True." Okay, so in this video, I wanted to cover Delaware franchise tax reports or annual reports and how they differ between the Delaware LLC and the Delaware corporation. Um, what we're going to highlight here is why Delaware is one of the most popular, just for administrative ease. Because when you're an LLC, you basically don't have to provide anything. So, the Delaware LLC, in my opinion, is probably one of the easiest annual filing renewal requirements that you're going to find throughout the entire country. Delaware doesn't have a "quote" annual report for LLCs, whereas most states do. And so, most states, when you file the annual report to keep your entity active, to pay the annual filing fee, um, you have to provide some information, right? So, some states require disclosure of assets or liabilities that you might have within the state. Or you might have to update a member list, right? So, you have to provide who are the members, what are their addresses. Perhaps you also have to file where your principal office address. Delaware doesn't ask for any of this for an LLC. So, when you go to file your annual report for an LLC, all you really do is make a $300 filing fee payment to keep the entity active. They don't ask for information on the owners, the activities, income, expenses, assets, liabilities, none of that. That's really all Delaware requires to keep the entity open is just this $300 filing fee. So, let's look at an example. Here, we have John and Jack create this LLC on September 30th, 2020. The first annual report due is going to be June 1st of the following year, right? So, June 1st is the due date for all Delaware LLCs for the annual report....
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