Exempt Corporations in Delaware
Corporate
Because of an addition to the Delaware General Corporation Law, the Delaware Secretary of State is asking that all non-stock corporations filed with the SOS complete an amendment filing in an attempt to set the exempt records straight, as well as ensure that all non-stock corporations are charged the correct Annual Report filing fee come tax time.
The addition signed into law by the 145th General Assembly and the Governor is as follows:
Amend § 391, Title 8, Delaware Code, by adding a new subsection (j) as follows:
“(j) As used in this section, the term “exempt corporation” shall be defined as any corporation organized under this chapter that is not authorized to issue capital stock and that:
(1) is exempt from taxation under § 501(c) of the United States Internal Revenue Code or any similar provisions of the Internal Revenue Code, or any successor provisions;
(2) qualifies as a civic organization under § 8110(c)(1) of Title 9 or § 6840(4) of Title 16;
(3) qualifies as a charitable/fraternal organization under § 2593(1) of Title 6;
(4) is listed in § 8106(a) of Title 9;
(5) is organized primarily or exclusively for religious or charitable purposes; or
(6)(i) is organized not for profit and (ii) no part of its net earnings inures to the benefit of any member or individual.”
This filing, which the SOS asks to be completed and returned by November 30, 2009, will be filed at no charge. Any corporations meeting one of the above listed requirements will pay an Annual Report filing fee of $25 rather than the $50 fee required from non-exempt corporations.
Any questions can be directed to the Delaware Division of Corporations: 302-739-3073.