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The Delaware General Corporation Law (sometimes abbreviated DGCL), officially the General Corporation Law of the State of Delaware (Title 8, Chapter 1 of the Delaware Code), is the statute of the Delaware Code that governs corporate law in the U.S. state of Delaware. [1] The statute was adopted in 1899.
When an entity is in good standing with the chartering agency, it may obtain a "certificate of good standing" which indicates this to be the case. [6] In some cases, a bank may require an entity wanting to open an account such as a checking or savings account to show a certificate of good standing from the chartering agency.
The Delaware Division of Corporations will not provide a separate certificate of good standing for each series, but it will provide a certificate of good standing saying that the entire company is a series LLC (and not just a traditional LLC). [citation needed]
As an entity that was created within the boundaries of Delaware and is written into the Delaware state charter, Title 12 Chapter 38, there is no question as to where the state stands on the backing of the Delaware statutory trust. [11] Limited liability is offered for DSTs, affording each trustee the benefit of personal asset protection.
Delaware's economy shifted to a manufacturing base in the late 19th century, led by the transformation of the DuPont Company. [1] Modern growth in the financial workforce has overtaken the manufacturing sector in the state's economy. The Delaware General Corporation Law provides a flexible and stable framework for national incorporation. [2]
"People really didn't know about it until the end of last year," Miller said. "It was out there, but no one really knew much about it." Many of the state's small business owners still don't know ...
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