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Summary of Features of Delaware Limited Liability Company (LLC)

Summary of Features of Delaware Limited Liability Company (LLC)

General Information


Company Law


Delaware Limited Liability Company Act


Type of Company


Limited Liability Company (LLC)


Language of Legislation and Corporate Documents


English


Taxation of Foreign Profits


Nil (for single member LLC with no U.S. shareholders)


Exchange Controls


None


Length of Time to Form a LLC


3 weeks (expedite service is available)


Shelf Companies Available


Yes


 

Corporate Names


Name Restrictions


Names identical or similar, offensive words


Endings and Abbreviations Required


Limited L iability Company or its abbreviation LLC


Length of Time to Verify Name Availability


few minutes


Reservation of Names Permitted


Yes


Language of Name


Any language


Name of Banks, Insurance, Investment Fund, Trust Company or their equivalents requiring consent or license


Yes , especially those


 

Capital and Members


Minimum Number of Members


One


Local Members Required


No


Corporate Membe r s Permitted


Yes


Disclosure of Members


No


Minimum Authorised Capital Required


No minimum


Bearer Shares Permitted


N/A


Registered Shares Permitted


Yes


No Par Value Shares Permitted


Yes


 

Managers


Minimum Number of Managers


One


Qualifications of Directors


Legal Age


Corporate Managers Permitted


Yes


Local Directors/Officers Permitted


Yes


Appointment of Subsequent Managers


LLC Agreement


 

Meetings


Annual General Meeting of Shareholders Required


No


Annual General Meeting of Manager s Required


No


Location of Directors and Shareholders Meetings


Anywhere


Adoption by Consent Permitted


Yes


Quorum required for purposes of meetings


LLC Agreement


 

Local Requirements


Qualified Registered Office/Agent


Yes / Yes


Government Register of Shareholders


Optional


Government Register of Directors/Officers


Optional


Government Register of Charges


Optional


Register of Directors/Officers to be kept at Registered Office


Yes


Company Seal Required


Optional


Copy of Minutes to be kept at Registered Office


Optional


Copy of Share Register to be kept at Registered Office


Yes


 

Annual Requirements


Minimum Annual License Fee or Franchise Tax


$200


Annual License Fee or Franchise Tax Due Date


June 1st


Applicable Surcharges


1.5 % per month


Requirement to File Annual Returns


No


Requirement to Submit Annual Audited Accounts


No


 

Other Relevant Information


Member of Apostille of the Hague Convention


Yes


Increase or Reduction of Capital


Managers ¡¦ resolution


Redomiciliation Prohibited


No


Reinstatement at the offices of the Secretary of State


Yes


Removal from Secretary of State offices


Compulsory or voluntary winding up and dissolution; and cancelation of the certificate of formation for non-payment


For further information or assistance, please call us:


Hong Kong Office: +852 2341 1444
Shenzhen Office: +86 755 8268 4480
Shanghai Office: +86 21 6439 4114
Beijing Office: +86 10 6874 8420

or send email to enquiries@bycpa.com.



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