Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

Legislative Update – Effective January 1st, 2019

December 06, 2018 Legislation

For any questions please contact your account manager or call 800.406.1577. ALABAMA: House Bill 72 (Act 2018-25), revises the Alabama Partnership Act to provide procedures for formation, powers, governance, and dissolution applicable to domestic and foreign LLPs and LLLPs. CALIFORNIA: Assembly Bill 2237 (Chapter 2018-76), amends the Corporations Code requiring shareholder inspections to be conducted of the accounting records and board…READ MORE

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2018 Tips For Speedy Year End Corporate Transactions (Part II)

November 27, 2018 Corporate, Registered Agent, Due Diligence, Tips

To add to last week’s blog, below are a few additional tips to move your deals at lightning speed and efficiency from our popular and informative post:  Tips For Your Fast-Paced Year End Corporate Transaction (Part II). Have your service company “in the deal” as a partner. If you are able to share a few key points to the transaction, deadlines, or closing date by walking your service provider through the transaction, it will…READ MORE

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Thanksgiving State Filing Office Closures

November 20, 2018 Uncategorized

The following state filing offices will be closed for the holiday. Wednesday, November 21st Texas Virginia Thursday, November 22nd All U.S. jurisdictions and First Corporate Solutions will be closed. Friday, November 23rd The following states and First Corporate Solutions will be closed: Colorado California Delaware Florida Georgia Illinois Indiana Iowa Kansas Kentucky Maine Maryland Michigan Minnesota Nebraska Nevada New…READ MORE

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2018 Tips For Speedy Year End Corporate Transactions (Part I)

November 14, 2018 Corporate, Registered Agent, Due Diligence, Tips

Year end is here.  Lightning speed transactions require entity Formations and Registrations in several states.  Below, we have listed some reminders to help you through the year end rush. Delaware Direct Access. Delaware by far is the state where the majority of year-end transactions occur.  Working with a service company (Online Agent) that has direct Delaware Corporate Database access will provide you speed and answers when needed.…READ MORE

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2018 NAPABA Convention

November 09, 2018 Event

First Corporate Solutions (FCS) is exhibiting at the 2018 National Asian Pacific American Bar Association (NAPABA) Convention in Chicago! The four-day event offers legal professionals’ access to various seminars, updates, and networking opportunities. NAPABA represents the interests of almost 50,000 attorneys and more than 80 national, state, and local Asian Pacific American bar associations. Its members include solo practitioners,…READ MORE

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2018 California Escrow Association SoCal Conference Recap

November 01, 2018 Event

We are proud to have exhibited once again at the 63rd annual California Escrow Association Conference, United We Stand, hosted at the Anaheim Marriott October 11-13. The conference featured outgoing President Debi Faber installing incoming President Juliana Tu and the new 2019 officers. It also marked the final Legislative Update from California Advocates’ Lexi Howard, who is moving on to new challenges, but will always be remembered…READ MORE

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Can A Secured Party Be Liable For Failure To File Timely Terminations?

October 19, 2018 Uncategorized

According to Section 9-625 of the Uniform Commercial Code, yes. But first, let’s take a step back. In Article 9-513, the section of the Uniform Commercial Code that regards Termination Statements, the below is found under subsection 9-513(b) to address how long a secured party of record has to file a termination statement of a financing statement covering consumer goods if all obligations have been fulfilled by the debtor: 9-513(b)…READ MORE

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October California Conference Attendance

October 09, 2018 Event

Several of our team members are hitting the road to attend conferences this month. Want to discuss your public records needs? You have the opportunity to address them in-person at the following events. We are excited to participate in the California Escrow Association’s (CEA) 63rd Annual Education Conference in Anaheim, from Oct. 11th-13th, 2018! The vision of the CEA is to empower and support escrow settlement agents through…READ MORE

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Commercial vs Noncommercial Registered Agents

September 27, 2018 Corporate, Registered Agent, Legislation, Tips

Providing a registered agent for service of process (SOP) when completing business entity filings is often required. Whether it is a commercial registered agent or noncommercial registered agent impacts how the filing is completed. For example, when appointing commercial registered agents, the filer is not required to provide an address in some states; it is always required of noncommercial agents. Commercial agents also file registered…READ MORE

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Single Extra Space Creates Seriously Misleading UCC Debtor Naming Error

September 13, 2018 UCC, Online UCC System, Due Diligence, Revised Article 9, Reduce Financial Risk, Tips

A recent court ruling in Wisconsin once again has affirmed the supreme importance secured parties must place on their data entry procedures when naming debtors on financing statements to perfect their security interests. A recap of the case can be found here. Once again, a typo in the debtor name created a UCC filing that was judged to be seriously misleading, and therefore left the secured party’s security interest with the debtor…READ MORE

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