What is a UCC-3 (Amendment Filing)?

A UCC-3 (Uniform Commercial Code-3 statement) is a legal filing used to make any changes to a current UCC-1 filing. In short, a UCC-3 is considered an amendment filing.

With Fast Track Filing, you can amend a UCC-1 filing in a few ways:

1. Termination: This filing extinguishes the UCC-1 before its five-year term ends. Most times, this filing is performed when a loan has been paid.

2. Assignment: This filing transfers the rights in the UCC-1 from one secured party to another. The rights can be “full” or “partial.”

What is a UCC-1?

A UCC-1 (Uniform Commercial Code-1 statement) is a legal notice filed by a creditor to declare its right to seize certain assets of a debtor who defaults on a loan. When one files a UCC-1 statement through the Secretary of State, it tells the public that specific property has been pledged as security for an existing debt.

What is the difference between a “foreign” and “domestic” corporation/LLC/nonprofit?

A business is considered “domestic” when it conducts business in the state it was formed. A business is considered “foreign” when it originated in another state but would like to conduct business in Iowa. All businesses outside of Iowa must register their foreign entity with the Iowa Secretary of State before they can do business in Iowa.

What is an Electronic Signature?

An electronic signature or e-signature is a legally binding method to recieve consent or approval on electronic documents or forms. Since many business transactions are now being done over the web, electronic signatures were developed as a secure way for signatories to approve the terms of a document. Some common methods involve checking a box or typing your name into a blank field.

What is a registered agent?

A registered agent is an individual or entity designated to receive legal documents on behalf of your business. An owner or employee of a company may act as the registered agent so long as the individual resides in Iowa, has attained the age of 18 years and has an office within the boundaries of the State of Iowa.

What happens if my business misses the deadline to file a Biennial Report?

Biennial reports must be filed and delivered to the Secretary of State between January 1 and April 1. If you miss the deadline, you will receive a notification of delinquency from the Secretary of State. If you still have not filed your Biennial Report by August, you will be either dissolved (domestic entity) or revoked (foreign entity). You will then have to apply for reinstatement.