Let's look at a positive spin on the sub-standard economy, shall we? It is apparent that frugality is starting to become second nature to many who probably never thought twice before making purchases before. Those of who have always been penny-pinchers (so to speak) are more likely the ones who still have a handle on their finances. But, what is interesting to note about this current economic status, is that it provides one of the best opportunities for those interested in successful self-employment to begin making their mark on their local economy.

How? You ask. Providing local products and services is exactly how. And let me tell you why. First of all, the local market is no longer saturated due to the unfortunate down-sizing and closings of many businesses. Customers still need certain products and services, not just staples, so getting in there when advertising costs are rock bottom and rent is practically free for the first year of business is the prefect opportunity to shine.

Businesses come in many different forms: corporations, LLC's (limited liability companies), partnerships and sole-proprietors just to name a few. Something to think about thoroughly though when entering on this new financial adventure, is responsibility. Fiduciary responsibility will most likely be a part of your personal obligations to the new company unless there is room for a CFO of course. But, another very important responsibility is that of the registered agent. Another term for this vital role is statutory agent.

Either way, the statutory/registered agent is the person (or business) designated to receive service of process on behalf of the company when involved in a legal action. For many small businesses, the statutory agent is the business owner. However, small businesses are not usually required to register their agent with their respective Secretary of State, whereas corporations and LLC’s are absolutely required to select and register a statutory agent with their respective SOS.

Thus, beginning a new business venture requires the designation of a statutory agent for the purpose of serving legal notices. Forgetting to do so can harbor negative effects for your new company.

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