| 1. |
Advantages |
- Unquestionable Limited Liability
- Flexibility of operating under members agreement.
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2. |
Disadvantages |
- Cannot have more than two of the four characteristics of a corporation.
- Not as widely known or accepted as a corporation.
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3. |
Company Status |
n/a |
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4. |
Corporate legislation source |
Delaware Corporation Law 1994-5 |
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5. |
Company Name |
Prior name approval required |
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6. |
Time taken to incorporate |
Incorporation within 2 to 3 working days. All documents received within 2 to 3 weeks. |
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7. |
Are shelf companies available? |
Yes |
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8. |
Usual minimum capital |
None required. |
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9. |
Capital Duty |
None |
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10. |
Minimum number of shareholders |
No shares - 1 member required (although two recommended for tax purposes) |
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11. |
Are bearer shares/shares of no par value possible? |
No shares. |
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12. |
Directors: minimum number / corporate directors allowed / location |
No directors, only members. No location requirements. |
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13. |
Secretary: mandatory / corporate secretary allowed / location |
No / No / n/a |
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14. |
Is there a requirement for a Registered Office / Registered Agent? |
Yes / Yes |
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15. |
Is any information required by the authorities prior to incorporation or prior to tax status being granted? |
No |
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16. |
What information is available on the public file? |
Name of Company, date of formation, status, registered agent and office. |
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17. |
What documents must be kept at the Registered Office? |
None |
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18. |
Corporate books & seal |
Kept with the members. |
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19. |
Are accounts required / filed? |
No / No |
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20. |
Is an annual return required? |
Yes |
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21. |
Where are meetings to be held? |
No restriction |
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22. |
Annual fees payable to the government: Tax |
$200 |
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23. |
Are there any exchange controls? |
No |
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24. |
Double tax treaties |
No |