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Delaware General Corporation Law
Statute governing corporate law in Delaware / From Wikipedia, the free encyclopedia
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The Delaware General Corporation Law (Title 8, Chapter 1 of the Delaware Code) is the statute of the Delaware Code that governs corporate law in the U.S. state of Delaware.[1] The statute was adopted in 1899. Since then, Delaware has become the most prevalent jurisdiction in United States corporate law and has been described as the de facto corporate capital of the United States.[2]
Delaware is considered a corporate haven because of its business-friendly corporate laws compared to most other U.S. states.[3][2] 66% of the Fortune 500, including Walmart and Apple (two of the world's largest companies by revenue) are incorporated (and therefore have their domiciles for service of process purposes) in the state.[4] Over half of all publicly traded corporations listed in the New York Stock Exchange (including its owner, Intercontinental Exchange) are incorporated in Delaware.
The statute has been credited with reducing the tax burdens on Delaware residents as revenues from the statute provide two-fifths of the state's budget, but has been controversial for facilitating tax dodging and money laundering by major corporations, as well as providing safe haven to money launderers, kleptocratic foreign rulers, and human traffickers.[2]