Small Business Reading Room

Friday, April 05, 2013

Delaware LLC Franchise Tax Information

Delaware Franchise Tax has been assessed and is payable for GP, LLC and LPs. We would like to assist you with keeping your Delaware GP, LLC or LP in compliance!

Our official electronic notification to all GP, LLC and LPs registered with Delaware Intercorp was sent on March 29th. Please let us know if you did not receive our email notification.

Why use us? When you pay your franchise tax through our secure website, you are using the collective force of our direct connection to the State’s database and our knowledgable staff! Our direct connection allows for speedy, reliable processing, and the combined experience of our committed staff ensures the effective processing of your submission.

Login to our secure website secure website and select "Pay Franchise Tax / EZ File"” (login required). Your login will link you to your GP, LLC or LP. The outstanding tax assessment will be displayed. This application is available between 8:00 am and 11:45 pm Eastern Time daily.

The Franchise Tax filing deadline is June 1st. We recommend that you submit your tax at least a week prior to the due date, in order to avoid potential service interruptions. Failing to submit your filing by the due date will result in a State assessed $200 penalty and 1.5% interest!

posted by Joanne at 3:23 PM - permalink 0 comments

Wednesday, April 03, 2013

SBA and AARP Host Encore Entrepreneur Mentor Month in April with Events around the Country

The U.S. Small Business Administration and AARP are teaming up to host National Encore Entrepreneur Mentor Month targeted at entrepreneurs over the age of 50. Building on the success of a joint SBA and AARP Mentor Day in October, the two organizations will match “encore entrepreneurs” with successful business owners and community leaders for advice and assistance. To find a local event near you go to www.sba.gov/mentormonth.

Throughout April, SBA District Offices, state AARP Offices and SBA Resource Partners will host more than 100 events around the country. Events include speed mentoring, which allows mentors and entrepreneurs to share information for five-minute sessions, and mentor lunches for entrepreneurs to learn best practices from successful small business owners.

“Many new entrepreneurs are saving their best acts for their encore performance,” said SBA Administrator Karen Mills. “They’re using their decades of expertise and their contacts to start new businesses and to finally pursue that venture that has been stirring their dreams for all these years. The SBA and the AARP are once again focusing our efforts during Encore Entrepreneurship Mentor Month to help transform those dreams into a successful reality.”

“SBA and AARP’s partnership for an April Encore Entrepreneur Mentor Month is commitment to providing individuals aged 50 and older with the training, tools, and knowledge to empower them as small business owners and job creators,” said Mid-Atlantic Regional Administrator Natalia Olson-Urtecho. “This month will give the opportunity to reach out to entrepreneurs and small business owners across our region to familiarize them with the resources provided by the SBA and AARP that will allow them to start and grow a business.”

Mentor Month is part of a larger effort by SBA and AARP to provide a range of resources to more than 100,000 entrepreneurs and small business owners over the age of 50 this year. The events will help connect encore entrepreneurs with mentors such as those from SBA’s network of Small Business Development Centers, Women’s Business Centers, and SCORE chapters who can help throughout the life of an entrepreneur’s business.

“AARP supports developing opportunities for older Americans to pursue entrepreneurship as a means to generate income, boost financial security and assist others in meeting needs,” said Jean Setzfand, AARP Vice President, Financial Security. “AARP creates real possibilities by connecting experienced workers with the practical information and guidance they need to start or grow a small business.”

One in four individuals ages 44 to 70 is interested in becoming an entrepreneur and 63 percent of Americans plan to work during retirement, according to the website www.encore.org. Small business ownership is a good option for many baby boomers. Small business owners who get long-term counseling may see bigger sales, hire more workers and have more longevity. SBA and AARP will provide training and mentoring services to older entrepreneurs to help them successfully start and grow businesses and create jobs.

SBA developed a 50+ toolkit that includes free online courses targeted at helping encore entrepreneurs start or grow their businesses. The training courses include profiles of successful entrepreneurs, recommended action steps, and information on licensing and financing. Go online to www.sba.gov/encore for the toolkit and other resources available for entrepreneurs over the age of 50. AARP and SBA are also producing two webinars in April to help current and potential entrepreneurs. For more information, and to register, visit www.aarp.org/startabusiness.

posted by Unknown at 6:00 AM - permalink 0 comments

Tuesday, April 02, 2013

UK regulatory bodies have fined firms over £1billion since 2007

Is being a director in the UK risky business? Certainly if you are not operating above board!

