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For incorporating a business, Delaware is the popular choice. It is known for having the strongest corporate law structure and the best liability protection for members of the company. Business owners from all over the world incorporate in Delaware to take advantage of these safeguards.
If you form a company in Delaware, your business is domestic to Delaware and foreign to every other state. Your state of operation gives you permission to use your Delaware Company through a process called “foreign qualification”. This blog will address Delaware LLCs and Corporations that operate in Iowa.
Like many other states, Iowa has an application process and a state fee and it requires a Certificate of Good Standing from Delaware. Iowa also requires that a Registered Agent in the State of Iowa be appointed. Iowa clients often work with their Delaware Registered Agent in order to qualify their Delaware company in their home state.
Harvard Business Services can assist you with an Iowa foreign qualification and serve as your Iowa Registered Agent. The Iowa Registered Agent service is $99 per year. Harvard Business Services prepares the application, sends it to you for a signature, obtains the Certificate of Good Standing from Delaware and files the completed package with Iowa. The turnaround time for approval is often 5-10 business days. At the end of the foreign qualification process, Iowa presents you with a document called a Certificate of Authority. It is proof that Iowa has given you the authority to use your Delaware LLC or Corporation in Iowa. When you open a bank account in Iowa with your Delaware Company, you can expect your bank to ask for this document.
Once registered in Iowa, please keep in mind that you will be responsible to remain in good standing in Delaware and Iowa. Iowa requires an annual report and Delaware requires an annual Franchise Tax. You are required to maintain a Registered Agent in both states and keep up with the Franchise Tax. It is the job of your Registered Agent to send you the annual notices.
If you need assistance with registering your Delaware LLC or Corporation as a foreign entity to do business in Iowa, please reach out to Harvard Business Services at 1-800-345-2677 or email firstname.lastname@example.org.
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.