Initial Reports
An initial report is a filing which provides additional information to the Secretary of State after the formation articles have been filed.
What information has to be included in the Initial Report?
When and if an initial report is required varies from state to state and entity to entity. Generally, it is a separate filing with additional information that can be filed concurrently with the formation articles or is required within a certain time period following the formation. For example, in Nevada you can file the initial report, called an “Initial List” when you file the formation articles for an LLC or corporation. An Initial Report asks for the manager(s) or member(s) of the LLC, depending on management structure, and their address. For a corporation, the initial list asks for the director(s) and officer(s) as well as their address. You may also need to include the Registered Agents name and address.
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What is the process for filing initial reports?
- The form can be obtained from the state, or often it can be filed online
- Generally, a fee is associated with filing the initial report, but not always.
- Some states do not require an initial report because the formation filing requires the same information that would be included.
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We set up a Nevada LLC for a client with significant savings. She was sued 3 years later for an environmental claim stemming from property she owned over 30 years before. Plaintiff wanted over $2 million in damages for the cleanup. After we disclosed that her assets were protected by a Nevada LLC and a HELOC on her residence Plaintiff accepted less than $100k in a settlement.
A bank wanted to pursue one of our clients for a deficiency judgement ($5.5 million) for commercial real estate he lost in foreclosure. Once the bank found out how we protected all of our clients remaining assets with LLCs and a Nevada holding LLC the bank’s attorney stated “we decline to seek a deficiency judgment given the complicated structure you have weaved for yourself”.
Our client purchased property in a LLC and it was later discovered the soil beneath the property was contaminated. The state sued the LLC to clean up the land. Client walked away from the property without any personal liability. Without the LLC he would have been on the hook for over $1 million.
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