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INDUSTRY NEWS

PARASEC UPDATES

UPCOMING EVENTS

Industry News

Delaware: Department of State Employee Retreat

On Wednesday, May 1, 2019 an offsite employee retreat is planned for all personnel in the Department of State Division of Corporations. Staff members will be departing for the day at 10:30am ET. This schedule change will mean that there will be no Priority 3 (same day) or Priority 5 (must approvals) services. After division employees have departed for the event, Priority 5s may be submitted; however, they will not be processed until Thursday after the higher priorities have been processed. Additionally, all 30 minute, Priority 1 (one hour) and Priority 2 (two hour) filings must be received by 9am ET, and all Priority 4 (24 hour) services must be received by noon the day of the event. If you have any questions, feel free to give the Parasec Delaware office a call at 888.372.7273.


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 both 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) program), 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 notice via regular mail, 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 have questions about our registered agent services or MARS program, feel free to give us a call at 888.272.3725 or email us at paracorp@myparacorp.com.

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Virginia: Fictitious Name Filings

Effective May 1, 2019, Senate Bill 1309 (Chapter 594) amends where assumed or fictitious names are filed in the state of Virginia. The bill eliminates the existing requirement that a person conducting business under an assumed or fictitious name file a certificate with the clerk's office of the circuit court of the jurisdiction in which business is going to be conducted. Instead, individuals must file a state-level certificate with the office of the Clerk of the Commission. Please note that the bill is not retroactive and has no impact on prior filings. For more information, click here.

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Various States: IRS Revises EIN Application Process

The Internal Revenue Service (IRS) recently announced that beginning on Monday, May 13, 2019 only individuals with a social security number or individual tax identification number may be listed as the “responsible party” on an EIN application. Entities using their own Employer Identification Numbers (EINs) will no longer be allowed to act in this capacity. Per the IRS, to be a “responsible party,” the individual must be someone who owns, controls, or exercises ultimate effective control over the entity. The most common examples of this would be the CEO of a corporation or the member of an LLC. The entity may decide which individual should be listed if more than one person meets these qualifications.

These requirements have been in place since January 2018, but were not being enforced consistently. The changes are being made to improve transparency and provide greater security to the EIN process. If you need assistance with an EIN application, our team can help. Email us at parasec@parasec.com for assistance.

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Parasec Updates

Difficult News to Share

On March 22, 2019, Parasec lost a special friend and member of our team to a battle with cancer. Luis Aguilar, who worked in our Los Angeles office for more than 15 years, was an absolute delight to work with—as we’re sure any of you who had the pleasure of working with or knowing him can attest to. Luis had a heart of gold and a smile that could light up the room. Not only was he an invaluable part of our team, he was an amazing husband and father to his two boys. This loss will be felt deeply by everyone on our team, and our thoughts and prayers go out to his family. For those interested in donating to Luis’ family, a GoFundMe account has been established here.

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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.

  • May 3 – Arizona Paralegal Association's 2019 Annual Legal Conference; Phoenix, AZ
  • May 3 – North Carolina Bar Association's Paralegal Division Annual Meeting; Winston Salem, NC
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 Erin

A NOTE FROM LETICIA
Paracorp Manager


Hello, everyone! I wanted to take a moment to introduce myself to those of you that I haven’t had the pleasure of working with. I first started here at Parasec in 2004 and have worked in a number of our departments in a variety of capacities. My first position all those years ago was as an account technician in our corporate division. I later went on to supervise three of our departments (corporate, UCC and registered agent) before I landed in my current role as manager of our registered agent division.

My time here has not only been purposeful and fulfilling, it has been enjoyable. I am proud to work for a company that is obsessed with serving our customers and solving their problems, as well as one that sees value in educating and empowering its employees. Parasec’s company culture is integral to accomplishing our business goals. We are the only 100% employee-owned company in the industry and our positive environment and passionate team are vital to the success of our company and our clients. It really is an exceptional place to work.

My goal in my latest role is to consistently grow and improve upon our registered-agent related services—so that our customers can continue to trust us with their business and that we can share in their successes. We’ve been offering registered agent services since 1987, and I am excited to be at the helm of the department.