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INDUSTRY NEWS

PARASEC UPDATES

UPCOMING EVENTS

Industry News

Florida: Fictitious Name Registration Act Amended

House Bill 169, effective July 1, 2017, amends Florida’s fictitious names statute, which requires any person or business entity doing business in the state under a name other than their legal name to register a fictitious name with the Division of Corporations. Among other things, the bill: (1) clarifies that a foreign business entity must be in active status with the Division of Corporations to file a fictitious name; (2) updates the processes for cancellation, registration, and renewal of a fictitious name; (3) standardizes language to include various entity types—rather than just corporations; (4) defines “registrant” to clarify and standardize who is required to file a fictitious name; and (5) changes the penalty for failing to comply with the fictitious name statute from a misdemeanor to a noncriminal violation. To view the bill in its entirety, click here.

Georgia: Amendments to Official Code of Georgia Annotated

Effective July 1, 2017, House Bill 87 authorizes the Georgia Secretary of State to adopt rules and regulations that will allow business entities to file their annual registration for up to, and including, three years. Furthermore, the bill also enacts provisions that allow the re-domestication/conversion of foreign and domestic nonprofit corporations. View the bill online.

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Kentucky: Benefit Corporations

On June 29, 2017, Kentucky was added to the growing list of states that allow the formation of benefit corporations, as well as enable existing corporations to become benefit corporations. In order for an existing Kentucky corporation to become a benefit corporation, 90 percent of shareholders must approve of the change. For more information on House Bill 35, which authorizes the formation of benefit corporations in Kentucky, click here.

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Minnesota: Upcoming LLC Law Change

The Minnesota Secretary of State issued a reminder to all limited liability companies (LLC) formed prior to August 1, 2015 that they will become subject to a new law passed beginning January 1, 2018. The changes may effect an LLCs governance and management, operating agreements and more. It is recommended that all owners of an interest in an LLC contact their attorneys, accountants or other business advisors before the end of the calendar year to review the impact of the new law. For more information on the upcoming changes due to Minnesota Statutes Chapter 322C (including a summary of those changes), click here.

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Rhode Island: Nonprofit Corporations Act Amended

Effective June 19, 2017, House Bill 5647 (Chapter 20) amended the Nonprofit Corporation Act by simplifying the process for foreign corporations to obtain a certificate of authority. Previously, a copy of the corporation's articles of incorporation and amendments to it were required as supporting documentation. Now, a certificate of good standing or legal existence by a proper officer of the state or country where it was incorporated will be accepted. Read the bill.

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Various States: Annual/Biennial Report Due Dates

The states listed below have annual reports due in the coming months. Don’t miss a deadline or you may be subject to hefty penalties and reinstatement fees. For assistance maintaining your annual report compliance, inquire about our managed annual report services. Email us at annualreports@myparacorp.com for more information.

  • JULY
    • July 1 – WV: Corporations, nonprofit corporations & LLCs
    • July 2 – AK: Nonprofit corporations
  • AUGUST
    • August 1 – AR: Nonprofit corporations; ND: Domestic corporations
    • August 31 – MO: Nonprofit corporations

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Vermont: Legislation Impacting Conversions, Mergers and More

Vermont House Bill 868, effective July 1, 2017, amends the Business Corporation Act and includes new provisions on conversions, mergers, share exchanges, and domestications, as well as technical changes to the LLC chapter and the DBA provision. More information on the bill (including a summary and the full text) can be viewed by visiting here.

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Parasec Updates

Fore Good! Golf Tournament

Several Parasec staff members recently teed off at the Fore Good! Golf Tournament benefiting the Stanford Settlement Neighborhood Center, a not-for-profit organization that provides social services including after-school groups and summer day camps for children, a teen center for youth, and a comprehensive senior center. To learn how you can help support the Stanford Settlement Neighborhood Center, visit them online.

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Upcoming Events

Parasec Takes to the Streets

Below are some of the events where you can find us in the coming months.

  • July 13-14 – 9th Annual New York and Northeast Accounting Show & Conference; New York, NY
  • July 21 – Second Annual Hawaii Legal Expo presented by the Hawaii Paralegal Association; Honolulu, HI
  • September 15 – Paralegal Day 2017 sponsored by the Tucson Paralegal Association; Tucson, AZ
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, President of Parasec, blogs here.

Communications Supervisor Erin Sierchio tweets for Parasec here.

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A note from Matt

A NOTE FROM MATT
President

For some, turning the big 4-0 might elicit some kind of mid-life crisis—perhaps accompanied by symptoms like depression, shifting sleep patterns, or even the purchase of an exorbitant new sports car. As Parasec reaches this significant milestone; however, we're bucking any negativity and embracing our age—heck, we think 40 looks pretty darn good on us. We've accomplished a lot since we were founded back in July 1977, and what a ride it's been.

Today though, rather than reminiscing about our past, we have our eyes on the future—because we are certain that our greatest accomplishments are yet to come. Our dedication, passion and principles will, without a doubt, lead us to the development of new services designed to empower our customers and alleviate their problems. We are committed to engaging with our customers, so that we have a realistic understanding of what we can do to better serve you. For this, my sincere thanks goes out to our loyal customers who have put their trust in us throughout the years.

Furthermore, I'd like to thank the incredible team of individuals who have helped make Parasec what we are today. I am honored to be the president of such an amazing company, and I look forward to what the future holds for us.