Unlike its owners, a company is a separate legal entity. It has its own rights, privileges, and duties and is created in accordance with state legislation. A corporation that has been legally constituted and that has complied with all legal criteria for both its creation and operation is known as a de jure corporation. In other words, it is a corporation that has complied with all incorporation requirements, including submitting articles of incorporation, paying fees, and keeping corporate documents.
The procedure for registering a corporation with the state is known as a corporate filing. It entails turning in the proper documents and paying the requisite fees. A certificate of incorporation, which attests to the corporation’s legal formation and business authorization, is subsequently issued by the state. Periodic reports and other papers that must be submitted to the state in order to maintain the corporation’s legal status are also included in corporate filings.
A nonprofit organization in Texas is required to have a registered agent, who is in charge of receiving legal notices and other official correspondence on the organization’s behalf. A person or a company that is permitted to conduct business in Texas may serve as the registered agent. The contact information for the registered agent shall be set forth in the articles of incorporation of the nonprofit corporation and shall be kept current. A person or organization designated to receive court documents, such as a summons or complaint, on behalf of a corporation is known as an agent for service of process. This is crucial because a corporation cannot be sued if legal papers have not been properly served on it. The corporation’s articles of formation must name the agent for service of process, who must also have a physical address in the state where the corporation is incorporated.
The services that a commercial registered agent offers set them apart from noncommercial registered agents. A company that charges a fee for registered agent services is known as a commercial registered agent. They might also provide other services like document management and compliance checking. On the other hand, a noncommercial registered agent is a person or organization that offers registered agent services in exchange for a favor or as part of another business arrangement.
In conclusion, anyone who wishes to create or manage a business should comprehend de jure corporations and associated ideas. A corporation can safeguard the private assets of its owners and take advantage of other incorporation benefits by adhering to state law and maintaining the requisite formalities. Keeping the corporation in good standing with the state can be ensured by using a registered agent and remaining current on corporate filings.
Yes, in order to keep your LLC in good standing in Maryland, you must file an annual report and pay a fee. The LLC may be forfeited or dissolved by the state if the Annual Report and fee are not filed and paid. Each year’s Annual Report is submitted on April 15th.