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The Delaware General Corporation Law (sometimes abbreviated DGCL), officially the General Corporation Law of the State of Delaware (Title 8, Chapter 1 of the Delaware Code), is the statute of the Delaware Code that governs corporate law in the U.S. state of Delaware. [1] The statute was adopted in 1899.
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 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:
The state added 58,000 new corporations in 2022, the most recent year for which information was available from Delaware. That was down 6% from 2021, although still up 41% since 2017.
It was estimated in 2012 that $9.5 billion of potential taxes had not been levied over the past decade, due to an arrangement known as the "Delaware loophole". [2] Companies formed in Delaware are required to have an address in the state at which process may be served. Therefore, Delaware entities with no physical office in the state must have ...
Elon Musk is threatening to move the state of incorporation for Tesla, his half-a-trillion-dollar company, from Delaware to Texas after a judge in the First State voided a $55.8 billion ...
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