A UCC or Uniform Commercial Code is a document that a lender files with the government when they have secured a loan or financing with the collateral of the debtor. A common example is when someone borrows money to purchase real estate, a UCC is filed with the third party that provided the mortgage. If the homeowner went to try and sell the property, another loan couldn’t be made using the property as collateral until the loan was paid.
What information does a UCC search show?
The UCC search will show the name of the debtor, document status, date filed, expiration, record number, filing events, secured parties name, and addresses, debtor parties name and addresses.
A UCC filing is a lien notice that publicly indicates a lender, vendor, creditor, or other secured party’s right to repossess or reclaim certain business assets in the case of default.
Where is a UCC-1 Financing Statement filed in Florida?
Online through the Florida Secured Transaction Registry
A Uniform Commercial Code (UCC) is a set of laws coordinating the liens from the sales of assets and other business transactions. A UCC filing gives lenders a claim on the assets a debtor pledges as security interest, such as when an individual obtains a mortgage for a home. The home is the collateral pledged for the property. With the UCC-1 Financing Statement filed, the homeowner can’t take out another loan on the home.
What information does a Delaware UCC search show?
Delaware Commercial Code Search search results show the debtor name, liens held by an individual or entity, document type, debtor, secured party, filing date.
A UCC gives lenders a claim on assets a debtor pledges as collateral. Before accepting collateral for a new loan, a lender can perform due diligence to make sure there are no other existing liens.
Where is a UCC filed in Delaware?
With the Secretary of State or on delaware.gov
How much does a UCC search cost in Delaware?
The cost of a search varies depending on the Authorized Searcher chosen and the amount of information requested.
How to do a UCC search in Delaware
Unlike most states where there is an online database anyone can search to at least find basic information on borrowers, a UCC search can only be performed by an Authorized UCC Searcher. The Delaware Division of Corporations provides a list of Authorized Searchers at https://corp.delaware.gov/uccsearch/
A Uniform Commercial Code (UCC) is a lien that is registered by a lender when a loan is taken out against an asset. The lien also creates a public record of the lender’s interest in the asset or assets.
Most commonly, a Connecticut UCC searches enable you to find this record and identify any mortgages filed against the property or other UCC filings.
What information does a UCC search show?
Lien type, filing type, filing date, IRS number, filing number, lapse date, debtor(s) name and address, secured party name and address.
A UCC-1 Initial Financing Statement gives lenders a claim on assets a debtor pledges as security interest, such as when an individual obtains a mortgage for a home. The home is the collateral pledged for the property. With the UCC-1 filed, the homeowner can’t take out another loan on the home.
A legal notice a lender filed with the Secretary of State when they have a security interest against a person’s assets.
The UCC lien filing puts the world on notice of a creditor’s security interest in the collateral. By having a lien in place, borrowers aren’t able to sell that collateral until the lien is paid in full.
The UCC financing statement will appear in the public record.
What information does a UCC search show?
The creditor filing the UCC is called a “filing party” and their entity name will appear on the UCC filing. Additionally, the filing will show the document number, debtor, secured party, type of document, record number, and lapse date.
UCC liens act as a public notice by the “creditor” of the creditor’s interest in the property.
Why is a UCC needed?
A UCC gives lenders a claim on assets a debtor pledges as collateral
Where is a UCC filed in Colorado?
Article 9 of Colorado State Statutes, states that UCC-1 forms are required to be filed in the state of Colorado. If you would like to file a UCC with Colorado’s Secretary of State Office
How much does a UCC search cost in Colorado?
There are no fees to do a UCC search on the state database.
How to do a UCC search in Colorado
Step 1- Go to the Secretary of State’s website
Step 2 – Halfway down the page click on Uniform Commercial Code (UCC)
Step 3 – At the bottom of the page under Search, click on the kind of search you want to conduct.
Step 4 – Fill in the appropriate boxes with the information required.
A Uniform Commercial Code (UCC) filing is a notice that a lender will file when a business owner takes a loan against an asset or an individual takes out a loan and secures it with collateral.
What information does a UCC search show?
A UCC search shows the debtor’s name, name of the secured party / creditor, file number, document type, and date of filing.
A UCC-1 Initial Financing Statement gives lenders a claim on assets a debtor pledges as security interest, such as when an individual obtains a mortgage for a home. The home is the collateral pledged for the property. With the UCC-1 filed, the homeowner can’t take out another loan on the home with a different bank or credit union.
Where is a UCC filed in Arkansas?
