A NOTE FROM BARBARA
What a year 2020 has been! Who would have ever thought that our world would be completely turned upside down by a global pandemic? Certainly not me. Most of us have had to pivot in many aspects of our daily lives. For many businesses, working remote has become the new norm. Having a remote workforce brings its own set of unique concerns. In addition to productivity and technology challenges, remote workers are experiencing mental health issues such as loneliness, stress and fear.
Today, it is imperative that businesses focus on the wellbeing of both their employees and customers—providing them with the tools and support needed to thrive in this new reality. As an employee-owned company, we know that taking care of ourselves in turn allows us to show up for our customers in the best way possible. Employee self-care and mental resilience are vital to the success of our company.
To support the emotional well-being of our team, Parasec has implemented a variety of tools and solutions. We’ve increased communication through additional check-ins and team meetings, utilizing online tools such as Microsoft Teams and Zoom. We’ve found these virtual “face-to-face” meetings has been extremely helpful in maintaining personal connections within our team.
Additionally, we encourage our employee owners to maintain a consistent schedule, take breaks throughout the day, prioritize exercise, make time for fun activities and self-care, and to get outside for some fresh air. The transition to becoming a new remote employee may be challenging, but by prioritizing empathy, support and communication we know that we will get through this together.
Arizona: Fraudulent Solicitation
Newly formed LLCs and corporations in the state of Arizona are being sent a fraudulent solicitation from an entity called AZ Certificate Service. The solicitation reads, “Congratulations on registering your business with the State of Arizona…. You have one step left in order to attain your elective Arizona Certificate of Good Standing.” The form then instructs the customer to send a check or money order in the amount of $77.25 for said certificate. If you’re scanning the letter, it would be easy to miss the word “elective” and fall victim to the scam. Please be aware that this solicitation is not generated by the Arizona Corporation Commission or any other government office. In fact, a Certificate of Good Standing is not a requirement for forming an LLC or corporation. If you have any questions, please contact the Arizona Corporation Commission at 602.542.3026.
Arizona: New Statutory Changes Impacting LLCs
The Arizona Corporation Commission recently posted a consumer notice regarding several changes that will impact both foreign and domestic LLCs. Although there are several new statutes, the notice calls attention to two of the more notable changes. First off, beginning September 1, 2020, all LLCs formed in Arizona will receive a perpetual duration. Additionally, statutory agents for LLCs must now provide an Arizona street address and mailing address. If a mailing address is not indicated, the street address will default to the mailing address. These changes will be implemented on November 1, 2020. An amendment does not need to be filed unless a separate mailing address is desired.
California: First-Year Franchise Tax Exemption Extended
On June 29, 2020, California Governor Gavin Newsom signed the state’s 2020 Budget Act. Under the bill, the first-year exemption from the state’s $800 Minimum Franchise Tax is expanded to include LLCs, LPs and LLPs that register with the Secretary of State from January 2021 through December 2023. The new law is intended to promote economic recovery by removing a barrier to business creation within the state. Additional details regarding the 2020 Budget Act can be found online at www.ebudget.ca.gov.
California: New Cutoff Time and the Return of Rush Services
Effective September 21, 2020, the California Secretary of State modified the final daily cutoff time in their Sacramento office, necessitating that Parasec move our daily filing cutoff time to 12:30pm PST. This deadline is certainly much earlier than any of us are accustomed to; however, in order to process and submit your requests to the state in a timely manner, we do ask that you please submit your documents to our team prior to this new deadline.
We also wanted to remind our clients that in June 2020, the California Secretary of State resumed offering 24-hour rush services for most business filings. Common services available on a rush basis include formations, qualifications, amendments, terminations, conversions, mergers, SOIs, and more.
If you need assistance filing your entity documents, please let us know. We can be reached at email@example.com.
Various States: Annual/Biennial Report Due Dates
The states listed below have annual reports due in the coming months. Missing deadlines can result in late fees and penalties, loss of good standing, and even the administrative dissolution of a company. Our Managed Annual Report Services can help ensure that you don’t miss a deadline. Email firstname.lastname@example.org for more information.
MI: Nonprofit corporations
MA: Nonprofit corporations
NH: Nonprofit corporations (due every 5 years)
HI: Corporations, LLCs, LLPs, LPs and nonprofit corporations with an incorporation/qualification anniversary date between October 1 and December 31
MN: Corporations, LLCs, LLPs, LPs and nonprofit corporations
WI: Corporations, LLCs, LLPs and nonprofit corporations with an incorporation/qualification anniversary date between October 1 and December 31
Entity Dissolution/Withdrawal Services
Ready to dissolve a corporation or LLC? Not sure what steps need to be taken to make that happen? Let us help. With our new entity dissolution/withdrawal research service, we can take the guesswork out of the process. Our team will research the status of the entity and uncover exactly what is needed to dissolve or withdraw in a specific state. We will update you with any extra steps required to legally terminate the entity (filing of an annual report or tax clearance certificate, etc.). We will also supply you with the necessary state forms, based on the specific circumstances of the company. Once you have the required forms, you can either take it from there or enlist our assistance with the filing, as well.
Employee Ownership Month
October is employee ownership month and we wanted to take a moment to thank our team for their hard work and dedication. This year has certainly brought about its own unique set of demands, and our employee owners have adapted and flourished in the face of these new challenges. As the only 100% employee-owned company in our industry, each team member has a personal stake in the success of our clients and our company. They continue to show a commendable commitment to delivering the best possible customer service and high-quality work to our clients. We are truly proud of our team and the effort they put forth on a daily basis.