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Delaware charges a franchise tax on the corporations incorporated in it. Franchise taxes in Delaware are higher than in most other states which typically get revenue from corporate income taxes on the portion of the corporation's business done in that state. Delaware's franchise taxes supply about one-fifth of its state revenue. [17]
Delaware's economy shifted to a manufacturing base in the late 19th century, led by the transformation of the DuPont Company. [1] Modern growth in the financial workforce has overtaken the manufacturing sector in the state's economy. The Delaware General Corporation Law provides a flexible and stable framework for national incorporation. [2]
The company provides incorporation, corporate documentation solutions [buzzword] along with entity support services and was the top-ranked Delaware Incorporator on the 2007 Delaware Business Ledger Book of Lists. [3] Aided by Delaware law, the state is a corporate haven with over 50% of U.S. publicly traded corporations.
The state does, however, impose a tax on the gross receipts of most businesses. Business and occupational license tax rates range from 0.096% to 1.92%, depending on the category of business activity. Delaware does not assess a state-level tax on real or personal property.
The Secretary of State of Delaware is the head of the Department of State of the U.S. state of Delaware. The Department is in charge of a wide variety of public and governmental services, and is divided into the following divisions:
A franchise tax is a government levy (tax) charged by some US states to certain business organizations such as corporations and partnerships with a nexus in the state. A franchise tax is not based on income. Rather, the typical franchise tax calculation is based on the net worth of capital held by the entity. The franchise tax effectively ...
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