In the US, limited liability companies, or LLCs, are a common form of corporate organization. They provide the liability protection of a corporation with the flexibility of a partnership. To preserve their legal existence, LLCs must adhere to a number of regulations, just like any other type of business entity. The submission of a Statement of Information is one of these requirements. Everything you need to know about this filing obligation will be covered in this post.
The Secretary of State in the state where an LLC is registered must receive a Statement of Information from the LLC. From state to state, this filing is done at different intervals. The majority of states, including California, require LLCs to provide this statement once a year. However, several jurisdictions, including Arizona and Florida, need filings every two years. If the ownership or management of the corporation changes, some states could also demand further filings.
The LLC’s business address, registered agent, and the identities of the members or management are normally listed in the Statement of Information. The state uses this information to update its records and confirm that the LLC complies with all relevant rules and laws.
What Should I Look for in a Registered Agent? An individual or business serving as the LLC’s registered agent is in charge of receiving official letters and legal documents. The majority of states mandate that LLCs have a registered agent. Selecting a dependable and trustworthy person is crucial when picking a registered agent. The registered agent must also be readily accessible during regular business hours and have a physical location in the state where the LLC is registered.
Should You Be Your Own LLC’s Registered Agent? Although an LLC member or management can serve as the company’s registered agent, doing so isn’t usually advised. A significant time commitment and availability during business hours are needed to serve as a registered agent. Furthermore, acting as a registered agent might be dangerous because many legal documents and official communications are urgent and need to be handled right away. The best choice is frequently to use a registered agent service since it guarantees that all legal paperwork and correspondence will be handled swiftly and effectively.
In Kentucky, LLCs must use a physical street address rather than a PO Box as its registered agent. During regular business hours, the registered agent must be accessible to accept legal documents and official correspondence on behalf of the LLC. Do you need an LLC operating agreement in Kentucky?
Although an operating agreement is not required for Kentucky LLCs, it is strongly advised. A legal document known as an operating agreement describes the management structure, ownership, and operational procedures of an LLC. Additionally, it clarifies how the LLC will be managed, which can assist avert future disagreements between management or members.
The Secretary of State in the state where an LLC is registered must receive a Statement of Information from the LLC. State-by-state variations in the frequency of this file, but it is normally done once a year. LLCs must also have a registered agent, who may be a natural person or a business. Selecting a dependable and trustworthy person is crucial when picking a registered agent. In Kentucky, LLCs must provide its registered agent with a physical street address, and an operating agreement is strongly advised.