Additional Services Flashcards
What is a registered agent?
A registered agent is a responsible third-party who is registered in the same state in which a business entity was established and who is designated to receive service of process notices, correspondence from the Secretary of State, and other official government notifications, usually tax forms and notice of lawsuits, on behalf of the Corporation or LLC.
What is an S Corp election?
Businesses who have filed as a Limited Liability Company or Corporation but want the benefits of being taxed as an S-Corporation with the IRS. Form 2553 is submitted to the IRS to make this election.
Does the Secretary of State recognize an S Corp?
No, the s corp status is specifically with the IRS. Customers that place an S Corp order through Swyft are recognized by the state as a C Corp but as an S Corp by the IRS for tax purposes.
When is a seller’s permit needed?
Required if a company is selling goods that would ordinarily be subject to sales tax.
What is the business license and compliance package?
Service that handles all of the leg work researching which license and permits you need for your industry.
Provided by a third-party company called License Logix. They will compile a list of permits and licenses that may be needed for the customer’s industry and email the customer.
Does the BLCP obtain any licenses or permits for the customer?
No, it does not include the filing of the licenses and permits; the customer is responsible for the filing.
What is the compliance package?
The compliance package sends out alerts for initial and annual reports that are due. (alerts are sent 7 ,15, 30, 60 & 90 days before the report is due) The annual compliance package also assists with filing the annual report once the customer pays the state fee and completes the annual report questionnaire.
What is an initial report?
Some states will require you to submit information about the company’s business activity including information about directors and officers of the corporation and the registered agent and registered office of the corporation.
There is a small filing fee associated with this filing. Scheduled filings vary by state; failure to submit this filing with the requested information in a timely manner by the requested deadline (30-90 days) may result in the assessment of penalties and late fees by your state.
*States require initial Report: CA, CT, GA, LA, MO, NM, WA
What is the initial report called in California?
Statement of Information
What does EIN stand for?
Employer Identification Number
What is an EIN?
Also known as the Federal Employer Identification Number (FEIN), or the Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States for the purposes of identification. Needed in order to open a bank account.
What do Swyft Filings need in order to obtain an EIN from the IRS?
Social Security Number or ITIN
What is an operating agreement?
A legal document that governs the owners of an LLC in regards to their financial and managerial rights. It is recommended that an LLC have an Operating Agreement in place because it helps shield the Members from being personally liable for the actions of the business. The operating agreement we provide will cover the most commonly used provisions and will be customized according to your company’s information.
What are bylaws?
Internal rules that govern the day-to-day operations of the company, such as how many directors will serve on the board and when and where the shareholders and director’s meetings will be held.
The bylaws we provide will cover the most commonly used provisions.
What is a banking resolution?
When opening a business bank account, banks often require a Banking Resolution. The Banking Resolution lists the Members and Officers that are authorized to open the bank account and to transact on the account (such as signing checks).