A UCC-1 Financing Statement is filed at the Arkansas Secretary of State Filing Office.
How much does a UCC search cost in Arkansas?
A UCC search in Arkansas can only be done by subscribers. A subscription costs $150 annually.
How to do a UCC search in Arkansas
Step 1 – To search UCC documents, go to the Arkansas Secretary of State website.
Step 2 – Click on Business Services and then click on UCC & Other Commercial Information in the drop down menu.
Step 3 – Scroll about halfway down the page and click on either UCC Online Search & Filing or (Subscribe to INA) if you need to create an account.
Step 4 – Follow the instructions on the page you are taken to.
A Uniform Commercial Code (UCC) filing is a legal form that is filed when a secured party obtains a lien on personal property. UCC filings serve as public notice of the collateral pledged by a debtor that is held by a creditor for any commercial transactions.
What information does a UCC search show?
A search shows the file number, debtor name, secured party/creditor, type of document, original date of document, date of expiration of the document, date document was filed and date document was recorded.
What is the purpose of a UCC Financing Statement?
UCC filings (sometimes referred to as UCC-1 Financing Statements) are used to provide security interest for lenders, creditors, and debtors.
Where is a UCC filed in Arizona?
A UCC must be filed by mail with the Arizona Secretary of State’s office, or in person at the State Capitol Executive Tower in Phoenix, or at the Arizona State Complex Building in Tucson.
A UCC-1 filing has to be refilled every five years. To renew, a UCC-3 Termination Statement must be filed.
How much does a UCC search cost in Arizona?
A UCC search in Arizona is free.
How to do a UCC search in Arizona
Step 1 – Go to the Arizona Secretary of State’s website
Step 2 – Go to Business and click Uniform Commercial Code in the drop down menu.
Step 3 – Click on UCC Lien Search on the left side of the page.
Step 4 – Fill in the boxes provided and click Search.
What is a UCC filing?
A Uniform Commercial Code (UCC) filing is a legal form that is filed when a secured party obtains a lien on personal property. UCC filings serve as public notice of the collateral pledged by a debtor that is held by a creditor for any commercial transactions.
What information does a UCC search show?
A search shows the file number, debtor name, secured party/creditor, type of document, original date of document, date of expiration of the document, date document was filed and date document was recorded.
UCC filings (sometimes referred to as UCC-1 Financing Statements) are used to provide security interest for lenders, creditors, and debtors.
Where is a UCC filed in Arizona?
A UCC must be filed by mail with the Arizona Secretary of State’s office, or in person at the State Capitol Executive Tower in Phoenix, or at the Arizona State Complex Building in Tucson.
A UCC-1 filing has to be refilled every five years. To renew, a UCC-3 Termination Statement must be filed.
How much does a UCC search cost in Arizona?
A UCC search in Arizona is free.
How to do a UCC search in Arizona
Step 1 – Go to the Arizona Secretary of State’s website
Step 2 – Go to Business and click Uniform Commercial Code in the drop down menu.
Step 3 – Click on UCC Lien Search on the left side of the page.
Step 4 – Fill in the boxes provided and click Search.
A UCC (Uniform Commercial Code) is a document related to security interests in personal property. The Alaska UCC Central File System Office maintains a statewide library and index of all transactions filed which create a security interest in personal property.
What information does a UCC search show?
A search shows the type of document, date recorded, record status, secured individual and debtor with their addresses, an index label, document number, associated document numbers, and the district, along with an image of the document.
Why is a UCC needed?
To inform debtors and creditors of outstanding security interests in personal property.
Where is a UCC filed in Alaska?
The Alaska State Recorder’s Office administers the statewide recording system Central File. A UCC-1 may be filed at the UCC Central File System Office in Anchorage, Alaska.
How much does a UCC search cost in Alaska?
There is no fee to search Alaska UCC records. The information recorded from UCC filings becomes permanent public record and is available for public viewing and/or purchase.
How to do a UCC Search in Alaska
Step 1 – Go to the Alaska Department of Natural Resources website.
Step 2 – Go to Online Services and click UCC Online Filing in the drop down menu.
Step 3 – Go to Searches and click UCC Search Menu in the drop down menu.
Step 4 – Halfway down the page choose the type of search you want.
UCC stands for the Uniform Commercial Code. The Uniform Commercial Code is a standardized set of laws for transacting business. A UCC-1 financing statement is a security agreement created when a business receives any kind of mortgage, loan, or financing. The notice is a legal notice that lets outside institutions and creditors know that a company has a loan with certain assets attached to it.
