Open Core Ventures Handbook/👛OCV Finance Operations/Compliance and Registered Agents

Compliance and Registered Agents

Registered Agents play a crucial role in helping companies maintain compliance. They act as a liaison between the company and the state, receiving important legal and tax documents on behalf of the company. This ensures that the company is always aware of its obligations and helps to prevent any lapses in compliance.

Annual Reports

Annual reports are required by many states and serve as a way for companies to update or confirm their information on the state's records. Companies typically include details such as their name, registered office address, registered agent details, and information about directors and officers. Submitting these reports is crucial for maintaining compliance as failure to do so can result in penalties or even dissolution of the company.
For companies registered in DE, the due date for filing annual reports is March 1.
For companies registered in CA, the due date for filing annual reports is the last day of the anniversary month of incorporation.
The company’s accounting team can support in filing its annual reports.

Annual Report Filing & Registered Agent (RA) Renewal Process

The Accounting team is responsible for managing the ongoing compliance obligations related to annual report filings and registered agent (RA) renewals across all entities (OCV LLC, fund entities, and OCV companies).
  1. New Entities:
    1. Responsibility: The OCV team is responsible for registering new entities, after which ongoing compliance is handed off to the Accounting team.
  1. Annual Report Filings
    1. Responsibility: The Accounting team oversees annual report filings for states both for OCV and for OCV companies (and continue to do so after a CEO joins).
  1. Registered Agent (RA) Renewals
    1. Responsibility: The Accounting team manages RA renewals annually through the RA vendor, which acts as the registered agent for all entities.
      1. RA vendor sends renewal reminders.
      2. Accounting processes renewal payments and ensures records are up to date.
    2. Documentation
      1. After filing documents are saved in the relevant entity accounting drive under taxes.
       
See also:
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Filing Compliance & Due Dates Calendar.