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INDUSTRY NEWS

PARASEC UPDATES

Industry News

Embassy of the United Arab Emirates: Fee Decrease

Effective April 25, 2018, the Embassy of the United Arab Emirates reduced the fees associated with the legalization of all corporate and legal documents from $600 to $546.67. Additionally, the fees for “personal and education documents” (e.g. diploma, university degree, birth certificate, finger prints, death certificate, police records, marriage license, etc.), have been reduced from $45 for each certificate to $41 per certificate. For more information, please contact our apostille and legalization team at apostilles@parasec.com.


Idaho: Annual Reports Due by July 31

The Idaho Secretary of State posted a message regarding printing errors that were made to annual report reminders sent out back in May. Apparently, the reminders (printed on orange postcards) were missing due date information and had the correct information printed in incorrect locations. If you received the reminder, please disregard. The annual reports are due by July 31. More details available here.

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Indiana: “Call Before You Dig” Law

Effective July 1, 2018, Senate Enrolled Act 125 implements a new requirement for utility excavators and communication service provider contractors and subcontractors to file a statement of compliance with the Indiana Secretary of State, indicating they will comply with the “Call Before You Dig” law (Indiana Code chapter 8-1-26). Contractors who have not yet registered with the state must include the signed statement as an attachment with the registration documents. Those already registered, may include the statement on their biennial entity report. Otherwise, the statement can be submitted as a miscellaneous filing at any time. Here is a sample statement: (Company) and its employees will comply with Ind. Code chapter 8-1-26. Questions regarding this new requirement can be directed to the Indiana Secretary of State at 317.234.9768.

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Indiana: Reinstatement Deadline for Entities Dissolved/Revoked for Over 5 Years Approaches

On March 13, 2018, Governor Holcomb signed Senate Enrolled Act 180 into law, effectively limiting the amount of time that a business can file an application for reinstatement after it’s been administratively dissolved/revoked by the Secretary of State to five (5) years. That five-year clock starts on the date of administrative dissolution/revocation. For businesses that have already been administratively dissolved/revoked for more than five years, the Secretary of State’s office will accept applications for reinstatement until July 31, 2018—after which point, these entities will no longer be able to file an application for reinstatement.

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Texas: Changes to Entity Naming Standards

Effective June 1, 2018, House Bill 2856 (HB 2856) changed the standard that the Secretary of State's office uses to determine if a business name is available for registration. Under the old law, names were prohibited from being “identical and deceptively similar” to an existing business name. Under the revised law, entity names are required to be “distinguishable” from an existing business name. How similar a new name can be is not expressly stated within the bill. The new legislation applies to both foreign and domestic entities. According to a bill analysis prepared by Representative Jason Villalba, a sponsor of HB 2856, the benefits of the legislation include:

  • making the state’s naming requirements more uniform with that of other states,
  • easing the formation of new domestic business entities,
  • expediting the registration of out-of-state business entities to transact business in the Lone Star State.

To read more of HB 2856, go here.

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Parasec Pro Tip: Proper Handling of Certified Documents

Tampering or modifying state-certified documents can be a costly and time-consuming mistake to make—as doing so means the documents will be considered invalid. Once a document has been state-certified, it becomes official and it is crucial that it be kept intact. Removing staples to make copying your certified documents easier is considered tampering—even if you intend to staple them right back together without altering or adding any pages. If you need to make a copy of a certified document, do so by copying one page at a time (by folding or flipping the pages), without removing the staple. When a document is tampered with, the only remedy is to start the entire notarization, county and/or state certification process all over again. Save yourself the time and money by avoiding this simple mistake.

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Parasec Updates

Parasec: Los Angeles Office Set to Move in July

Business is so good that our Los Angeles office is expanding and changing suites to accommodate our growth. That’s right, same address—new suite number! The move will be completed on July 13, 2018. Please update your records with our new contact information:

Parasec
12631 Imperial Hwy Ste F126
Santa Fe Springs, CA 90670

Our phone number will remain the same. Please feel free to contact us at 888.672.7273 with any questions.

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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 BARBARA
CFO

Back in March 1994, Parasec adopted an employee stock ownership plan (ESOP) and when we purchased the final shares in November 2016 we became 100% employee owned. In addition to providing staff with a type of retirement plan that invests primarily in company stock and holds its assets in a trust (in accounts earmarked for employees)—being an ESOP has also enhanced our company culture.

As employee owners, every individual has a vested interest in doing what is best for our company, which ultimately means doing what is best for our customers. Our team is informed, engaged, and has an added sense of responsibility to the company and all who benefit from it. We are determined to deliver exceptional customer service and we take pride in our work because, when it is all said and done, our customers’ success is our success. We are trained to do our jobs, as well as to understand how our business works. Financials are shared with every employee, and everyone is encouraged to ask questions, make suggestions and share concerns—enabling us to make informed business decisions.

We also believe in giving back to our community. Throughout the years, we have participated in a variety of activities aimed at helping others—including charity walks, fundraisers, food drives, and disaster-relief efforts. In 2017, Parasec introduced the Employee Giving Campaign for St. Jude Children’s Research Hospital, in which Parasec matches employee donations made to this life-changing organization. We are also an ongoing supporter of Stanford Settlement, which provides critical programs and services for disadvantaged residents in the Sacramento area. Whether it be by raising money, participating in walks or donating items to those in need—it feels good to be a part of a company that cares about its customers, employees, and the community at large.