What information does a UCC search show?
A California UCC search shows the UCC type, debtor information with debtor name and debtor address, the file number, secured part information, the status of the filing (active or lapsed), the filing date, and the lapse date.
Why is a UCC needed?
The UCC was created to give businesses in different states a standard legal and contractual framework so that they are able to transact business across state lines. The UCC filing gives public notice that an entity, lender, or creditor such as a financial institution has a security interest in the collateral or real property being used by the debtor.
Where is a UCC filed in California?
A UCC is filed at the Secretary of State’s office in California.
How much does a UCC search cost in California?
There is no fee to do a UCC search in California on the Secretary of State’s website. However, to access certain information or file documents, searchers must create a free account on the website.
orming a business entity is one of the first steps an entrepreneur will do when starting a business. IncFile is one of many popular services that helps entrepreneurs form their LLC. They claim to have served over 250,000 entrepreneurs with forming their business since 2004 and offer a free Limited Liability Company formation package (plus state fees). How does IncFile stack up against other popular formation services like LegalZoom and ZenBusiness?
Overview of the Incfile LLC & corporation formation service
IncFile offers a number of services for business owners forming their LLC or corporation. Some of the highlights include:
Verifying business name availability
Preparation and filing of the articles of organization (LLC) or articles of incorporation (corporation)
State filing is processed by the next business day (not available on Silver Package)
Free registered agent service for the first year
Lifetime alerts on report deadlines (not available on Silver Package)
Free business tax consultation
Lifetime customer support
Online access to incorporation documents (not available on Silver Package)
One of the unique benefits of IncFile’s versus the
competition is their customer service. IncFile claims their phone and online
support people are business formation specialists with at least 6 years of experience
and not sales people. They also offer
phone support from 9am – 6pm CST which is a major benefit if you run into
questions that quickly need answered by a real person.
As with all formation service companies, the marketing copy
all sounds good. Let’s dig deeper to see the details.
Incfile Pricing
Incfile offers three LLC business formation packages, ranging from free to $299 plus state fees. Let’s break each package down below to see if you really need more than their free version.
Silver Package $0 – IncFile’s Silver Package is free, plus the state fee. In the Silver Package you get a free business name search, filing of the articles of organization or incorporation is filed with the state, a registered agent is provided at no cost for one year, business tax consultation with a certified tax professional and lifetime company alerts, which is a great bargain.
One concern is that usually when something is free, there is a reason. IncFile recently made their Silver Package free and this question was on our minds too. So, we asked management of IncFile why and their response was that they want to create a long-term relationship with small business owners. Since most businesses get started by creating their entity, if IncFile provides a great first experience, IncFile expects business owners to trust them with the other services they provide. That of course is up to the business owners but with IncFile’s high ratings and no-cost formation, it seems hard to go wrong here.
While we like the free formation service, and what they offer is a great deal, there are some expensive upsells on the Silver Package such as registering an EIN (Employer Identification Number), filing IRS form 2553, creating a banking resolution (used to open a company bank account) and contract templates. Other “review” sites may tell you the other two packages are a better value (to get a higher commission), but we can show you how to get a great bargain from the Silver Package and skip the pricey upsells.
Another concern was that on the detailed pricing page, IncFile states that they strive to ensure that every order received is prepared and forwarded to the state within 1 business day. The silver package doesn’t have a check mark for the 1-day processing, which contradicts that statement, so we reached out to their customer service team by email to get more information. They responded saying that this may not stay permanent, but the Silver Package time is the same as the other two packages.
If the no-cost Silver Package sounds right to you and you don’t want to pay for the upsells, here are is more information to finish the formation of your entity without spending extra.
Register an EIN
Prepare and file IRS form 2553
Create an Operating Agreement
Create a Banking Resolution
Gold Package – $149
The Gold Package offers all of the benefits of the Silver, but adds processing by the next day, EIN registration, Form 2553, an Operating Agreement, Banking Resolution and LLC binder. The LLC binder is claimed to be a $99 value from IncFile, while one that is similar to their more expensive Platinum Package can be purchased at Amazon for only $50. The binder is simply a convenient way to keep all of your entity documents together.
Next day processing means IncFile sends the paperwork to the state by the next day. The time for entity formation will depend on the states time to process.
Platinum Package – $299
The Platinum Package includes all that the Gold Package has to offer, but also includes expedited state filing, business contract templates and a free domain and email for one year.
If you need faster processing than the normal speed from the state, the expedited processing of the Platinum Package may be valuable as it will be completed within 2 business days in most cases.
