Delaware (United States)
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Main Cities: Dover, Wilmington
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Population: 797,000 (est. 2001)
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Languages: English - U.S.
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Area: 2,489 sq. miles (land
area)
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Currency: United States Dollar
(USD)
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Company Type: LLC, Corporation
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Independence status: 1st among
50 states
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BACKGROUND
DELAWARE is the next smallest state in the United States at northeast
on the Atlantic Coast. It was the first state to ratify the United
States constitution. It did so on December 7, 1787. The business
heart of Delaware is Wilmington, with its highly developed chemical
industry. More than 46% of Companies whose shares are quoted on
the New York Stock Exchange are incorporated in Delaware because
of its business friendly environment, especially a legislative
and judicial environment.
Legal System
The Delaware Limited Liability Company Act (Chapter 18 of the Laws
Relating to Commerce and Trade).M
Currency
United States law requires that anyone transacting more than USD10,000
into or out of the US must report this transaction to the United
States Customs Authorities. In addition the United States Internal
Revenue Service ("IRS") must be notified of certain cash
transactions in excess of USD10,000.
Taxation
Limited Liability Company ("LLC") is having sole member
who is a foreign USA resident having no USA source income and
no employees, it is not liable for Delaware Income Tax. Most of
its members are not U.S.A. citizens or residents and does not
invest in U.S.A. companies.
Legislations
If the domestic LLC is structured properly and the organizational
aspects are adhered to properly, and there are no US members and
no US source income or foreign source effectively connected income,
then the domestic LLC can be used to produce foreign source income
and not have a federal tax liability on that foreign source income,
nor have tax reporting requirements to the IRS.
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