Chesspin Corporation offers a package for real estate investors. This package was created in conjunction with several commercial mortgage lenders to obtain the basic documents needed to prove registration of the LLC. This is NOT an exhaustive list of every document you will need and requirements vary from lender to lender. However, this is to cover the four documents you will need with regards to the LLC’s existence and proof it is in good standing.
This package is available for new LLC’s being registered in Delaware, New Jersey, and Pennsylvania only. The package provides the following services:
Certificate of Formation (called a Certificate of Organization in Pennsylvania)
Certificate of Good Standings (called a Subsistence Certificate in Pennsylvania)
CP575 Letter from the IRS with your EIN Number
Operating Agreement Template (will need to be completed and signed by members)
1 Hour Phone or Teams Client Consultation (No Legal or Tax Advice)
Chesspin’s fee for this package is $400. State fees and registered agent fees are additional (registered agent service included for Delaware).
Including estimated state fees, Delaware is $630. New Jersey is $580.50 without registered agent and $730.50 with registered agent. Pennsylvania is $565 without and $715 with. Registered agent service is renewed annually.
Information Required to File for LLC
Name, Address, Phone, Email of Applicant
Name, Address, Phone, Email of Members and or Managers
Name of LLC
Name and Address of Registered Agent (must be in same state, no PO Boxes, virtual offices, or mailbox services).
Address of the LLC’s Principal Business Location on day of formation (no PO Boxes, virtual offices, or mailbox services).
Mailing Address of LLC (if different)
Brief Statement of LLC’s Purpose
Pennsylvania Only: Name and Address of person responsible for initial tax reports
Start Date of the LLC
Expected Start Date of W-2 Employees (if applicable)
Name, Address, Phone, and Social Security Number of Responsible Party for EIN Application (DO NOT EMAIL SOCIAL SECURITY NUMBER)
We are closing Friday, September 2 at 3 PM Delaware time for Labor Day weekend. We will reopen on Tuesday, September 6 at 9 AM. No staff will be available during this time as we’re going to enjoy the end of summer (and we can’t do any filings anyway as Delaware and IRS systems will be offline for the weekend).
Enjoy the end of the summer and we’ll talk to you on Tuesday!
The State of Delaware has scheduled the following holidays for the remainder of 2022: June 20, July 4, September 5, November 8, November 10 (Sussex County Only after 12 PM), November 11, November 24, November 25, December 26, and January 2, 2023.
While Chesspin’s history goes back further than 20 years, we are proud that as of today, May 20 2022, Chesspin has been in the incorporation and registered agent business in Delaware for 20 years. During this time, we’ve helped thousands of people from around the world start their new businesses in Delaware, and later elsewhere as well.
To celebrate our 20 years, we are going to bring back our 2002 price for Delaware for a limited time. Form an LLC or Corporation in Delaware with 1 year of registered agent for $150 (state fee included). This is standard processing, no consult, no additional filings included. Call (302) 689-3936 or email ServiceRequests@Chesspin.com.
We have received an increasing number of concerns from clients about banks making it difficult to open accounts. Many banks are now requiring additional due diligence and becoming more selective on the types of accounts they will open. Even our own company had some challenges getting a checking account open recently.
Banks will always ask for your formation / incorporation documents and EIN letter. However, many will now require some combination of a corporate resolution, bylaws or operating agreement, certified copies of your documents, a certificate of good standings, and or a detailed breakdown of your specific business activities. Also, in general, if you own 25% or more of your business, you MUST be a signer on the account and may be required to be physically present. If you are opening an account from out of state (for example, you’re opening an account in New Jersey for a corporation in Delaware), you may need to provide a Certificate of Authority issued by the state in question to show you can legally do business there.
Some examples of what we’ve seen recently:
A client in New Jersey could not open a bank account in New Jersey as they had a Delaware registered LLC. They were able to get an account by opening it in Delaware.
A client in Pennsylvania with a fictitious name issued by Pennsylvania for a general partnership was refused an account at 2 banks because of bank policies regarding partnerships.
A client in Florida with a Delaware LLC and a Florida Certificate of Authority was questioned about using a Delaware LLC instead of a Florida one.
Another client in Pennsylvania could not open a bank account because the members were not listed on the Certificate of Organization (in Pennsylvania, the organizers are listed but the members are not unless they are the same people). Another bank opened an account without this being a concern.
Before opening your new business, ask your bank for their list of requirements. And shop around. You should also be aware that some banks are simply refusing certain types of entities, or have interpretations of the law that are simply wrong. With the new Corporate Transparency Act (federal law), banks are changing their policies, and you need to be ready so you do not delay your business opening.