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Sunday, October 18, 2015

Cost of Incorporating in Delaware

Here's a Cost Breakdown for Incorporating in Delaware 

DIY
  • Filing fee of $89.
  • It's likely you're not living in DE so you would need a registered agent to accept service of process on your behalf in the event that you're ever sued. You can find a registered agent service between $70-$200 online.
  • $50 for certified copy of incorporation. A bank will need this copy when you open an account. Some states require a copy when you apply for foreign qualification in a particular state.
  • Out of state filing fees vary depending on the state, it can be anywhere from $100-$400.
  • Here's a link to find the forms to set up a Delaware entity.  State of Delaware - Division of Corporations - New Entities
  • I recommend using an attorney for this process because you'll get sound advice on the amount of shares you should authorize and the price for those shares. A mistake can be VERY costly.
Services that will complete the filing for you: 
  • In addition to the filing fees listed above, you could pay a service provider to file the documents for you. Some companies charge $200-$600 to file the documents for you.  You'll answer a few questions and they'll file the forms for you. Be wary of these services because they tend to up-sell  services like expedited filings, registered agent services, business plans etc. Also, given the amount of new lawyers opening their own firms, you can likely find an attorney to complete the filing for you for the same price as some of the online services.

Having an attorney complete the filing for you: 
  • If you go to a large law firm to incorporate  you'll likely shell out thousands of dollars in fees. Most companies that are getting started don't have the budget to spend on legal. I also think it's better to work with a smaller law firm or a solo practitioner who can charge a fraction of the price that a big law firm charges. This way, you'll have the reassurance that you're documents are all completed correctly, you'll get legal advice along the way and you'll get personalized attention when you work with a smaller firm

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