Business needs proper regulation to thrive, and this is usually maintained by every state imposing compliance guidelines with proper fines and penalties to dissuade delinquency. With businesses facing a complicated landscape filled with supply chain issues, workforce shortages, and growing inflation, the last thing you need is a hiccup with compliance standards.
If the hassle and reputational damage isn’t enough to give you pause, consider the cost. Investing in the right measures is still less expensive than paying the cost of non-compliance, which has risen by more than 45% in the last decade. For reference, Manhattan-based financial institution Morgan Stanley was recently fined $35 million for non-compliance, which is already a smaller fee than their $60 million penalty in 2019.
The best way to avoid such expensive mistakes is to have a good registered agent. Every state requires one anyway, but getting a great agent will be a solid safeguard for your business. Plenty of SMEs have found value in outsourcing, and this trickles over to finding your agent. Instead of personally hiring, you may reach out to the services of a commercial registered agent service. There are a few distinct benefits to going this route.
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You Are More Likely to Get Someone Experienced
You are legally allowed to appoint any of your employees and even yourself as the registered agent for your business. However, the solution that is closest is not necessarily the best. Because of how crucial the agent’s role is in ensuring timely responses and action toward legal obligations and communication, you want someone who is well-versed in this arena.
North Carolina stands out as the state that is producing the most promising workers in the country. Its workforce is the most skilled, and more than 89% of participants in development programs are employed within six months. A commercial registered agent services ensures that you get to tap into this skilled pool during your search. For states that rank lower, the commercial agent service directs you to the skilled hirables that operate in your respective location.
It Saves You The Trouble of Screening Potential Agents
It takes a lot of time, effort, and potentially money to screen potential registered agents. There are many factors to consider, such as office location, availability, fees, requirements, and skills. A commercial registered agent will be ready with all of this information and you don’t even have to think about it because they’ve already been screened by their parent “company” of sorts.
Having an easier process can be very useful when you operate in a state that is not deemed very business-friendly. For instance, finding the best registered agent in Oregon can be very straightforward and pain-free if you just reach out to a commercial service that operates in your area. There are plenty of well-known services that cover the whole country, which is helpful considering how states like Oregon ranked among the worst for small businesses in terms of regulations and spending.
Commercial Agents Usually Have Additional Services
Another benefit to commercial registered agents is the fact that they often offer additional services. While this does add to the fees you pay, it can make your life easier. For starters, they can usually provide services even if you expand to other states. On top of that, they also offer direct mail forwarding, digitalization, and document storage, among other specific services.
Having a one-stop shop for these matters can do wonders in streamlining your communications and easing any worries you might have about compliance. One of the most promising services is also digitizing documents and forwarding them to you via email, as this can be more secure and easy to track in the long run. It’s essential for modern entrepreneurs to recognize ‘The Importance of Digital Transformation for Your Business’. You can basically make your business more competitive, reduce risks, and refine your operations.
You Get an Extra Layer of Privacy
A commercial registered agent has their own designated office where service of process and official communication is directed. This is the address that is supplied to the public record, so your company only needs to list the agent’s name in filings. Aside from the benefit of having a dedicated address that helps business continuity, this also adds a layer of privacy for your business.
It’s not just about protecting critical information, although that in itself can already be a make-or-break situation. Many business owners may also want the peace of mind that their personal information is not released for the use of malicious intent. This can include privacy breaches, property crime, and theft. Colorado has the highest property crime rate in the country, and while this has fallen lower in recent years, businesses in the state should still take such matters into consideration.
Commercial Services Can Handle the Filing Process for You
The filing process isn’t very difficult and can be done online, but it can still be complicated enough to intimidate entrepreneurs. If you want to make sure that the process is done efficiently with no errors, then the safer bet is to just reach out to a commercial registered agent. They handle the entire process for you, with some commercial services not even adding costs to the state fees you need to settle.
As TechReviewsCorner has written in its guide to business plans, a crucial part of creating your business plan is finding the right partners to execute your vision. A registered agent is often overlooked in this process, but this is a big role that should definitely be taken into account.