At some point, each of you may likely have received a letter and some paperwork from our office about the Statutory Agent. Just what is a Statutory Agent, and why does this paperwork need to be filed, anyway?
A Statutory Agent is the person who is responsible for receiving any and all notices from the State of Ohio regarding the corporate status. A Statutory Agent is also responsible for receiving notice of any lawsuits in which the Association is named. The State of Ohio requires that both Condominium and Homeowner Associations maintain a Statutory Agent. If the Association does not maintain a Statutory Agent with the Ohio Secretary of State, the Association’s corporate status may be cancelled for failure to maintain a Statutory Agent.
Our office typically recommends that we serve as the Association’s Statutory Agent, given that some of the documents the Statutory Agent will be responsible for receiving and responding to can be quite time-sensitive.
If the Association chooses not to have our office act as its Statutory Agent, it is important to know who that person will be and to choose someone who will respond to any documents received in a timely fashion.
Our office charges a flat fee to prepare the Statutory Agent paperwork. We do not charge an annual fee, or service option, to remain the Association’s Statutory Agent. Once the proper paperwork is filed with the Secretary of State, the Association’s corporate status shall remain valid for five years. At the end of the five-year period, the Association must file renewal paperwork to maintain its corporate status.
If you have any questions regarding your Association’s corporate status, what forms need to be filed, or who your Statutory Agent is, please do not hesitate to contact us.