Factoring Agreement Filed With State In Salt Lake

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

Description

A factor is a person who sells goods for a commission. A factor takes possession of goods of another and usually sells them in his/her own name. A factor differs from a broker in that a broker normally doesn't take possession of the goods. A factor may be a financier who lends money in return for an assignment of accounts receivable (A/R) or other security.

Many times factoring is used when a manufacturing company has a large A/R on the books that would represent the entire profits for the company for the year. That particular A/R might not get paid prior to year end from a client that has no money. That means the manufacturing company will have no profit for the year unless they can figure out a way to collect the A/R.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

A factoring relationship involves three parties: (i) a buyer, who is a person or a commercial enterprise to whom the services are supplied on credit, (ii) a seller, who is a commercial enterprise which supplies the services on credit and avails the factoring arrangements, and (iii) a factor, which is a financial ...

Documents you will have to provide: Factoring application. Articles of Association or registered Amendments to the Articles of Association of your company. Annual report for the previous financial year. Financial report (balance sheet andf profit/loss statement) for the current year (for 3, 6 or 9 months, respectively)

The Most Common Invoice Factoring Requirements A factoring application. An accounts receivable aging report. A copy of your Articles of Incorporation. Invoices to factor. Credit-worthy clients. A business bank account. A tax ID number. A form of personal identification.

Factoring companies will typically run a background check. While less-than-perfect backgrounds can be approved for factoring, certain violent or financial crimes may be disqualifying.

Leaving Your Current Factor You need to consider the fees associated with switching before committing to the change. Once you've decided to leave your current factor, you will need to give notice. All factoring companies require written notice to terminate the contract.

Factoring companies file UCC-1 financing statements to protect their interests and provide solutions for the factor and its clients. UCC filings place liens on a specific asset or blanket liens on all business assets for factoring agreements.

In all cases, you should file a UCC-1 with the secretary of state's office in the state where the debtor is incorporated or organized (if a business), or lives (if an individual).

Each UCC financing statement or amendment is to be filed with the applicable state or territorial UCC office, in which the piece of equipment will reside.

More info

Factoring Agreement. Bankers Factoring is proud to be the leading Utah Accounts Receivable Factoring Company helping businesses solve their cash flow problems.Get fast and easy business loans with Salt Lake City factoring companies in Utah. Get started with Business Factors for factoring in Salt Lake City. Find factoring and security agreement lawyers for Salt Lake City, UT to hire. What is the purpose of a UCC filing? UCC filings are a notice that factoring companies use to secure their claim against client assets in the sale agreement. Fill out the filing details, including a purpose statement for certain entities, such as corporations. Tetra Capital is a Salt Lake City factoring company that provides quick and easy freight factoring services with no long-term contracts or hidden fees. I have a UCC Filing against my company.

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Factoring Agreement Filed With State In Salt Lake