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.
Job descriptions primarily emphasize the specific tasks associated with a role, while position success profiles concentrate on the key outcomes that are critical for success in that role. Furthermore, a position success profile encompasses the essential core competencies required to achieve the desired outcomes associated with the position.
Cancellation of debt (COD) refers to the act of a creditor releasing a borrower from a debt obligation to repay a debt. Taxpayers in the United States may face tax implications when debt is cancelled, a situation referred to as cancellation-of-debt (COD) income. As per the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income.
All companies registered in the United States are generally required to file federal income tax and state income tax, which are generally related to the company's business net income in the state. Therefore, people often mistakenly believe that if a company has operating losses or no operating income, it does not need to pay taxes.
In the United States, the dynamics of employment—including the nature of work, the locations of work, the composition of work teams, the motivations for work, and the technologies employed—are subject to ongoing transformation. Many of these shifts began before the onset of the pandemic, were expedited by it, and have since become enduring features of the workplace environment. Human Resources