What is a Registered Agent?
A registered agent, also known as a statutory agent or resident agent, is a person or business entity designated to receive legal documents on behalf of your LLC. This includes important documents such as service of process (e.g. if your LLC is sued) and state filings. In most states, an LLC is required to have a registered agent, and it is a critical aspect of maintaining compliance with state regulations.
When an LLC is formed, it must provide the state with information about its registered agent. This includes the agent's name, physical address, and contact information. It is important to note that the registered agent must have a physical street address (PO Boxes are not allowed), and must be available during normal business hours to accept legal documents on behalf of the LLC. This is because the registered agent serves as the official point of contact for the LLC with the state government, and it is crucial that the LLC can be reached in a timely manner.
The registered agent's main responsibility is to receive and forward legal documents to the LLC. This includes documents such as service of process, which is the official notice that a lawsuit has been filed against the LLC. The registered agent is responsible for ensuring that the LLC receives these documents so that the LLC can respond to the lawsuit in a timely manner.
Having a registered agent is also important for maintaining the LLC's good standing with the state government. If the LLC does not have a registered agent, or if the registered agent cannot be reached, the LLC may be considered in default and may lose its good standing. This can result in penalties, fines, and even the revocation of the LLC's business license.
Registered Agent with Collective
Collective has partnered with a trusted 3rd party provider, Registered Agent Solutions Inc. also known as RASi to provide registered agent services to Collective Members' LLCs. When setting up your LLC, we designate RASi as your registered agent. If you've joined Collective with an existing LLC, we can file a change of registered agent for RASi to become your registered agent. The cost of these services is included in your membership fee. We work closely with RASi to ensure that if your LLC receives any notices or services of process, you will be notified immediately.
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.