A Statutory Agent is an individual or a business entity that the corporation or LLC appoints for the purpose of accepting service of process (lawsuit papers or legal documents) for the entity. The law requires that corporations and LLCs maintain a statutory agent with a valid Arizona street address (not a P.O. Box or personal mail box) on the records of the Arizona Corporation Commission at all times, and the failure to do so will subject the entity to being administratively dissolved. Official notices from the Arizona Corporation Commission will be sent to the statutory agent.
A Statutory Agent can be an individual, or an Arizona corporation or LLC, or a foreign corporation or LLC that is authorized to transact business in Arizona. A corporation or LLC cannot be its own Statutory Agent, must appoint someone apart from itself. For example, the corporation can appoint one of its directors or officers in his or her capacity as an individual as the statutory agent, but cannot appoint the corporation itself as the statutory agent.
If an individual is appointed as the statutory agent, that individual must be 18 years old or older, and must be a permanent, full-time resident of the State of Arizona, and must have a permanent, full-time physical or street address in the State of Arizona.
The statutory agent can accept the appointment by completing and submitting the Statutory Agent Acceptance form provided by Arizona Corporation Commission. If the statutory agent is an entity, an authorized agent of that entity can sign the acceptance. An authorized agent is anyone given authority to sign for that entity. The statutory agent can also accept the appointment by verifying through the email sent from the Arizona Corporation Commission.
Disclaimer
All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage.
In addition to the four employee benefits previously discussed, it is essential to consider a fifth benefit: health insurance, which represents the most significant expense associated with employee benefits in contemporary workplaces. The Affordable Care Act (ACA) stipulates that organizations employing 50 or more full-time employees are subject to a tax penalty unless they provide adequate healthcare coverage that complies with ACA standards for their full-time workforce.
It is also advisable for employees to engage in a comprehensive dialogue with prospective candidates regarding the company's benefits package prior to joining the organization. It should be noted that the provision of employee benefits is not a mandatory requirement. However, there are five notable exceptions where such provisions are legally binding: Social Security
The IRS Schedule C (Form 1040) is commonly utilized by individuals to submit their individual income tax returns, disclosing their annual income, and determining the taxable portion after accounting for tax deductions and credits. The following will talk about entities that are required to report on Schedule C, as well as the specific deductions applicable to Schedule C.
Maintaining accurate and organized records is a crucial obligation for small business proprietors, irrespective of the size of their workforce, the nature of their services, or the type of business entity. Recordkeeping involves the systematic and methodical storage of business documents. The subsequent section examines the significance of recordkeeping for small businesses and outlines the recordkeeping requirements stipulated by the IRS.
