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INDUSTRY NEWS

PARASEC UPDATES

Industry News

Delaware: Legislation Regarding Cybersecurity Protections

Effective April 13, 2018, House Bill 180 requires additional protections be implemented for Delawareans whose personal information may be compromised in a computer breach. The new law requires that all companies doing business in Delaware enact and maintain reasonable security to safeguard personal information. Should a breach occur, the law also requires that the entity that experienced the breach provide identity theft protection services in instances where social security numbers were included in the information breached. For more information on the legislation, click here.


Delaware: LLC, LP and GP Annual Taxes Deadline Approaches

Every domestic or foreign limited liability company, limited partnership, and general partnership that is registered to do business in the state of Delaware is required to pay an annual tax of $300 due on or before June 1 of each year (pursuant to Title 6 of the Delaware Code). Payments are considered timely if received (not postmarked) by June 1, regardless of whether this date falls on a weekday or the weekend. Failure to meet the deadline will result in a $200 penalty fee, as well as interest on the combined total of the annual tax and penalty fee, which will accrue at a rate of 1.5% per month or portion thereof until fully paid. Pursuant to Delaware Corporation Law, there is no provision for a waiver of penalty and interest. Furthermore, an unpaid balance as of the deadline will result in the entity’s loss of good standing.

If you have appointed Paracorp as your registered agent (and are not enrolled in our Managed Annual Report Service (MARS)), please keep an eye out for a reminder notice being sent via snail mail. Checks should be made payable to the Delaware Secretary of State.

Payments should be mailed to:
Delaware Division of Corporations
P.O. Box 5509
Binghamton, NY 13902-5509

Clients taking advantage of our MARS program, will not receive a mailed notice, as we will be handling your filings for you. Please note, we may ask for prepayment of annual taxes if we represent 10 or more entities for you.

If you need any additional assistance or to inquire about our registered agent services, feel free to give us a call at 888.272.3725 or email us at paracorp@myparacorp.com.

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Idaho: Business Entity Naming Standards

Effective July 1st, 2018, Idaho House Bill 379 amends existing law to provide that only one incorporator of a nonprofit corporation is required to sign the articles of incorporation when filing with the Secretary of State. Under the previous law, all of the incorporators were required to sign the articles of incorporation. The change is designed to make nonprofit signature requirements consistent with the filing requirements for corporations, which already allow for a single incorporator. More information regarding the bill can be found here.

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Indiana: Remote Notarization

On March 13, 2018, Indiana Governor Eric J. Holcomb signed into law Senate Bill 372, which will permit state notaries public who have registered separately with the state to perform remote notarizations after the law takes effect on July 1, 2019. Currently, both traditional paper and electronic notarizations can be performed. Remote notarization will allow Indiana remote notaries to conduct notarizations without leaving their homes via “two-way audio/visual communication.” Notaries public who wish to become remote notaries public will be required to complete a separate registration and pay an additional fee of $5, as well as complete an additional education component. Before applying to become a remote notary, you must first be a commissioned Indiana Notary Public. Furthermore, to conduct remote notarization services, you must be physically located within Indiana. The law makes Indiana one of only five states that allows notaries to perform remote notarizations. For more information, please click here.

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New Mexico: Change to Corporate Biennial Report Due Date

Currently, New Mexico corporations are required to file biennial reports on or before the 15th day of the third month following the end of the taxable year.

Effective, July 1, 2018, with the passage of Senate Bill 225, corporations will have until the 15th day of the fourth month following the end of the taxable year.

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Tennessee: Revisions to Uniform Limited Partnership Act

Tennessee Senate Bill 1942, signed by the governor and effective March 16, 2018, relates to partnerships filed pursuant to the Uniform Limited Partnership Act. The bill requires limited partnerships to be in good standing with the Department of Revenue—by being current on all fees, taxes and penalties—prior to certain filings being executed.
To read the bill in its entirety, click here.

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Utah: Benefit LLC Legislation

Utah has permitted the creation of and conversion to benefit corporations since 2014 and, come May 8, 2018, House Bill 186 will extend the “benefit” designation to limited liability companies as well. Like its corporate counterpart, benefit LLCs consider factors beyond profit when making decisions, such as customers, employees, the community, the environment, and the future. An article regarding benefit LLCs can be accessed here.

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Parasec Updates

Beginning April 16, 2018, Parasec Will Offer Background Screening Services

Parasec has partnered with a premier provider of global background screening services to help streamline the hiring process, mitigate risk, and save you time. Leveraging advancements in technology and equipped with extensive industry knowledge, our partner offers customizable, comprehensive background checks that enable you to focus on what’s most important—managing your organization’s day-to-day operations. Available searches include: Social Security Number Traces, National Criminal Searches, 7 and 10-Year History County Criminal Record, Department of Justice Sex Offender Searches, Motor Vehicle Reports, Drug Testing, and more. For more information, click here.

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We welcome any input you may have about what would make our newsletter more meaningful for you. Please email us your comments and/or suggestions! parasec@parasec.com.

[More On the Web]

Matthew Marzucco, CEO of Parasec, blogs here.

Marketing Manager Erin Sierchio tweets for Parasec here.

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A note from Matt

A NOTE FROM MATT
CEO

I am a consumer. I buy electronics, food, coffee, jerseys for my daughter’s soccer team. Did I mention coffee? You get the idea. In addition to quality, price, and speed, an attribute that largely impacts my decision to support a business or not is customer service. When my expectations aren’t met, I want the company to demonstrate integrity in its resolve. Additionally, I want to have the option to discuss the issue with a real-life person. I don’t want to have to click on link after link looking for contact info, or press button after button on an automated phone system. Technology can be great, but there is something to be said about good old-fashion human support.

When you call Parasec, you always get a live person who is invested in your satisfaction and success. As an employee-owned company, our people strive to deliver exceptional service, every time. We hope that is what you have found in your experience, but if for some reason we have fallen short, we also hope that you will let us know and let us correct any issues on our end. After all, as both a consumer and a CEO, I understand that trust comes when a company’s actions match its promises.