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How to Appoint an Independent Manager or Director in 3 Easy Steps

Appointing an Independent Manager or Director is an easy three step process. Chances are if you’re reading this, you already know what an Independent Manager or Director is and why you need one. So, the only question that remains is ‘How do I appoint an Independent Manager?’ (If you need a crash course in the what and why, you may want to check out one of our previous blogs about the topic by clicking here and/or here.) 

Step One – Operating Agreement Review
Once you’ve reached out to us to inquire about appointing independent representation, you will need to provide us Independent Manager iStock 508895676with a copy of the operating agreement, for review.

Step Two – The Contract
Next, we will provide you with a contract for the independent representation engagement, tailored to your specific needs. If it’s not already included within the operating agreement, you will also need to provide us the lender contact information at this time.

Step Three – Payment and Filing
Finally, when the independent representation contract is agreed upon, payment will be due, and we will sign the operating agreement.

We understand Independent Manager and Director engagements are time sensitive, so we do everything we can to make the process as quick, smooth, and seamless as possible. If you have any questions or need additional information regarding Independent Representation, please feel free to reach out to us.

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Tell Me More About Virtual Office Service

“Tell me more about Virtual Office Service and its benefits” is a statement we often hear from our virtual office service iStock 482922653clients when they’re placing

orders. Today’s blog tells you more about Virtual Office Service and will give you what many consider to be the top three benefits of using a virtual office address for your business.

Let’s start with the top three benefits of using a virtual office address for your company:

PRIVACY PROTECTION
Thanks to internet maps, you can plug in any street address and within seconds zoom in to street level to see exactly where the place is and what it looks like. Awesome, right? Not always. Say you work from your home… Do you really want potential clients or customers showing up on your doorstep at dinnertime? No, thank you.

ENHANCED CREDIBILITY
Time to thank those maps again. The truth of the matter is that a residential address just doesn’t carry the same weight as a commercial business address. The competition is tough enough these days. So, why lose out on potential business over something as easy to fix as the address.

COST SAVINGS
What business owner do you know who isn’t willing to save on overhead costs? With technology making it so easy to work from home or on the go, why pay for space you aren’t regularly using or simply don’t even need?  And since we’ve already determined your residential address isn’t the best choice (see above), a virtual office could be the answer you’re looking for.

As one of Incserv’s Enhanced Registered Agent Services, Virtual Office Service provides your business with a commercial business address and unique suite number for all of your business needs. Both Delaware and Washington, DC addresses are available. Included with the service are Mail Forwarding Services, a general phone and fax number, and the right to post your business license on the premises. Traditional or electronic mail forwarding options are available. Special suite usage may also be available depending on your specialized needs.

As always, if you have any additional questions about or want to get started using a virtual office, just reach out to us!  We’re always eager to help!

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Independent Manager – Why?

In our blog “What is an Independent Manager?” we briefly touched on why an LLC would appoint an Independent Manager.independent manager - why? question mark 2123966 640 Before we dig a little deeper into the why of Independent Representation – did you know there are other names this special role goes by, dependent upon the type of entity? Independent Director, Springing Member, and Special Member are some of the other terms you will hear when referring to this special type of representation within a company’s board. An Independent Director and a Springing Member are both types of Special Members. A Springing Member is a member that sits dormant until an event triggers the need to bring the Member into action. This could then cause them to be an Independent Manager. For the sake of this blog, we’ll stick to discussing an Independent Manager on an LLC’s board of managers.

So, why appoint someone to this special role? There are various reasons for appointing this position, but a common motive for appointment is to protect the lender.    As an independent party with no financial relationship with the LLC, an Independent Manager simply fulfills their obligation as indicated in the operating agreement. This section of the operating agreement is drafted with consent by the lending party, so this independent party acts as a representative for the financial institution.

As long as there is a debt held by the lender or financial institution, the Independent Manager would remain active and required to vote in the interest of the lender or financial institution, including voting against bankruptcy, thus safeguarding the lender.

While the situations and names may vary, the role is rather consistent. If you have any questions about or need to appoint Independent Representation, just give us a call or email us.

 

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What is Mail Forwarding?

What is mail forwarding and why would I need it? Well, it is just one of a slew of additional andmail forwarding services mail forwarding highly beneficial services registered agents like us offer. Since each registered agent’s service may vary, we’ll only cover what we offer…

Mail Forwarding Service gives you the ability to use your registered agent’s address as your regular mailing address. So, while official state and governmental mail, tax notices, and Service of Process are forwarded to you under your registered agent contract, other mail received at your agent’s address, such as bank statements, are marked “Return to Sender”, unless you subscribe to the service.

