A statutory agent can be defined as any individual or group that accepts the legal responsibility to receives all legal documents intended to be served to a particular company and is responsible for communicating the information with the business. Statutory agents are also called resident agents because they must reside in the same state where the company conducts business.
- Statutory agents receive service of process forms. The statutory or registered agent generally receives all forms related to taxes from the government annually, such as franchise tax forms and annual report forms.
- A major reason for having these agents is for corporate entities that operate in multiple states. The agents simplify the web of paperwork by adhering to differing local laws and state mandates by keeping abreast of due dates and changes in state regulations.
- Many companies use an experienced lawyer or firm to serve as the statutory agent to ensure the documents are delivered appropriately.
- The company acting as an agent must have it clearly stated in its articles of incorporation that it has the authority to be a statutory agent. A company may not appoint itself as the statutory agent.
- A statutory agent is required for all defined businesses. In most states, organizations defined in taxpayer terms as public utilities are not required to have a statutory agent, such as banks and insurance companies.
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