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What Kind of Tax Return Do I File? If the only member of the LLC is an individual, the LLC income and expenses are reported on Form 1040, Schedule C, E, or F. If the only member of the LLC is a corporation, the LLC income and expenses are reported on the corporation's return, usually Form 1120 or Form 1120S.
Licenses can be obtained using the One Stop Business Licensing and Registration Service, and you may print a temporary license at the end of the registration or renewal process. Permanent licenses are generally sent within 10 working days.
Because federal corporation taxes are the same in every state, this 21% tax rate remains the same. In Delaware, the corporate income tax is 8.7% for C corporations and any taxpayers taxed as corporations federally. There are also a few other forms of taxes required to be paid by corporations.
Every domestic or foreign corporation doing business in Delaware, not specifically exempt under Section 1902(b), Title 30, Delaware Code, is required to file a corporate income tax return (Form 1100 or Form 1100EZ) regardless of the amount, if any, of its gross income or its taxable income.
If you want your business to operate under a name different from its legal business name, you'll need to register a DBA in every Delaware county where your business operates. It should be noted that while a DBA can be used for business, it is not a business itself. A DBA is just a name a business can use.
A Fictitious Business Name (FBN) Statement is a public record intended to make available to the public the identities of persons doing business under the FBN.
Form 1120 is the US corporation tax return. It's one of the most detailed and complex tax returns you can file as a Delaware corporation, but filing it correctly is essential. Failure to file or complete Form 1120 correctly can result in hefty penalties and other unwanted consequences.
Purpose of Form Use Form 1120, U.S. Corporation Income Tax Return, to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation.