34 percent) in 2010, also signaling that opposing trends may be due to the Great Recession pushing many individuals into business ownership because of high unemployment rates.
So how did your state measure up in the report?
Read for yourself below:
Kauffman Index of Entrepreneurial Activity 1996-2010 (PDF)
Monday, May 02, 2011
WHY BAD ECONOMY IS A GOOD THING?
We all know too well the effects of this economy on each and every one of us. This article I have read is worth knowing that with all the negative things you hear, there are actually some good things that can come out of bad economy.
Here are some reasons why a bad economy is actually a good thing:
Strengthening relationships. When the economy is good and you are buried in business, you probably don’t spend much time nurturing relationships. Whether it’s with your family or friends, now you have no excuses. You can give time to strengthening those relationships and help reduce stress at the same time.
Scrutinizing spending. As an entrepreneur, you probably don’t mind spending on some added expenses because you are not hurting financially. During this tough economy, you begin to look at each expense and really determine if it will bring you additional value or a return. If it will not, ax it and you will help your company financially.
Monitoring cash flow. During a strong economy people usually let the money fly, whether at home or at work. They spend freely, without giving it much thought . But during a down economy, you will be forced to keep closer tabs in your cash flow. This will make you better off financially at home and in the office. It will also help you learn to be better about making financial decisions.
Back to basics. A rough economy will get people back to doing more of the free or low cost basics that help to build strong families. Before ,you spend a lot of money going out to expensive restaurant . Now you can prepare a home-cooked meal with your loved ones and save a lot of money. Same goes for your business- rather than putting out money on elaborate parties, you can opt for low cost picnic-type ones and still have fun.
Get creative. During a strong economy, most people just go with the flow and reinforce the status quo. But during a weak one, people will innovate and find new ways to do things both at home and in the business world. New business ideas will come out of this economic slump, and one of them could be yours.
These are just examples of the good that can come out of a tough economy. A poor economy will make you better at managing your money, tracking your spending habit and even creating stronger bonds with people. And that is a good thing!