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Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

What If I Don’t Assign a Registered Agent for My Entity?

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A business that does not select a registered agent may risk falling out of "good standing" with the state in which it is registered. Penalties can include license revocation, fines, and the inability to enter into legal contracts and/or gain access to the state court system. Also, reinstatement proceedings could include further civil penalties and possibly criminal sanctions as well. If you try to file without a registered agent your filing… >> READ MORE


What Does Your Registered Agent Do For You And Why Do You Need One?

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If you do not reside in a state where your entity is qualified to do business, then most states require you to have a registered agent* to accept documents on your behalf. The state where your entity is registered needs to know they have a contact person for your business at all times (PO Box is not an acceptable address for registered agents). Your registered agent is responsible for receiving important tax and legal documents, such… >> READ MORE


Can I Be My Own Registered Agent or Have a Family Member Be My Registered Agent?

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The short answer to this question is Yes, but perhaps it is not the best answer. While it is usually possible in most states to legally serve as your own registered agent (or appoint a friend/family member), it is advisable to designate a third-party to perform this important role. By having someone else responsible for the receipt of your legal and tax documents, you can have the peace of mind that someone will always be available… >> READ MORE


Registered Agent, Process Agent, and Special Agency Explained

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Having an agent to receive service of process (SOP) is not limited just to the formation or qualification of a business. Agents for SOP may be required in cross-border loan transactions or when registering with government agencies other than a Secretary of State or an equivalent special agency. Below we break down the different agent representation and their purposes. Companies forming or qualifying to do business are required to appoint… >> READ MORE


First Corporate Solutions CEO Contributes to the Sacramento Bee Investigative Report on Corporate Transparency

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In its June 5 Sunday edition, the Sacramento Bee published the investigative article Intrigue, offshore connections to Sacramento in ‘Panama Papers’ leak (see quotes below from the article). While First Corporate Solutions (FCS) is featured as a Sacramento-based service company, the investigation’s focus centers on the shortcomings and lack of transparency in the US corporate law system. It also confirms that FCS has done nothing wrong,… >> READ MORE


Registered Agent Questions And Answers

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In practice, there are some significant advantages to enlisting an outside party to accept service of process and other legal and tax documents on behalf of your business. You could enlist the help of registered agent services if a trusted or senior employee is absent for some reason. So what does your Registered Agent do for you and why do you need one? Say for example your trusted employee is out of the office on a day that a process… >> READ MORE


Independent Directors, Managers, And Springing Members:  What Are They?

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Lenders may require independent personnel and independent manager to serve on boards of single purpose entities (SPE’s).  SPE’s are created to protect assets in large real estate transactions. Independent personnel also play a critical role for an entity in distress. An Independent Director  is a member of the board of directors of a company who does not form part of the executive management team.  They are not employees of the… >> READ MORE


Registered Agent for Private Agreements

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Many agreements, such as contract and loan agreements, require the appointment of a Registered Agent to receive Service of Process or a notice from one party to another, and to deliver the documents to the various parties as soon as possible. Service of Process under a loan agreement and other legal contracts are critical correspondence that should be handled by a professional Registered Agent to ensure the documents are expeditiously delivered… >> READ MORE


Tips to Choose the Right Registered Agent Service

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One of the most critical functions of a Registered Agent is to provide real time access to critical information related to service of process. Registered Agents are your first line of defense in protecting your organization and clients from unfortunate results including default judgments. What criteria can help you choose the right Registered Agent wisely? Does your RA offer years of experience in handling the most sensitive documents… >> READ MORE


Commercial vs Noncommercial Registered Agents

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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