IncFile Customer Reviews
One of things many people look at before making a purchase are the online reviews to see what actual customers had to say. We took care of this for you and found a few reliable sources of IncFile reviews including:
Better Business Bureau – The IncFile BBB review shows they have been accredited since 2004. BBB gave IncFile an A+ Rating with an average rating from 116 customers of 4.4 / 5
stars.
Shopper Approved – IncFile received a 4.8 out of 5 star satisfaction rating with
11,901 customer ratings.
While no company is perfect, it at least appears customers are generally happy with IncFile.
How much are IncFile’s registered agents after the first year?
A registered agent is provided at no cost for the first year when filing with IncFile. Provided you live in the state you are filing in, you can act as your LLC’s registered agent at no cost. The cost to renew the IncFile registered agent is $119 annually. Registered agent services tend to normally cost between $100-$150 per year, which makes IncFile’s renewal fairly priced. Many people like using a registered agent service for privacy reasons since most states publish the names and addresses of the LLC’s owners. In many states, using a registered agent service will hide the owner’s name and address.
IncFile Turnaround Times
IncFile promotes next day processing. This isn’t the actual time the LLC will be processed. Next day processing means the amount of time it takes IncFile to finalize documents and send them to the state. If you opt for the Gold or Platinum Package the formation paperwork gets shipped to the state in 1 business day. Expedited filing (additional cost or included with the Platinum Package) refers to the time to get the paperwork filed with the state. All states provide expedited processing to rush the paperwork for an additional fee. Depending on the state, this expedited processing usually means the LLC is filed in 1-2 business days (on top of the IncFile processing).
Why use IncFile to form your LLC or corporation?
There’s a lot to like about IncFile including the free entity formation that will take care of what most people need, with the positive feedback from so many customers. There are a few upsells, that while not any more expensive than the other formation companies, may not be necessary for your LLC or can be done in a matter of minutes by most people themselves at no cost.
Even with the free filing, IncFile doesn’t hold up the paperwork for 30 days like the basic LegalZoom package. It’s super simple to set up an LLC using the IncFile website too and we like that IncFile is confident enough to provide their entity formation package at no cost in an effort to be a long-term member of your business.
Do I have to use IncFile to form my LLC or corporation?
No! You can file an LLC or corporation without using an entity formation service or legal services of an attorney. While you can do it yourself, some states are more difficult than others and is why having a formation service is beneficial since they do this work every day. Plus, with the free IncFile Silver Package, why stress over doing it yourself?
Check out Incfile to learn more!
LegalZoom is the biggest and one of the best known online legal services companies. Starting in 1999, they claim to have served a staggering 3.6 million customers and launched over 1 million LLCs. LegalZoom offers entity formation, trademarks, patents and contracts in addition to all the personal legal services they offer. Even though they are the biggest, how does LegalZoom fare against entity formation companies like IncFile and ZenBusiness that offer no-cost formation services?
Overview of LegalZoom LLC Formation Services
When forming an LLC with LegalZoom, you get:
Verification of business name availability
Preparation and filing of the Articles of Organization with the Secretary of State
Financial Account Authorization Letter, also known as a Banking Resolution, which allows the members to open a bank account on behalf of the LLC
Lifetime customer support is available 7 days per week (Gold Express Package)
100% satisfaction guarantee
Even though LegalZoom has served a lot of people, the big question on our minds is whether they affordable and do they do a good job? Let’s look a bit closer.
Pricing
LegalZoom offers a wide array of services for businesses, but in this review, we will look specifically at their LLC formation services. Pricing to start an LLC with LegalZoom varies with three packages priced between $79 and $349 plus state LLC fees.
Economy Package – $79 – The Economy Package pricing
of $79 (plus state fees) offers almost everything the more expensive Standard
and Express Gold Packages offer. What’s
missing is a deluxe organizer, official certificates and seal, priority
processing and shipping and lifetime customer support. The organizer, certificates and seal are not
required for an LLC, but are helpful in organizing the LLC formation documents.
The Economy Package is $250 less than
the Standard Package and provided you don’t need the fast processing, you can
purchase the organizer, certificates and seal from for around $50.
According to customer support, it takes 30 days for
LegalZoom to process the Economy Package.
We’re not sure why it takes that long for them to submit the paperwork (other
than to push you into one of the more expensive packages) to the Secretary of
State, but compared to most other formation services, 30 days is a really long
time to wait. Don’t forget, this is in
addition to the time for the state to process the paperwork which can take on
average an additional 3-4 weeks.