Ernst & Young’s fraud and investigations team has recently conducted research which reveals that the total fines issued to UK firms and executives for fraudulent activity has exceeded £1billion. 68% of these fines have been applied to the financial services industry.

The data compared the penalties imposed on firms and individuals alongside the reasons behind the fine. The investigation found that since 2007, UK companies have been fined a total of £976,119,238 whilst individuals have been fined a total of £45,967,462. The study found that 68% all cases of fraud over the past five years were within the financial services industry, with cases of financial fraud highest in the mortgage industry and specialized finance sector. Overall, the total fines for the financial services industry exceeded regulatory censure.

Here's a copy of the press release we were provided with this morning:

London, 2^nd April 2013

UK regulatory bodies have fined firms over £1billion since 2007

The Fraud Investigation and Dispute Services team at Ernst & Young has today released new research revealing that the total fines issued to UK firms and executives for fraudulent activity has exceeded £1billion in the past five years, with 68% of the fines being applied to the financial services industry (which equates to 55% of the total value).

The study collected data from over 700 cases of fraud reported since 2007 using information provided by three major UK governing bodies. The data compared the penalties imposed on firms and individuals alongside the reasons behind the fine. The investigation found that since 2007, UK companies have been fined a total of £976,119,238 whilst individuals have been fined a total of £45,967,462.

The study found that 68% all cases of fraud over the past five years were within the financial services industry, with cases of financial fraud highest in the mortgage industry and specialized finance sector. Overall, the total fines for the financial services industry exceeded regulatory censure.

John Smart, Partner at Ernst & Young said:

“It is worrying to see that the regulators have needed to step in so frequently and issue punishments of this severity to businesses and executives. Just under half of the penalties handed out in the past five years have been monetary fines and the market, for the most part, is not in a condition for businesses to be losing money due to negligence. These results should serve as a stark warning to all businesses in the UK to get their houses in order.

“Whilst the results vary across different industries, firms should be mindful that these are not isolated situations, and fraudulent actions can occur across all industries and all sizes of business.”

The study’s findings also revealed that individual prison sentences across all regulatory prosecutions ranged from eight months to ten years, with partners and directors receiving the heaviest punishments. The research reveals that since 1997, the average prison stay of a convicted fraudster – either acting individually or on behalf of a company - is 2,000 days.

John Smart concludes:

“The extent and variation in the level of fines and prison sentences sends a clear message to UK businesses and their employees that misconduct will not be ignored. Board members will need to take a good look at what they are doing and undertake a full risk and systems review in order to identify any blind spots and identify who the fraudsters are. Firms that fail to take appropriate action in this area not only risk fines and sentencing, but may also cause irreparable damage to their brand.”

Additional findings from the research include:

The average prison sentence for the director of a company that has committed fraud is 3 years and 3 months
45% of all fines in the past five years were between £10,000 and £100,000.
The consumer staples industry, incorporating food, beverages tobacco and household goods, had the second largest total of fines and the largest average fine at £56,342,307.75, despite making up just 2% of all cases.

Notes on the research

Data was collected on 721 cases from information provided by the FSA (Financial Services Authority), SFO (Serious Fraud Office) and OFT (Office of Fair Trading). Data was collected from the governing body’s websites, official press statements and from news sources including: BBC News, Accountancy Age and Legal Week.

Number of investigations since 2007, split by industry sector	%
Financial Services	69%
Consumer Discretionary	17%
Industrials	4%
Healthcare	2%
Energy	3%
Information Technology	2%
Consumer Staples	2%
Materials	1%

Average fine since 2007, split by industry sector	All
Financial Services	£1,955,249.42
Energy	£536,331.08
Information Technology	£140,000.00
Consumer Staples	£56,342,307.75
Consumer Discretionary	£2,457,070.59
Industrials	£31,347,949.91
Materials	£99,837.18
Healthcare	N/A

posted by Unknown at 10:30 AM - permalink 0 comments

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