Delaware General Corporation Law - History

History

See also: Regulatory competition and Race to the bottom

Delaware 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:

    “Only the history of free peoples is worth our attention; the history of men under a despotism is merely a collection of anecdotes.”
    —Sébastien-Roch Nicolas De Chamfort (1741–1794)

    “History, as an entirety, could only exist in the eyes of an observer outside it and outside the world. History only exists, in the final analysis, for God.”
    —Albert Camus (1913–1960)

    “I saw the Arab map.
    It resembled a mare shuffling on,
    dragging its history like saddlebags,
    nearing its tomb and the pitch of hell.”
    —Adonis [Ali Ahmed Said] (b. 1930)