History
See also: Regulatory competition and Race to the bottomDelaware acquired its status as a corporate haven in the early 20th century. Following the example of New Jersey, which enacted corporate-friendly laws at the end of the 19th century to attract businesses from New York, Delaware played the game of fiscal competition by adopting in 1899 a general incorporation act aimed at attracting more businesses. Before the rise of general incorporation acts, forming a corporation required a special act of the state legislature. General incorporation allowed anyone to form a corporation by simply raising money and filing articles of incorporation with the state government's secretary of state.
Read more about this topic: Delaware General Corporation Law
Famous quotes containing the word history:
“We may pretend that we’re basically moral people who make mistakes, but the whole of history proves otherwise.”
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“Tell me of the height of the mountains of the moon, or of the diameter of space, and I may believe you, but of the secret history of the Almighty, and I shall pronounce thee mad.”
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