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Discussion in 'Starting a Lawn Care Business' started by Gmgbo, Jul 6, 2005.
What is a statutory agent and what do i need them for? Thanks
"A statutory agent can be a resident of the state, a domestic corporation, or a foreign corporation that holds a license under the laws of this state upon whom any process, notice, or demand can be served." I am gathering from this definition that if you are starting a business with a partner or partners, a statutory agent is someone who can legally accept certain documents, etc. in the name of the company. Since I am a sole proprietor, I assume that I am the statutory agent for my business. Make sense? That's just my interpretation of this definition, I'm not a business lawyer or anything....
That's pretty much it. Some small business persons have their attorney or C.P.A. firm act as their stautory agent. Typically, a statutory agent is someone who is not directly involved in operating the business but is a licensed professional retained/engaged to communicate on legal and regulatory matters for the business. A formally engaged or retained statutory agent makes a legal commitment to act in your best interest (i.e. has a "fiduciary" responsibility to the business and its owners).