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The Latest on Choosing Banks and Registered Agents for Startups

The Latest on Choosing Banks and Registered Agents for Startups

Choosing the right bank for your business is as important as choosing the right name for your brand. Every entrepreneur needs a bank account, but should select wisely depending on the nature of their business.

The Latest on Choosing Banks and Registered Agents for Startups 10

Online Bank Account: BlueVine

For businesses who don’t often deal with cash or who mostly operate online, an online business bank account will be beneficial. BlueVine lets businesses make as many transactions as they need without fees. Business banking is made convenient and hassle-free.

National Bank: Chase

This bank offers everything a startup needs such as no minimum deposit requirement for opening an account and numerous branches and ATMs throughout the country. They offer benefits such as mobile and online banking, sending and receiving wire transfers and much more.

Tech Startups: Silicon Valley Bank

Technology startups will be hard-pressed to find a different bank that is geared towards technology. Silicon Valley Bank is utilized by an estimated 50% of all venture-backed startups. As the go-to bank for tech startups they have resources that will benefit companies, especially when it comes to access to venture capital connections.

Old-school Banking: Wells Fargo

Startups and entrepreneurs who need a local presence from their bank will benefit from going the old-school route with Wells Fargo. Catering for business entities of every size, the bank has branches throughout the United States and has a long history of helping startup businesses and entrepreneurs grow their business. They make business baking simple and offer unique bank accounts that are fitted for the different stages you may find your business in.

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Choosing a Registered Agent

Another hurdle for new businesses, especially if it is a corporation, LLC or nonprofit, is the appointment of a registered agent. The registered agent is an individual or business entity that can receive service of process as well as compliance documents on behalf of the business. This is especially handy if you run an online business or have limited office space. Some of the oficial mail a registered agent can receive includes official federal and state correspondence, tax notices, wage garnishment notices and more.

The registered agent acts as your business’ main point of contact and choosing one should be done with care. TRUiC research provides the best evaluation and review service in the industry. It points out that some of the best registered agent services are:

ZenBusiness

This business formation service was founded in 2015. This registered agent will help businesses stay compliant with government laws. When it comes to customer service, ZenBusiness stands out with many positive reviews online. They offer a straightforward process and professional customer support.

Rocket Lawyer

This registered agent service may cost a bit more, but they have helped to form over 800,000 businesses and is backed by Google Ventures. Their Legal Services Plan includes consultations with business attorneys. Rocket Lawyer’s legal services includes the creation of custom legal documents and contracts, LLC formation, reviewing of contracts as well as telephonic legal advice.

Northwest Registered Agent

Being in business since 1998 this registered agent has made a name for themselves as one of the friendliest LLC services available and offers excellent phone and email support. Most registered agents only scan certain documents, such as legal summons or official mail, however Northwest will scan all paperwork, which reduces the chances of missing important documents or filing dates.

IncFile

In addition to taking their online security seriously, IncFile offers business formation services as well as registered agent services. Being an Authorize.net verified merchant, clients can rest assured that their information will be secure.

What makes a good registered agent?

When forming a business or registering to do business in any state appointing a registered agent is required. Certain state licenses also require the appointment of a registered agent, however the registered agent’s responsibilities do not end with simply accepting official documents on your behalf. The agent is responsible for delivering the documents to the business owner promptly. Should an agent neglect this simple action the possibility exists that the business owner can lose a lawsuit through default, or be subject to court sanctions if a subpoena is ignored.

The registered agent should be reputable with a track record for providing registered agent services. When in doubt, many states’ business filing departments often maintain a database of service providing registered agents for the area.

 

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