Why Smart Truckers Use LLCs AND Corporations to Protect Themselves
Filed Under: Delaware, INC Knowledge, Limited Liability Company
Tags: Delaware, INC Knowledge, Limited Liability Company
You’re in the business of moving goods from point A to point B. But the vehicle or vehicles that transport those goods are big, heavy, fast and move among vast herds of much smaller and less crashworthy vehicles operated by drivers of questionable skills. The potential for disaster is always present. And if an accident with multiple deaths does occur, you need to have ALREADY taken steps to protect your assets and your family’s financial future.
If you are operating a trucking company as a sole proprietorship, you need to enlist Harvard Business Services, Inc. to help you place each of your trucks into separate Delaware LLC’s and to set up an S-Corp to operate your trucking business. we have specialized in Delaware business formations and helping truckers like you protect their assets for 30 years. (And members of OOIDA get an extra 5 percent off their incorporation order.)
By choosing Harvard Business Services, Inc. as the company to help you make informed decisions about incorporating in Delaware, you’ll join thousands of other savvy business owners who have turned to HBS to help them protect their personal assets.
For more information on incorporating your trucking business, click HERE.
Registered Agent Renewal Bill Got You Down?
Filed Under: Change of Agent, INC Knowledge
Tags: Change of Registered Agent, INC Knowledge
As a filing specialist here at Harvard Business Services, Inc., I talk with people everyday who have multiple companies incorporated in the state of Delaware, or even multiple registered agents and are looking for a more cost effective service. To be more specific, recently, I spoke with a gentleman that was inquiring about Harvard Business Services, Inc. and what we have to offer. Over the past few weeks, he had received registered agent renewal bills for his Delaware entities from other agents. Reluctant to pay them, because they were so outrageously high, he found Harvard’s website, www.delawareinc.com.
He agreed that our website was more than helpful but wanted to speak with a representative to get a feel of what and who we are as a company. More or less, he wanted to feel confident that our service matched or exceeded that of his current agent being that our annual fee was a fraction of what he had been paying. As we continued our conversation, he expressed concern about the hefty fees and due dates on the renewal bills he had received from other agents and asked if there was enough time to make the switch to HBS without liability for paying the other agents. We made the switch easy for him.
In what was less than a 5 minute phone call, I was able to guide our new client through the process of submitting the requests to switch agents to Harvard for his multiple entities as he effortlessly navigated our website. Before I thanked him for his business I was able to confirm receipt of his orders and advise him that the amendment filings would be submitted to the state of Delaware before our office closed that day. I could sense the appreciation in his tone as I further explained that he could toss those bills in the trash and be assured that the state of Delaware will officially notify his previous agent of the change before the due date of his invoices.
Do you have a similar situation and are looking to avoid that large annual fee for Delaware registered agent service? We offer a simple solution even if your due date for renewal is right around the corner with your current agent. You will be surprised at how easy and fast it is to make the switch using our hassle-free service.
At Harvard we work diligently and process all requests within 24 hours. This means your filing order will be submitted to the state of Delaware via our on-line connection without delay.
Gaining the trust and confidence of our clients is how we conduct business each and every day at Harvard Business Services. To change your Delaware agent to Harvard Business Services, Inc. simply follow this link:
https://www.delawareinc.com/ourservices/change_agent.cfm
Or go to our home page at www.delawareinc.com and click on Change Registered Agent in the left sidebar or feel free to give us a call, 800-345-2677.
Watch this video for more information on changing your agent.
Last Highway Use Tax Deadline Extended for Truckers
Typically highway use tax applies to buses, trucks, and truck tractors that have a gross taxable weight of 55,000 pounds or more. This often does not include vans, pickups, and panel trucks because they are below the weight limit.
The IRS recently advised truckers and other owners of heavy highway vehicles that the due date of their next highway use tax return has been extended. This return which is usually due August 31st. will now be due on November 30, 2011. Payments, and returns should not be filed before Nov. 1, 2011.
The highway use tax is scheduled to expire on Sept. 30, 2011. This is the reason for the extension. The IRS hopes that this extension will alleviate any confusion or multiple filings that could occur if Congress decides to modify or reinstate the tax after that date.
