A Message from the Secretary of State Jeffrey W. Bullock

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1.9m
Over 1.9 million legal entities incorporated in Delaware

In the midst of economic uncertainty, one thing is for certain: Delaware’s Corporate Franchise remains in good health. This is a testament of the work done by the Court of Chancery and our division staff to meet the ever-increasing needs of the corporate community.

In 2022, more than 313,650 entities were formed. Total business entities topped 1.9 million at year-end with an expectation that the First State will surpass the 2 million mark in 2023.

Consistent with past years, the First State continues to be the domicile of choice for members of the Fortune 500 at nearly 68.2  percent.

Approximately 79 percent of all U.S. initial public offerings in the calendar year 2022 were registered in Delaware.

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68.2 Percent of all Fortune 500 companies are incorporated in Delaware

16.8%
Total General Fund Revenue Growth for FY 2022
79%
79 percent of U.S. based Initial Public Offerings in 2022 chose Delaware as their corporate home.
313,650
Total Business Entity Formations in 2022

Business owners and investors have the discretion to select any jurisdiction as their legal home for their business entity. However, they consistently choose Delaware for four main reasons:

  1. 1

    Delaware's General Corporation Law is widely regarded as the most advanced and flexible business formation statute in the nation.

  2. 2

    The Court of Chancery is a unique, centuries-old business court that has written most of the modern U.S. corporation case law. Their commitment to settling cases that come before them in an equitable manner is unrivaled.

  3. 3

    Delaware's corporate and legal services community has unparalleled expertise in the application of Delaware Corporate Law and receives strong, bipartisan support from the Delaware General Assembly and our Governor for its efforts to continuously improve the State's laws.

  4. 4

    The Delaware Division of Corporations offers a wide array of services to meet the needs of the corporate community while providing prompt, friendly, and professional service.

Total Business Entity Formations (2020-2022)

  • 72.3% LLCs (180,376)
  • 20.7% Corporations (51,747)
  • 6.2% LPs/LLPs (15,348)
  • 0.8% Statutory Trusts (1,956)
Business Entity Formations CY 2020-2022 Totals
2020 CY 2021 CY 2022 CY
LLCs 180,376 247,003 231,196
Corporations 51,747 62,510 58,662
LPs/LLPs 15,348 24,588 21,294
Statutory Trusts 1,956 2,306 2,498
Totals 249,427 336,407 313,650
  • 73.4% LLCs (247,003)
  • 18.6% Corporations (62,510)
  • 7.3% LPs/LLPs (24,588)
  • 0.7% Statutory Trusts (2,306)
Business Entity Formations CY 2019-2021 Totals
2020 CY 2021 CY 2022 CY
LLCs 180,376 247,003 231,196
Corporations 51,747 62,510 58,662
LPs/LLPs 15,348 24,588 21,294
Statutory Trusts 1,956 2,306 2,498
Totals 249,427 336,407 313,650
  • 73.7% LLCs (231,196)
  • 18.7% Corporations (58,662)
  • 6.8% LPs/LLPs (21,294)
  • 0.8% Statutory Trusts (2,498)
Business Entity Formations CY 2020-2022 Totals
2020 CY 2021 CY 2022 CY
LLCs 180,376 247,003 231,196
Corporations 51,747 62,510 58,662
LPs/LLPs 15,348 24,588 21,294
Statutory Trusts 1,956 2,306 2,498
Totals 249,427 336,407 313,650

To continue making Delaware the premiere destination to incorporate, it's important to ensure that our laws are optimal for engaging in ethical and profitable business.

Total Number of Entities in Delaware
2020 CY 2021 CY 2022 CY
LLCs 1,109,736 1,291,911 1,403,986
Corporations 336,270 370,404 386,254
LPs/LLPs 117,430 137,188 148,970
Statutory Trusts 23,829 25,547 26,900
Total Business Entities 1,587,265 1,825,050 1,966,110
Division of Corporations General Fund Revenue
2020 FY 2021 FY 2022 FY
Net Business Entity Taxes 1,302.8 1,467.8 1,723.1
Business Entity Fees 127.0 148.3 164.2
UCC Fees 25.6 26.7 31.0
Total General Fund Revenue 1,455.4 1,642.8 1,918.3
Total Uniform Commercial Code (UCC) Transactions CY 2020 - 2022
2020 CY 2021 CY 2022 CY
UCC 1 128,104 151,103 148,176
UCC 3 144,073 168,124 170,237
Searches 247,459 313,459 316,306
Total Transactions 519,636 632,686 634,719

In my 14 years as Secretary of State, it has been my honor and privilege to be able to promote the great state of Delaware, domestically and abroad. You have my commitment to maintaining this long tradition of ensuring that the Division of Corporations works hard every day to meet the needs of our customers as well as provide them with the best experience possible.

Photo of Secretary of State Jeffrey W. Bullock

Sincerely,

Jeffrey W. Bullock
Jeffrey W. Bullock serves as the 80th Secretary of State and oversees the nearly two dozen agencies, including the Division of Corporations, at the Delaware Department of State.

This page and its contents serve to fulfill the stipulations of
Title 8 Delaware Code § 515, Annual Report of the Secretary of State.