The registered agent is a responsible third-party for a corporation or LLC. This person or business who acts as the registered agent must live in the state in which a business entity was established.
The registered agent is also designated to receive service of process notices, correspondence from the Secretary of State, and other official government notifications. They might also receive tax forms and a notice of lawsuits, on behalf of the corporation or LLC.
What Does a Registered Agent Do?
In Wyoming, the registered agent accepts both tax documents and legal documents on behalf of your business. You will need to ensure that you do not miss important information for your tax payments, lawsuits, or judgments involving your business. The registered agent can be an owner or member of the business, but may also be a third party that you hire.
Why You Need a Registered Agent
There are a few main reasons why you would need to have a registered agent.
Compliance with the Law
Not only can a registered agent help you find accountants and legal professionals in your state, but they can also help you stay in compliance overall. Your registered agent will also keep copies of your important documents.
Peace of Mind
Registered agents can give you peace of mind. This allows you to focus your energy on your business rather than on tax documents. They will also help you to maintain a true work-life balance, and offer personal guidance when necessary.
Acting as your own registered agent requires you to be available during business hours, and return all the government correspondence that occurs. By hiring a registered agent you will be able to have someone available for you whenever needed. You can also form an LLC in another state should you so choose, or even form an LLC in multiple states.
Whoever acts as the registered agent will be required to have their physical address listed on the public record. This means that you will want to hire a registered agent because they will prevent you from being served during a lawsuit, and you can maintain your privacy overall.
How to Choose a Registered Agent
Choosing a reliable registered agent is important. This person is not only required to receive documents on your behalf but also needs to get those documents into your hands quickly. If this does not happen, you might automatically lose a lawsuit, or be subject to court sanctions because you ignore a subpoena.
Requirements of a Registered Agent
- The agent must have a physical street address within Wyoming. You cannot use a P.O. Box.
- The agent must be available to be found at that address during normal business hours.
- The agent must be at least 18 years old, or a company that provides a registered agent.
- Corporations and LLCs cannot act as their own agent, but one of the owners, or employees, can act as the registered agent.
Qualities to Look For
- Choose a professional service.
- Value is more important than price.
- Nationwide provider.
- Great customer service
- Good software.
Can you Assign Yourself as a Registered Agent?
You can legally assign yourself as a registered agent but it is not always advisable. Typically a business will want to designate a third-party to perform this important role.
What Happens If You Don’t Have a Registered Agent
The consequences of not having a registered agent are that you may not have a contact in the state that your business was formed. Additionally, if your business has expanded into other states, you may have serious legal consequences. Failure to have a registered agent may cause your business to be administratively dissolved in the state of its formation and then forfeit the authority to do business in other states.
Why a Business Lawyer should be your Registered Agent
Hiring a business lawyer, such as Wyoming LLC Attorney, is a great option for your registered agent. Your business lawyer will help you with your corporate governance requirements, and will also help you to separate your personal assets from your corporate debts, providing you with a corporate shield. To schedule an appointment or learn more about registered agents, contact us today!