CORPORATE HOUSEKEEPING

Business administration includes taking care of the tasks associated with maintaining a business “entity” like a corporation or limited liability company. We refer to this as “corporate housekeeping.” Proper entity maintenance is not complicated but it can be tedious, time-consuming and easily procrastinated.  Oftentimes, it does not happen despite its legal importance. The critical position within a company is often delegated within an organization to positions where turnover can be frequent or where the responsible person may not have a complete understanding of the job requirements.  As your outsourced corporate secretary, On Point takes care of business by handling annual entity maintenance filings, attends and documents board, shareholder and committee meetings, or similar meetings of an LLC’s managers and members and serves as a custodian of entity minute books.

Entity Maintenance

Maintaining your legal entity in “good standing” is not complicated but it can be a thankless job. Someone has to make sure these corporate formalities are followed. On Point will attend and document your board, shareholder and committee meetings, or similar meetings of an LLC’s managers and members, and organize the calendar and agenda for these meetings.

E-Minute Book

Meeting minutes and other important legal documents concerning the formation of your entity, like Articles of Incorporation, Bylaws, and Shareholders’ Agreements, or Articles of Organization and Operating Agreements for an LLC, should be organized in a minute book. As an alternative to a traditional paper minute book, consider On Point’s electronic minute book that is accessed through a secure customer portal.

Foreign Qualification

If you do business in a state other than the one where your entity was formed, you may be required to obtain authority to transact business as a “foreign” entity in that other state. This isn’t always required and when it is, it’s not a complicated process. On Point can help you determine whether foreign qualification is necessary and put together the paperwork you’ll need for the application.

Registered Agent

Entities must name a local registered agent in the states where they are registered to do business. The registered agent accepts service of process for the company if it is sued in the state and receives notices of routine filings the company needs to make with the local Secretary of State. As your registered agent, On Point will perform these services and provide alerts of this paperwork.

Annual Registration Reports

Most entities must file an annual or bi-annual registration report with the Secretary of State where they are registered to do business. Failing to file the required reports on time means that the legal status of your business will be in jeopardy and getting the entity back in “good standing” will be a costly hassle. On Point will handle these routine filings to ensure this doesn’t happen to you.

Fictitious Name Registration

Some states have a process for registering a “fictitious name” if the business is operating under a different name than the one the company used when it was initially formed or authorized to do business. This alternate name is commonly known as a DBA, or a “doing business as” name. There are other states that don’t recognize DBAs at all. On Point can determine whether a fictitious name filing is necessary and handle the registration paperwork for you.

Dissolved Entity Reinstatement

If a business fails to timely file the required reports with the Secretary of State, it will likely be dissolved after a relatively short grace period. On Point can help your business get back in “good standing” with the Secretary of State so you can resume your operations.

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