CLASNotes Blog

It’s important for a business entity (Corporation, LLC, etc.) to maintain its good standing status with the Secretary of State or equivalent filing office in every state where it is authorized to transact business. Being in good standing means that the[..]

Effective July 1, 2023, the International Association of Commercial Administrators (IACA) has introduced revised versions of the UCC1, UCC3, UCC5 and UCC11 forms.

Managing multiple business entities across a variety of jurisdictions can be a challenge. An Entity Management System can help make the job a little easier by bringing all of a business's compliance and recordkeeping activities into a single, online[..]

What is an Independent Director?

Independent Directors serve on boards of special purpose entities (SPEs) or other business entities to safeguard assets. The primary responsibility of an Independent Director is to prevent otherwise solvent SPEs from[..]

At the end of each year, it's important to take a look at the portfolio of business entities you manage and make sure that you've satisfied all of your corporate filing and reporting obligations and resolved any outstanding compliance issues. CLAS has[..]

Coordinating a foreign qualification for your client requires careful planning and a keen attention to detail as mistakes in the process can delay document filing and cost the business valuable time and money. In this article, we provide a few simple Dos[..]

Every registered business (Corporation, Limited Liability Company, etc.) is required to designate a Registered Agent. A Registered Agent is the person or organization who is responsible for accepting legal documents (aka Service of Process/SOP), tax[..]

According to the Uniform Commercial Code, a UCC Financing Statement is only effective if it properly identifies the debtor. A UCC filings that fails get the debtor name right will not perfect the underlying security interest and will not provide the[..]

Whether setting up a brand new business or expanding an existing one, it is critical to manage business license requirements carefully. Failing to obtain or renew a business license or permit can lead to costly penalties and other negative consequences[..]

Secured parties must file their UCC Financing Statements quickly and correctly in order to perfect their security interest and gain a priority position to collect. Even small mistakes in the UCC filing process can prove costly since they open the door[..]