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INDUSTRY NEWS

PARASEC UPDATES

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California: Avoid State Taxes; Dissolve Before State Deadline

Qualified business entities that file for dissolution with the California Secretary of State by January 14 will not be charged any state franchise taxes for 2018. Eligible entities include corporations, LLCs, LLPs, LPs, and nonprofit corporations. If you need assistance with dissolving your entity, give us a call at 800.533.7272.


Florida: Certificate of Status Scam

One of our clients recently reached out to us regarding the legitimacy of a document they received in the mail from an entity called Florida Corporate Regulatory Council. While the document looks official, it is being sent by a company that is in no way related to the Florida Secretary of State or any other government agency. The letter requests a payment of $85 for them to “file/apply” for a certificate of status; however, the state does not require that a certificate of status be purchased in order to be considered a valid business entity. If you’re ever suspicious of any documentation that you receive, don’t hesitate to call our offices at 800.533.7272—we’re here to help!

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Illinois: Legislation Amends Business Entity Statutes

Effective January 1, 2018, House Bill 2713, amends the Uniform Partnership Act, the Business Corporation Act of 1983, and the Limited Liability Company Act. The new legislation:

  • Establishes fees for certain expedited services;
  • Prohibits a limited liability company from using the name of a domestic corporation that has been administratively dissolved until three (3) years have elapsed following the date of issuance of the certificate of dissolution;
  • Modifies corporation annual report requirements for corporations that have established an extended filing month.

To read more about the bill, click here.

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Minnesota: Mandatory Application of Chapter 322C to All LLCs

Beginning January 1, 2018, all limited liability companies (LLCs) formed prior to August 1, 2015 must adhere to the Minnesota Revised Uniform Limited Liability Company Act (also known as Chapter 322C), a law passed by the 2015 Legislature. Since August 1, 2015, any newly formed LLCs in Minnesota have already had to adhere to the legislation; however, many existing LLCs have continued to operate under the “old” LLC statute (Chapter 322B), completely unaffected by the revised law. That will all change come January, when Chapter 322C will automatically apply to all Minnesota LLCs. The Minnesota Secretary of State strongly recommends that the governing documents of all LLCs formed prior to August 1, 2015 be reviewed to ensure compliance with the governance requirements found under Chapter 322C. To read more about the changes, go here.

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Oregon: New Filing Requirements Target Shell Corporation Abuse

Effective January 1, 2018, House Bill 2191 provides the Department of Justice and Secretary of State’s office with new tools to combat the abuse of shell corporations in Oregon. One such tool is the collection of additional information from business entities when filing documents associated with articles of incorporation/organization—including amended, restated, conversion, and merger filings. Under the new law, entities conducting business in the state are required to provide the following information:

  • The principal place of business (must be a physical street address and may not be a commercial mail-receiving agency, mail forwarding or virtual office)
  • An individual with direct knowledge of the operations and business activities of the corporation or limited liability company must be identified
  • An updated signor acknowledgement

The legislation also provides law enforcement with new powers to take action against and even dissolve a shell corporation if it is shown to be used for illicit purposes. The Secretary of State has released new forms (with a revision date of 11/17) for Articles of Incorporation, Articles of Organization, and all affected business entity filings. The state will not accept old forms after the first of the year. To read more on these changes, go here.

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Washington: Annual Report Filings

Beginning January 1, 2018, primary administration of business corporation and LLC annual reports will be transferred from the Business Licensing Service (BLS) office to the Washington Secretary of State (WA SOS). While customers will still be able to submit electronic filings to either office, filing with the BLS will incur an $11 handling fee, as well as an additional credit card processing fee. Filing with the WA SOS will enable customers to avoid these added fees. Paper filings may only be filed with the WA SOS. The WA SOS will mail a notice to the registered agent at the address on file about six weeks before the report is due. No changes have been made to annual report due dates.

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Washington: Issuing of Corporate Filing Dates

The Washington Secretary of State recently implemented a new filing system, and along with that redesign came a change to the procedures for issuing the “filing” date for corporate filings. Prior to the change, corporate documents were assigned the date of submission as their filed date. Under the new system, the filed date is the date the filing process is completed. If you have any questions about this change or how to obtain a specific filing date, give our office a call at 800.533.7272.

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Parasec Updates

Parasec Participates in The Shoebox Project for Shelters

This past holiday season, Parasec participated in The Shoebox Project for Shelters, a charity that collects and distributes gifts packaged in shoeboxes to women who are homeless or at-risk of homelessness in communities across the US and Canada. Each shoebox is filled with various items designed to help enhance self-esteem and reduce feelings of isolation for women in crisis. This year we were able to donate 21 shoeboxes to the cause. We’re proud to be able to give back to those in need, and to make a small difference in the world. If you’re interested in learning about the charity, visit: http://www.shoeboxprojectusa.org.

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[More On the Web]

Matthew Marzucco, President of Parasec, blogs here.

Communications Supervisor Erin Sierchio tweets for Parasec here.

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A note from Matt

A NOTE FROM MATT
President

It’s the beginning of a new year, and many of us are returning to our offices with busy schedules, lengthy to-do lists, and inboxes chockfull of emails requiring our immediate attention. Needless to say, it can be a little overwhelming. Taking the time to separate the “must-dos” from the “want-to-dos” can prove essential to one’s productivity—not to mention one’s sanity.

It’s also that infamous time of year when we like to start fresh—to set forth with more attention to purpose and goals for the future. At Parasec, we know it is critical to set goals that will support our clients. We understand that keeping the lines of communication open is vital to our growth and success, as well as to fostering trust. Our hope is that through open communication and clear goal setting we can continue to develop solution-oriented services that help empower our clients—freeing up their time, saving them money, and increasing their productivity.

As we move into the new year, I wanted to take this opportunity to thank everyone for their support, loyalty, and feedback. It has truly helped us be the best we can be. Whether we’ve had the pleasure of servicing you as a client over the last year or you’re just discovering us, we look forward to working together in 2018.

Have a wonderful new year!