Iowa has a few legal requirements for your registered agent, though: Basically, if the state ever needs to notify you regarding a lawsuit or an upcoming annual report due date, they’ll contact your registered agent. This individual accepts “service of process” from the state on your behalf. State of iowa biennial report file professional#Designate a Registered AgentĮvery Iowa professional corporation-and even other entity types-must appoint a registered agent. State of iowa biennial report file full#For a full look at the state’s rules for your board, please consult the Management section of the Professional Corporations chapter. If you want any additional terms for your board, you can write them out in your bylaws, including how each new director is appointed, how they can resign, their duties, and much more. The only explicit rules are that you must have at least one director at all times (though you can have more if you wish), and every director must be licensed in the PC’s profession. Iowa also makes it pretty simple to choose your board because there isn’t a long list of rules for your directors. This gives you diverse input to help the business succeed. State of iowa biennial report file Pc#And while the bulk of people involved in the day-to-day operations of your business will be licensed in your profession, we recommend having your board be a bit more diverse.įor example, a dental PC might want a director with legal experience, one with business growth expertise, a financial expert, and so on. Select Your Board of DirectorsĪ professional corporation is only as good as its board of directors, so you’ll want to appoint carefully. Later on in this guide, we’ll discuss the steps you need to take in order to maintain your corporation in Iowa. Now let’s jump into the specific steps you’ll need to take to form a professional corporation in Iowa. This does reduce a PC’s ability to fundraise somewhat, but the advantage of liability protection remains.ħ Steps to Start a Professional Corporation in Iowa Additionally, every share of stock can be owned only by people who are licensed in the PC’s profession. In Iowa, a corporation can only be formed by persons who are licensed for a profession in the state. That makes it a better option for most professionals. But in a PC, only the person responsible for the malpractice can be sued. All of those trades can be sued for malpractice. That’s especially important because professional corporations usually offer professional services, such as lawyers, dentists, doctors, chiropractors, and more. However, in a professional corporation, there’s one exception: individual members can be sued for malpractice. So a member of the corporation can’t be sued the corporation is sued. Simply put, a shareholder or member of the business isn’t liable for the business’s debts. Both pay corporate income taxes, too.Īnd more importantly, both corporation types offer personal asset protection. Both businesses can issue stock, both have bylaws, and both are governed by a board of directors and an executive team. On the surface, a professional corporation and a regular corporation look very similar. Learn more about getting an Iowa registered agent by reading our guide.What is an Iowa Professional Corporation? Additionally, if someone sues your LLC, the lawsuit will be served to the registered agent’s address rather than your place of business. Maintain privacy: Using a registered agent service allows you to keep your personal address off of public records, ensuring your privacy.You can also use a registered agent service to form an LLC in other states where you don't already have an established business presence. Gain flexibility: A registered agent service can receive and send documents for your LLC during regular business hours so that you don’t have to be on the job from 9 a.m.A registered agent service will notify you when reports are due, and they can also submit the filing for you for an additional fee. Avoid late filing penalties: The Secretary of State can dissolve an Iowa LLC if it does not file a biennial report.Here are the three main advantages to using a registered agent service for your LLC: By using a registered agent service, you can ensure that your LLC's reports are always filed on time to the appropriate government agency. A registered agent is a person or business nominated by your company to officially receive and send papers on your behalf.
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