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:

    “It’s nice to be a part of history but people should get it right. I may not be perfect, but I’m bloody close.”
    —John Lydon (formerly Johnny Rotten)

    “The history of progress is written in the blood of men and women who have dared to espouse an unpopular cause, as, for instance, the black man’s right to his body, or woman’s right to her soul.”
    —Emma Goldman (1869–1940)

    “The true theater of history is therefore the temperate zone.”
    —Georg Wilhelm Friedrich Hegel (1770–1831)