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Registered Agent: Glossary Definition

A “registered agent” (also known as an agent for service of process, a registered agent, resident agent or statutory agent) is a person or company designated to accept service of process (such as a complaint of a company becomes involved in a lawsuit) and other important documents on a company’s behalf.

The Registered Agent for a business may be an individual or a third party, such as the company’s lawyer or a service company.

The purpose of a Registered Agent is to provide a physical legal address within that state where individuals are available to receive legal documents.  The Registered Agent receives these documents on behalf of the company and then is required to promptly provide them to the company.

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Today’s Question — Friday, July 30

Must I pay all of my employees?

It is not unusual for start-up companies to have limited cash resources. It is also not unusual for entrepreneurs to entice employees to the company by offering stock compensation, instead of cash, until such time as the business can afford to pay regular salaries. However, it is advisable to consult with an employment lawyer in your state of operations to determine if this is permissible under the state’s wage statutes. In most cases, the lawyer will likely advise that each employee be paid an amount equal to applicable minimum wage amounts.

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