Agreement Accounts Receivable Without Recourse

State:
Multi-State
Control #:
US-00037DR
Format:
Word; 
Rich Text
Instant download

Description

The Agreement accounts receivable without recourse is a legal document used between a Factor and a Seller to formalize the sale and assignment of accounts receivable. This agreement allows the Seller to receive immediate funds from the Factor by selling their accounts receivable, while the Factor assumes the credit risk associated with those receivables. Key features include the absolute assignment of accounts receivable to the Factor without recourse to the Seller, ensuring that the Factor cannot hold the Seller accountable for losses from the buyer's insolvency, provided terms are adhered to. Important filling and editing instructions highlight the need for accurate completion of parties' details and any customizable finance-related percentages. Additionally, the document outlines credit approval processes, warranties regarding the accounts sold, and the rights of both parties concerning disputes or noncompliance. Use cases for this document are extensive among various legal and business professionals, such as attorneys, partners, owners, associates, paralegals, and legal assistants, seeking to ensure secure funding strategies and mitigate risk related to customer creditworthiness in commercial transactions.
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FAQ

Wyoming Registered Agents cost between $100 to $300 per year if you hire a Registered Agent Service. That said, you can save money by being your LLC's Registered Agent (as long as you have a street address in the state).

How do I select a Wyoming registered agent? The registered agent is selected and listed on the LLC formation paperwork, which in Wyoming is called Articles of Organization or Articles of Incorporation. If choosing an individual, the agent's address, phone number, and name will be listed on this document.

Changing Your Wyoming Registered Agent FAQs There is a $5 fee to change your registered agent in Wyoming.

An individual may serve as the registered agent for a business entity if they: are at least 18 years of age, reside in Wyoming, and have a physical Wyoming address which is not a PO box, drop box, mail forwarding service, UPS store, etc.

A Wyoming LLC costs $100 to file with the Secretary of State, plus any registered agent and handling charges. We charge $199 which includes the Secretary's fee. Wyoming requires an annual report for LLCs to be filed on the first day of the month in which the company is formed.

Wyoming's charging order protection laws are effective for members to protect their LLC assets and ownership from creditors. However, that protection does not extend outside of Wyoming. Members living out of state will have to deal with different laws protecting their LLC assets from garnishment by creditors.

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Agreement Accounts Receivable Without Recourse