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Bruce W Mccullough

Bruce Mccullough’s Answers

3 total

  • Want to open a startup business in Delaware, how much would I spend?

    Hi, I'm an italian guy living in south america. I am a computer programmer and I want to open my online business in the US (I was recommended to open it in Delaware). My question is pretty straightforward, what would be the approximate registratio...

    Bruce’s Answer

    For Delaware incorporation or LLC formation, $1,500 can cover legal and filing fees. On an ongoing basis, expect $500/yr. in registered agent and Delaware franchise tax fees. This assumes a fairly standard setup. Something with complicated ownership and share vesting agreements, for example, would cost more.

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  • I'm seeking an independent professional advisor in the DE, 19720 area and/or surrounding for a Structure settlement transfer.

    Prefer free consultation, furthermore I'm required to obtain independent professional advice regarding the legal, tax and financial implications of my Structure settlement payment transfer.

    Bruce’s Answer

    You can search on Avvo for attorneys in your geographic and subject matter areas. I have experience with meeting with clients to discuss transfer of structured settlements and preparing independent professional advice letters.

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  • Annual State Tax Fees for having a corporation in Delaware. I own two years plus any penalties. Can I get rid of them?

    I want to close the company but somehow get out of these annual fees. What can I do? Someone told me the State won't let you close the company without paying those fees? Is an assignment for the benefit of creditors possible. It has no assets....

    Bruce’s Answer

    For formal dissolution, the annual franchise fees and any taxes to Delaware must be brought up to date and the annual Franchise Tax Reports must be filed. In addition, the fee for filing a Certificate of Dissolution is $204.

    The Div. of Corporations will administratively dissolve the company after 3 years of non-payment of the annual franchise tax. If there are no creditors you may want to just let it happen that way but, of course, there is more risk than with formal dissolution.

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