PRINT THIS NEWSLETTER

 

INDUSTRY NEWS

UPCOMING EVENTS

Industry News

Delaware: Changes to Various Franchise Taxes and Fees

House Bill 175, signed by the governor and effective earlier this year alters various fees assessed by the Delaware Secretary of State. While many of the changes to the fees and taxes assessed took effect on August 1, 2017, increases to the maximum franchise tax and the late penalty for the filing of an annual franchise tax report shall take effect for the tax year beginning January 1, 2017. Under the bill, the maximum franchise tax will increase from $180,000 to $200,000; while certain large, publicly traded corporations (identified by the Secretary of State) will be subject to a new Tier 2 maximum tax of $250,000. Additionally, the penalties for failure to file a complete franchise tax report by the March 1 deadline will increase from $125 to $200. Furthermore, the increase of the assumed par value multiplier for calculation of the corporate franchise tax (from $350 to $400) and the authorized shares multiplier for corporations with greater than 10,000 authorized shares for calculation of the corporate franchise tax (from $75 to $85) will take effect for the tax year beginning on January 1, 2018. If you have any questions or need assistance with annual reports or franchise taxes, contact us at parasec@parasec.com.

 

Nevada: Changes to Initial Annual List Due Date

Nevada Assembly Bill 123—effective October 1, 2017—requires that each new business entity (subject to Title 7 of the Nevada Revised Statutes) file an initial list at the time of filing its organizational documents. In the past, entities had until the last day of the month after filing with the Secretary of State to file an initial list. Under the bill, an amended list can be filed within 60 days after the initial list is filed without the business entity being subject to additional state fees. If you are filing your organizational documents on a rush, please note that the state will only charge one rush fee—as the initial list is now required with the organizational documents. For assistance with your Nevada filings or any questions about the above changes, please contact our Nevada office at 888.972.7273.

back to top

Nevada: Examination of Records Maintained by Registered Agents

Among other things, Senate Bill 41 (effective October 1, 2017) revises provisions governing the examination of the records required to be maintained by registered agents in the state of Nevada. Under previous law, the Nevada Secretary of State (NV SOS) was able to conduct an examination of these records if it had reason to believe that a violation of the laws governing registered agents had been committed. Senate Bill 41 (section 2, specifically) authorizes the NV SOS to conduct a periodic, special or other examination of the records of a registered agent as it deems necessary or appropriate to determine whether a violation of the law governing registered agents has been committed.

back to top

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.

  • OCTOBER
    • October 1 – MI: Nonprofit Corporations
  • NOVEMBER
    • November 1 – MA: Nonprofit corporations
    • November 1 – RI: LLCs
    • November 15 – ND: LLCs
  • DECEMBER
    • December 31 – MN: Corporations, nonprofit corporations, LLCs, LPs
    • December 31 – PA: Nonprofit corporations

back to top

Various States: The Importance of a Name Reservation

One of the most common reasons formation documents get rejected by the state is that the entity name provided is the same as or too similar to an existing name on record with that state. To avoid this simple problem, we recommend that you check the name availability before submitting the articles for filing and, if available, reserve the name so it can’t be utilized by someone else while you are preparing your articles for filing. If you skip this simple step and submit the articles without reserving a name, the articles could be rejected—costing you both time and money. So, while reserving a corporate name with the state is not a requirement, we strongly recommend it. If you need assistance, please give us a call at 800.533.7272.

back to top

Upcoming Events

Parasec Takes to the Streets

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

  • October 3-6 – Wealth Counsel Symposium 2017; Hollywood, CA
  • October 5 – 2017 Texas Advanced Paralegal Seminar; Addison, TX
  • October 7 – 41st Annual October Conference - Los Angeles Paralegal Association; Glendale, CA
  • October 7 – 31st Annual Educational Conference - Orange County
  • Paralegal Association; Costa Mesa, CA
  • October 18 – Annual Vendors Showcase - Kansas City Paralegal Association; Kansas City, MO
  • October 20 – NJ Annual Statewide Paralegal Convention; Iselin, NJ
  • October 21 – 39th Annual Educational Seminar - Paralegal Association of Santa Clara County; Saratoga, CA
  • November 16 – Delaware Valley Legal Expo 2017; King of Prussia, PA
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.

back to top


A note from Matt

A NOTE FROM MATT
President

It’s no secret that here at Parasec we strive to form authentic, enduring relationships with our clients—to become trusted extensions of their businesses. It’s not merely one of our goals, it’s at the core of who we are and every decision we make. We understand that the actions we take (as individuals and as a collective) must be accomplished with integrity, empathy, and a continued drive for excellence. Taking care of our customers is at the top of the core values from which we operate our business. This year we sat down and explicitly defined what we already intuitively knew to be our core values, and here they are:

  • Customer Care
  • Individual Growth
  • Integrity
  • Productivity and Accountability
  • Emotional Intelligence
  • Sound Financial Decision Making

These values hang proudly in each of our office locations, a daily visual reminder of who we are, why we do what we do, and how we choose to run our business.