We understand needs vary from client to client, so there are multiple types and tiers of Mail Forwarding Services you can choose from to find just the right fit. For example, there are traditional and electronic versions to choose from. With traditional service, mail is received by the registered agent, logged in your account, and forwarded on to you via United States Postal Service. With electronic service, the mail is logged, opened, scanned, and emailed to you. Electronic mail forwarding is the option many international clients find to be the most valuable. Since the amount of mail coming in also varies, you can choose the volume tier that best fits your needs, whether it’s a few pieces a month or hundreds a year. You can even log into your Snapshot account to view a log of the mail you’re receiving for each company.

If you want to find out more about Mail Forwarding Services or to sign up, feel free to reach out to us. We’d be happy to answer any of your questions!

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Legislative Changes in Nevada

Below is information we recently received through the National legislative changes in nevada nevadaPublic Records Research Association (NPRRA) concerning legislative changes in Nevada. As an active member of the NPRRA, one of the many benefits is the continuous flow of information such as this between members regarding changes in policy, law, and processing of public records searching and filing across the US.

Notice of 2017 Legislative Impacts The 2017 Legislative session imposed several changes to certain requirements within Title 7 of the Nevada Revised Statutes. Below is a highlight of the changes. For further information and a complete list of bills, please refer to the Nevada Legislature website at: https://www.leg.state.nv.us

Assembly Bill 6 – Effective July 1, 2017 Removes an exemption from the requirement to obtain a state business license for businesses whose primary purpose is to create or produce motion pictures.

Assembly Bill 123 – Effective October 1, 2017 Revises provisions governing initial and annual lists and revises provisions relating to a series created by a limited-liability company. Each new business entity subject to Title 7 of the Nevada Revised Statutes shall file an initial list at the time of filing its organizational documents. If an amended list is filed within 60 days after the initial list is filed, the business entity shall not be required to pay a fee. If the articles of organization or operating agreement of a limited-liability company creates one or more series, the registered agent of the company shall be deemed to be the registered agent for each series of the limited-liability company. Each series may be served with any legal process, notice or demand required or authorized by law by serving the registered agent of the limited-liability company which authorized the creation of the series.

Senate Bill 41 – Effective October 1, 2017 Revises provisions governing the examination of the records required to be maintained by registered agents and revises the provisions governing the examination of records required to be maintained by certain business entities. The Secretary of State may conduct periodic, special or any other examinations of any records required to be maintained pursuant to this chapter or any other provision of NRS pertaining to the duties of a registered agent as the Secretary of State deems necessary or appropriate to determine whether a violation of this chapter or any other provision of NRS pertaining to the duties of a registered agent has been committed. Upon the request of the Secretary of State, a limited liability company shall provide the Secretary of State with the name and contact information of the custodian of records, if different from the registered agent for such company. Each limited partnership shall continuously maintain a principal office in this State, which may but need not be a place of its business in this State, or a custodian of records whose name and street address is available at the limited partnership’s registered office. A limited partnership shall maintain at its principal place of business in this State or with the custodian of records a current list of the full name and last known business address of each partner, separately identifying the general partners in alphabetical order and the limited partners in alphabetical order.

Assembly Bill 423 – Effective January 1, 2018 The Secretary of State shall work in consultation with the Nevada Commission for Women to design and conduct an annual survey of businesses in this State for the purpose of collecting data and information related to issues of gender equality in the workplace. The survey shall be offered through the state business portal at the time the business submits an online application or renewal for a state business license. The Secretary of State shall make the voluntary responses electronically available and searchable on the Internet website of the Office of the Secretary of State and shall annually compile the responses into a report and submit the report to the Governor and to the Director of the Legislative Counsel Bureau.

Assembly Bill 436 – Effective January 1, 2018 The Secretary of State shall ensure that the state business portal enables a person who applies for the issuance or renewal of a state business license to indicate whether the applicant is a minority-owned business, a woman-owned business or a veteran-owned business and shall provide information electronically concerning programs to provide financing for small businesses and information concerning the process by which the business may become certified as a disadvantaged business enterprise. The Secretary of State shall include and maintain the same information on its Internet website. The Office of Nevada Secretary of State

If you have any questions about how the legislative changes in Nevada may affect you or if you need assistance with forming or maintaining your entity in Nevada, please don’t hesitate to contact us.