We have met with an organization here in Delaware called the Delaware Economic Development Office that offers help to new businesses or to those looking to start a business. The types of support they offer are of value to any new business or business-in-waiting.
In addition to location consulting, licensing & registration help , specific funding and financing and seed funding sources, the office offers help with green industries, minority and women-owned businesses plus workforce development suggestions as well as posting a business event calendar.
Although specifically targeting Delaware businesses and business interested in locating in Delaware, it made us curious about help like this in other states. A quick web search on"state economic development office" (or substitute "council" for "office") found similar sites in New York, Tennessee, Oklahoma, California, Utah, Colorado and Texas to name a few. We incorporate in these states by the way.
The link is http://dedo.delaware.gov/ for a look at the Delaware Economic Development Office site.
See you at the next post.
Thursday, September 4, 2008
New Type of LLC
Vermont has recently announced a new type of LLC, a "Low-Profit Limited Liability Company". This "L3C" (as they have named it) is intended to be a cross between a nonprofit organization and a for-profit corporation that intends to have charitable or educational goals.
They are the first state to offer this format but other states are sure to follow. You may want to check with your state to see if it's on the radar. Vermont advises that organizations seeking 501(c)(3) status (that's the IRS federal designation obtained after successfully filing form 1023 with them), should still organize as a non-profit corporation.
As a note, if you have a non-profit in your future, get IRS publication 557 "Tax-Exempt Status for Your Organization" to see the requirements ahead of you.
You can go to the Vermont link http://www.sec.state.vt.us/corps/dobiz/llc/llc_l3c.htm for more information on the L3C.
See you at the next post.
They are the first state to offer this format but other states are sure to follow. You may want to check with your state to see if it's on the radar. Vermont advises that organizations seeking 501(c)(3) status (that's the IRS federal designation obtained after successfully filing form 1023 with them), should still organize as a non-profit corporation.
As a note, if you have a non-profit in your future, get IRS publication 557 "Tax-Exempt Status for Your Organization" to see the requirements ahead of you.
You can go to the Vermont link http://www.sec.state.vt.us/corps/dobiz/llc/llc_l3c.htm for more information on the L3C.
See you at the next post.
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