Regardless of the state that a company is filed in, the state is going to require someone to serve as the registered agent for the company. Choosing a registered agent is an important decision, but it isn’t a job that you have to take over yourself. While some people allow their attorney to serve as a registered agent, others choose to take a more commercial approach. A registered agent is an individual or entity responsible for receiving services of process when a business entity is a party to a legal action such as a lawsuit. The registered agent is also typically the recipient of any correspondence to the business on behalf of the respective Secretary of State. For example, Illinois regis
It’s no secret that healthcare costs seemingly rise year after year. As a result, some taxpayers will consider alternative means to pay for healthcare. Two of the most popular methods are health savings accounts (HSAs) and flexible spending accounts (FSAs). While the accounts essentially do the same thing, there are some differences in who may qualify, when the money expires, and annual contribution limits. HSAs are only available to taxpayers with high-deductible insurance plans. In order to qualify, an individual must have a deductible of $1,350 and a family must have a deductible greater than $2,700. Self-employed taxpayers are also able to contribute to an HSA. On the other hand, any tax
Calm down wine-o’s, this blog isn’t about you. Over the last decade, numerous states have passed statutes that allow trust decanting. Delaware, Florida, Illinois, Michigan, Nevada, and Texas are just a few of approximately half the states that explicitly allow a trustee to decant a trust. Trust decanting is the process of distributing trust assets from one trust to a new trust with different terms. It gets its name because it’s similar to the process of decanting wine. The wine (trust assets) is poured out of its original bottle (old trust) and into a new bottle (new trust), leaving the unwanted sediments (undesirable terms) in the original bottle. Generally, the trust can be decanted using
Perhaps your company isn’t doing so well or you would like to transfer the assets of one company to another. Whatever the reason for dissolving your company, you need to know that there is both a wrong way and a right way to dissolve it with its respective Secretary of State or Department of Corporations. An improper dissolution could prove to be detrimental to the officers, but a proper one provides business owners with another layer of protection from liability. First, you shouldn’t just allow your company to be administratively dissolved. This can be done in many ways such as failing to file an annual report, failure to pay a required fee, or ignoring another state requirement. While thes
