A statutory agent, also known as a registered agent, is an individual, sometimes third-party, designated by a corporation to receive “service of process.” Service of process includes such items as notices of lawsuits and summons to appear in court. The name and physical address of your corporation’s statutory agent is required information on your Articles of Incorporation and you cannot incorporate without designating one. You may be able to designate yourself as the statutory agent of your business, but there are many reasons why you may want to consider appointing someone else to handle these legal matters. First and foremost, it is crucial to plan for the worst. Running a small business takes time and dedication. While in ideal circumstances you will not be receiving much legal paperwork, in the event that you are sued or summoned to appear in court, you would find yourself inundated with additional work just managing the legal issues.
These issues can interfere with the operation of your business, and conversely, the operation of your small business can interfere with your legal defense. It is best for a different person to handle each aspect if possible. Many other reasons exist to appoint a separate Statutory Agent, and at StrongBusinessCredit, each scenario is thoroughly examined. The most important thing to do is to be prepared for the seeable as well as the unseeable events which might occur in a business cycle.
When choosing a statutory agent please consider hiring a professional to help you decide. A decision like this is not to be taken lightly.
Sincerely,
Ilya Bodner
Small Business Owner
Over the course of the last 5 years as an entrepreneur I have successfully launched, managed, and sold off several businesses. Each organization started has added some value to my understanding of the business world today. My philosophy has been that 9 things out of 10 that I try will fail, but that golden one is always worth the battle. In my experience that has proven to be the case and my successful businesses still operate today under the management of those whom I have sold off to. The latest project is Initial Underwriting Group, a corporation comprised of two concepts: 1) business credit building and 2) business loan underwriting. Specialties Leadership, Entrepreneurial Spirit and Mind, Management, negotiation skills, determination for success, understanding and willingness to work hard. Experience Owner Initial Underwriting Group (Privately Held; 1-10 employees; Financial Services industry) September 2003 – Present (4 years 6 months) Initial Underwriting Group (IUG) grew out of the financial side of working with small business owners. Our staff and executive team come from a background of debt settlement, debt restructuring, financing planning and investments. In the process we came to the realization that the average small business owner is forced to stretch to pay their consultants, and give the time that must be devoted. Making the leap to helping business owners was logical and bound to happen over time. We realized that the average small business owner knows little about business credit and often makes the mistake of mixing their personal credit/debt with their business credit/debt. We began working with customers – the small business owners, by showing them how to separate the two. IUG was formed because of this need. And our specially trained agents work one-on-one with small business owners. Co-Founder Insurance Consultants / Universal Resource Network (Privately Held; 1-10 employees; Financial Services industry) May 2002 – December 2006 (4 years 8 months) Universal Resource Network inhoused financial services such as long term planning, estate planning, life and key person insurance, business brokerage and other financial products. This business tailored to all consumer financial needs from personal assets to business liabilities. Reaching close to mil in premium collected and a dozen employees I have successfully sold off the business to the managing partners and co-founders. Co-Founder J I Financial (Privately Held; 11-50 employees; Consumer Services industry) May 2002 – December 2005 (3 years 8 months) Debt Settlement, Debt Consolidation, Debt Management and Debt Restructuring. Fully established an office to conduct over mil in debt-under-management with over 20 agents and thousands of customers. Upon a partnership with a local law firm and a realignment in the workflow the office has further expanded into more services for each individual customer. With the growth I have successfully negotiated the sale of the assets between a private company and the law office attorneys. The business still operated today with over 4,500 customers in and out.
The trials for a first year insurance agent.
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