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Often, clients ask Harvard Business Services, Inc. to form and file their company with Delaware after already reserving the company name with the Delaware Division of Corporations. They paid $75 on the state's website and received a receipt stating the name had been reserved. This step is often not needed. At Harvard Business Services, Inc., we strive to provide clients with the most value for their money. As soon as clients initiate the order with us to form a company, we file that company with the state, thereby accomplishing the same thing. So why pay $75? They paid $75 to reserve the name from the moment they paid to the moment we file the company, which doesn't make much sense since the time frame is often a day or less. In most cases, if that name was available on Monday, it will typically be available on Tuesday.
Often the name reservation service is helpful to clients who aren’t ready to form the company their company just yet. They may need a couple of weeks before moving forward with the formation, but want to make sure the name they have chosen is available when they are ready. The name reservation is typically good for 120 days before the name becomes available again to the public.
Ultimately, it is your decision whether you think the name reservation service is needed. In a lot of cases, we see clients who reserve the name before they contact us because they think they have to, but this is not the case.
If you do need to reserve a company name with the State of Delaware, don’t forget to print your receipt. We will need this receipt from you when you are ready to form the company. If you do not have this receipt, there will be an additional charge by the state to release the name.
THE AUTHOR OF THIS BLOG ARTICLE IS NOT A LAWYER AND HARVARD BUSINESS SERVICES, INC. IS NOT A LAW FIRM. THE ARTICLE ABOVE IS NOT INTENDED AS LEGAL ADVICE AND SHOULD NOT BE TAKEN AS LEGAL ADVICE. THIS SHORT ARTICLE IS STRICTLY TO MENTION SOME ASPECTS OF DELAWARE’S CORPORATION LAWS AND/OR LAWS RELATING TO OTHER FORMS OF ENTITIES WHICH YOU MAY NOT BE FAMILIAR WITH. WE RECOMMEND THAT YOU CONSULT WITH A LAWYER BEFORE FORMULATING A STRATEGY WHICH WILL BE SUITABLE FOR YOUR SPECIFIC CASE.