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As am I, I know exactly what you're going through. Have you thought about filing the dissolution as a 'Before Business Begins' dissolution (form 274)? We actual
by seaotter002 16y ago
As am I, I know exactly what you're going through. Have you thought about filing the dissolution as a 'Before Business Begins' dissolution (form 274)? We actually never got to the point of publicly releasing our project (and did not have a single cent of revenue), so I was looking at that type of dissolution to avoid this year's $350 minimum tax.
I have still not found what they define as "Beginning Business" in their legal statutes, but I'm assuming a company that never released a product and made no money would fit that definition. Of course, IANAL.
- CoachRufus87 16y agoI'd never heard of that form, but I'll look into it.
- seaotter002 16y agoYeah, check section 274 here: http://delcode.delaware.gov/title8/c001/sc10/index.shtml http://delcode.delaware.gov/title8/c001/sc10/index.shtml The various dissolution forms are here: http://www.corp.delaware.gov/disso09.shtml http://www.corp.delaware.gov/disso09.shtml
- CoachRufus87 16y agoIt seems that all dissolution forms have this requirement: "Before the Certificate can be filed, all applicable Annual Franchise Tax Reports must be filed. Please contact the Franchise Tax Section prior to submitting the document for filing to determine the Annual Reports due. Please make your check payable to “Delaware Secretary of State”"
- seaotter002 16y agoYou'll still have to pay $50 for the tax report to be filed (for each year), but there's no tax liability for the company if you file before business begins or before issuing shares. You just can't file the reports online, you'll need to talk to a representative of the Franchise Tax Board and they'll email or fax you the company's Annual Franchise Tax Report.