Setting Up and Maintaining a Delaware LLC: A Comprehensive Guide
Establishing a Delaware LLC is a straightforward process. This guide will walk you through the steps needed to register your LLC and outline the requirements for maintaining it.
To register a Delaware LLC, you'll need to provide the following:
A copy of your ID
Proof of address (This can be a utility bill or a credit card statement. Please ensure that the name on your proof of address matches the name on your ID.)
If you have a U.S. driver’s license, it can serve as both your ID and proof of address.
When filing for your Delaware LLC, you’ll need to declare the first member of the LLC. However, this information is not shared with the State of Delaware. The identity of the person behind the entity is only disclosed when applying for an EIN with the IRS.
To open a bank account or crypto exchange account, you'll need an EIN (Employer Identification Number). When applying for an EIN, a representative of the entity must be listed.
Applying for an EIN:
If you’re a U.S. citizen, you can apply for an EIN instantly through the IRS website.
Non-U.S. residents will need to fill out a specific form and send it by fax to the IRS. Please note that while the IRS has an official 45-day response time, the actual processing time may be longer. You can find the form here.
Additionally, Otonomos can assist with filing the EIN on your behalf.
Delaware LLCs are renewed annually on the anniversary of the company’s registration. Renewal fees cover the registered agent and the registered address of your company.
Annual Reporting: Owning a Delaware LLC requires filing an annual report with the State of Delaware. Otonomos can assist with filing your annual report.
Delaware State Tax: Entities in Delaware are required to pay an annual state tax on June 1st. Please note that late payments will incur penalties.
Adding or Changing Members/Managers: Changing or adding members or managers to your Delaware LLC does not require a filing with the State of Delaware. These changes can be made through an internal resolution, and the necessary documents are provided when your company is registered.
Upon registering your Delaware LLC, you will receive the following documents:
Certificate of Formation
Initial Resolutions
Limited Liability Company Operating Agreement
Certification of Member
LLC Membership Certificate
Company Dissolution: To properly close down your entity, you can file for a company dissolution. This ensures that your entity is correctly shut down without any unresolved matters.
Company Strike Off: Alternatively, an entity can be struck off if it fails to pay renewal fees or submit the required statements to maintain good standing.
You can order your Delaware LLC directly from our website. Setting up and managing a Delaware LLC is a straightforward process with the right guidance. Whether you’re establishing your entity, managing changes, or considering dissolution, understanding these steps will ensure your LLC remains in good standing.