Standard Package – $329 – The next pricing bracket,
which is a big jump in cost from the Economy Package, is the Standard Package
which costs $329 plus state filing fees.
You get all the features of the Economy Package plus the deluxe
organizer, official certificates and seal and VIP processing. VIP processing for the Standard Package is 15
days for LegalZoom to send the paperwork to the state.
Express Gold Package – $349 – The last package includes
faster VIP processing (7-10 days), rush processing with the Secretary of State,
express shipping of the filed documents and lifetime customer support.
There is a large gap in pricing between the Economy and
other packages. Unless you have to get your LLC formed quickly, you can save a
considerable amount of money with the Economy Package.
Upsells
In addition to the package fees, there are several upsells will try and sell you on. Some of these may not be necessary for your LLC, so let’s look at each of them and see what is necessary.
Registered Agent $159 – Every corporation and LLC will need to name a registered agent. This is simply a person or company that is the single point of contact for the LLC, should important tax or legal correspondence be sent to the company. The registered agent must have a physical presence in the state, be over the age of 18 and generally available during normal working hours. Provided the owner lives in the state, they can be the registered agent for the LLC
LegalZoom charges $159 annually for a registered agent which is higher than the average cost of $100-$150.
Operating Agreement – $99 – An operating agreement isn’t a required document in most states, but is highly recommended, especially for multi-member LLCs. The operating agreement is official documentation for how the LLC operates.
Operating Agreement plus EIN – $159 – This upsell adds the registration of an EIN to your LLC for an additional $60. An EIN is short for Employer Identification Number which is like a Social Security Number for a business. Even though their sales page says the EIN is mandatory for opening a business bank account, if your LLC is only owned by one person and there are no employees, the owner’s Social Security Number can be used, though there’s no harm in getting one. An EIN is free and takes only a few minutes to fill out directly with the Internal Revenue Service.
Operating Agreement, EIN and Licenses – $199 – In addition
to the operating agreement and EIN, LegalZoom offers a service where they
research all the licenses and permits your business will need. The license and permit research may be the
most valuable upsell, but you can find other services such as
offering the same thing for only $99.
Tax and Legal Guidance – $39.99 per month – Another upsell
is unlimited 30-minute consultations with attorneys and tax professionals, in addition
to a library of legal documents. You do
get a 10-day free trial, which can be a really good deal if you just have a few
questions and then cancel the service before the free trial is over.
Compliance Services – $280 per year – The last upsell from LegalZoom is pretty pricey for what it does. LegalZoom will file your annual report and other formalities such as updating corporate minutes which your LLC won’t need anyway. Filing the annual report is quick and easy for most owners to do themselves.
Reputation
LegalZoom is probably the best-known online legal services company, but how well does this name recognition translate into customer satisfaction? We found three different credible review sites with a sufficient number of customer responses. Even though LegalZoom has helped a lot of businesses, it seems there may be some issues with their quality.
The Better Business Bureau, shows LegalZoom has been accredited since 2001. They have an A+ Rating but a terrible 1 star average rating from 178 customer reviews. Trustpilot rated them as Poor with a TrustScore of 1.9 / 5.
ConsumerAffairs was a little better as there were 432 ratings in the last year, scoring LegalZoom with 3 / 5 stars.
Why choose LegalZoom?
LegalZoom handles many legal aspects from entity formation to wills to patents and trademarks, contracts, legal advice and much more. LegalZoom is more expensive than many of the entity formation companies, however their list of services is much more broad than most providers, making LegalZoom a better choice for businesses needing services beyond entity formation.
LegalZoom’s biggest asset is the length of time they have
been in business and the fact they have helped over 1 million businesses. However,
after looking at the online reviews, there are a lot of questions whether they
can be trusted to take care of your business’s legal needs.
Another major downside to using LegalZoom is the very lengthy amount of time to send the formation paperwork to the state. The 30-day processing of the Economy Package may be the longest of all the providers and is really unacceptable since they are holding the documents internally. Below is the estimated formation time from the LegalZoom website:
If you are only really interested in forming your LLC or corporation, a service like IncFile or ZenBusiness may be a better option because of their lower prices (free in some cases), faster processing and better online reputations.
Do I have to use LegalZoom to form my LLC?
No! You can file an LLC or corporation without using an entity formation service or attorney. You can learn more with our guides to forming an LLC for free in every state. While you can do it yourself, some states are more difficult than others and is why having a formation service like LegalZoom is beneficial since they do this work every day.