Last year the IRS received highway use tax payments of about $886 million from about 650,000 forms.
If you are acquiring and registering a new or used vehicle during the July-November period, new regulations require a state to register the vehicle without the use tax being paid. The person registering the vehicle must provide a bill of sale showing that the vehicle was purchased in the last 150 days.
For more information on highway use tax, please contact the IRS directly or visit www.irs.gov
Changing Your Company Name with the IRS
Have you thought about changing the name of your corporation or LLC, or have you recently changed the name of your business? If so, it’s your responsibility to make sure everyone knows it, including the IRS. The specific action can vary depending on entity type, but under most circumstances changing a business entity’s name will NOT require a new EIN. To make this determination, see IRS Publication 1635.
Though it’s rare, sometimes changes to names are made right after EINs are issued. If you recently received your EIN and have not made any tax filings with the IRS then send your Business Name change request to: IRS-Stop 343G, Cinicinnati, OH 45999
If tax liability for the EIN has already been determined (i.e. you’ve already filed a tax return for the entity) then there are two ways to noify the IRS of your entity’s new name.
1. When filing a current year tax return you can check the name change box on the entity’s respective form:
Corporations – Form 1120, Page 1, Line E, Box 3
S-Corporation – Form 1120S, Page, 1, Line H, Box 2
LLC (partnership) – Form 1065, Page 1, Line G, Box3.
LLC (sole member) – cannot update name by filing return; must use option 2.
2. If you have already filed the return for the current year, you do not have to wait until next year to change your company’s name with the IRS. Changing the name of a corporation or an LLC, typically requires an amendment to be filed with the State or country where the business entity was originally formed. Deliver a filed copy of this amendment, along with a letter informing the IRS of the name change, to the address where you filed your return. Corporations must have the letter signed by a corporate officer, while LLC’s must have the letter signed by a member.
Once you’ve informed the IRS of your new name, you’ll need to let everyone else know you’ve changed your name too. It’s a good idea to make a list of all the other agencies and companies that you do business with on a regular basis; be sure to include all State and local tax authorities, vendors, suppliers, service companies, banks, etc. This will help keep you organized during the transition and make sure your mail service is not interrupted. It’s your responsibility to make sure that everyone is on the same page in the new chapter of your company.
Delaware Companies Shine
Filed Under: Delaware, INC Knowledge
Tags: Delaware, INC Knowledge
An initial public offering, or IPO, is when a company first offers the sale of its stock to the public. Doing an IPO is often called “going public”. In 2010, 76% of all U.S. IPOs were by companies incorporated in Delaware. This says a lot about the Delaware Division of Corporations and the strength of the Delaware legal system for corporations.
Read below about the success of two Delaware companies who recently went public:
LinkedIn: This company founded in 2002 and formed here in Delaware reports more than 100 million registered users, in more than 200 countries and territories worldwide.
LinkedIn, a social media site formed in Delaware, said it sold its IPO shares for $45. This price rose as much as 171 percent the first day and closed at $94.25. LinkedIn, similar to Facebook but for business purposes, is a site which allows users to share a photo of themselves along with a profile page to share additional professional details. LinkedIn is used for professional networking rather than social networking.
Pandora, another Delaware company has also recently gone public. From a sale price of $16/share, the stock went to a high of $26 and ended the day at $17.42. The first day’s return was in the average range for IPO’s. Pandora is an online radio company formed in 2000 in Delaware that allows users to choose the type of music that is played on their own customizable station.
Both Pandora and LinkedIn made less than 10 percent of their company’s stock available for IPO. Experts say the launch day for both companies was a success.
If you’re planning to take your company public then Delaware is, hands down, the State where you want to form your company. The type of company you’ll need to go public is the Delaware General Corporation.
For more information on why companies form in Delaware: http://blog.delawareinc.com/2011/01/video-the-advantages-of-incorporating-in-delaware/
To visit LinkedIn’s website: http://www.linkedin.com/
To visit Pandora’s website: http://www.pandora.com/
