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TexLaw, Attorney
Category: Business Law
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Experience:  Internationational Commercial Attorney
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When you incorporate a C Corp in Delaware, can you set your

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When you incorporate a C Corp in Delaware, can you set your own fiscal year? If we incorporate in October 2013, can we say that our fiscal year ends somewhere in 2014 and not at 31st December 2013?

Thank you for your question.

When you are incorporating as a C corp in Delaware, the law allows you to set the end of your fiscal year. Thus, in your scenario, it would be legal to state that your fiscal year ends on a date in 2014.

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Customer: replied 4 years ago.

At which state of the incorporation to you specify this? And to who? Do you do this at the moment of incorporation, or when you start to file tax returns? Or when you apply for an EIN?

There needs to be authority granted to the board of directors in the by-laws to set the fiscal year. However, after that the fiscal year may be changed by a board of directors resolution.

You would want to have this in place at the moment of incorporation so that your accounting is correct throughout the year.