Frequently Asked Questions

GENERAL CONTRACT MANAGEMENT CORPORATE SERVICES CORPORATE TRANSPARENCY ACT INTERNATIONAL SERVICES GLOBAL SUBSIDIARY MANAGEMENT PROCESS AGENT SERVICES KYC/AML SERVICES FUND SERVICES

General

1. What is an ALSP or an alternative legal service provider?

Not every legal task needs to be done by outside counsel, and sometimes in-house teams do not have the experience in certain projects that only come up every now and again. An Alternative Legal Service Provider (ALSP) does not provide legal advice or practice law but delivers specialized legal services. Many ALSP’s are technology providers, but Agile Legal focuses on legal project management and specialized paralegal work. For many law firms and in-house legal teams, it doesn’t make sense for them to do this work themselves or they may not have someone available with the right skill set and experience. In addition, our services are primarily offered at fixed fees that make it easier for businesses and law firms to forecast expenditure.

If you think an ALSP might be the right solution for you, contact us now to discuss how we can assist you with your legal projects.

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2. What is agile project management?

Managing a project well is complicated but essential to reaching effective outcomes. Agile project management is an approach that originated in software development. Projects are broken down into individual tasks, and feedback and testing is carried out after each step to optimize results and understand how individual parts of a project are impacting the whole. Agile Legal has taken the methodology of agile project management and applied it to the legal world so that businesses and law firms can reach higher quality results quicker – taking up less time and resources. For more information about legal project management, reference question 3.

Innovate your project management and order a legal service today.

3. What is legal project management?

Legal Project Management (LPM) is a process for completing legal projects that considers how parts affect the whole. In LPM, projects are broken down into small components to ensure that no tasks are missed or fall behind. However, LPM goes further to not only consider the project at hand, but how the project correlates to, and impacts, the client’s legal strategy as a whole and the subsequent required actions that will arise from the project.

Have further questions about our process? Contact us here.

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4. I am an individual with need of assistance, can Agile Legal help me? / What clients does Agile Legal work with?

Agile Legal serves companies and private funds with a variety of legal projects. Agile Legal does not provide services for individuals with personal legal cases. If you’re a law firm, visit Virtual Paralegal Services to learn more about how our innovative service model can help you better serve your clients with their legal matters.

Feeling strained due to limited funds and internal legal resources? Agile Legal has significant experience with medium-sized businesses on tight budgets. Book a consultation to see if we’re a good fit for you.

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6. How do I do business with Agile Legal?

Agile Legal’s process is simple. 1) Order a legal service using our quick order form. 2) We’ll schedule a follow up call to align our services to your requirements. 3) Sign our General Service Agreement (GSA) and you’ll be ready to send in work requests to our practice area teams.

Signing our GSA doesn’t include any financial commitment or commit you to a particular order – send in your work requests as and when they arise.

Some of our services are provided on a fixed fee basis, others at an hourly rate, depending the services, and we also have managed services that you can subscribe to for a set period of time.

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7. What is the difference between Agile Legal and Virtual Paralegal Services?

The main difference between Agile Legal and Virtual Paralegal Services is the clientele served and the services they typically require. Agile Legal works with companies and private funds, while Virtual Paralegal Services works with law firms. Our legal entity is Virtual Paralegal Services, LLC d/b/a Agile Legal.

Contract Management

1. Can Agile Legal help us with our contract reviews?

Yes. Agile Legal can assist with redlining, drafting, and negotiation expertise. We work with many kinds of contracts, such as SAAS agreements, data protection agreements, NDAs, employment contracts, vendor contracts, MSAs and GSAs, and more. Agile Legal also provides a free contract clause library for your reference of what terminology to include in your contracts.

2. Can Agile provide managed services for our contract lifecycle?

Yes. Contract Lifecycle Management (CLM) is a time-consuming process that can be difficult to manage on top of other daily responsibilities. Agile Legal will free up valuable time for you through our end-to-end contract lifecycle management services. Our contract professionals not only organize files in a CLM system, but help you manage all the steps throughout the contract lifecycle process such as organization, review, negotiation, signature, reporting, notifications, renewals, and repository management. Book a consultation to learn about more services our contract management team can provide.

3. Can Agile Legal help me find the right CLM software?

Yes. Agile Legal can support you in a search for CLM products to help you pick the right CLM software for your needs and support setting up the repository or transitioning from one repository to a new one. Looking for the right software for your contract management? Contact us today.

4. Can Agile create a playbook for our legal or procurement departments?

Yes. Agile Legal offers playbook drafting services to ensure continuous risk management of your contracts. Furthermore, Agile Legal can use your finalized playbook to review and redline agreements and negotiate contract terms. Contact us today to learn more about our playbook services.

5. Can Agile answer questions about our contracts when an issue arises?

Yes. When claims and disputes arise, as part of our contract lifecycle management service, we will quickly provide the answers you need based on the language contained in your contract. Order our contract management services today.

6. Can Agile provide contract reviews within a reasonable time frame?

Yes. Our team works to make sure that your contracts are reviewed and sent back within five to seven business days, or less, depending on the size and complexity of the agreement. Have further questions? Contact us today.

Corporate Services

1. Can Agile Legal help us with our contract reviews?

2. Can Agile provide managed services for our contract lifecycle?

3. Can Agile Legal help me find the right CLM software?

4. Can Agile create a playbook for our legal or procurement departments?

5. Can Agile answer questions about our contracts when an issue arises?

6. Can Agile provide contract reviews within a reasonable time frame?

Corporate Transparency Act

1. What is the Corporate Transparency Act?

The Corporate Transparency Act is a law passed on January 1^st, 2021, by the US Congress to remove any anonymity in business ownership, a practice seen to allow illegal financial dealings and money laundering to occur. It took effect on January 1^st, 2024.

10. Does the Corporate Transparency Act apply to United States territories?

Yes. All companies located in U.S. territories, such as Puerto Rico and the Virgin Islands, are also subject to the CTA. Contact us today if you have further questions about the CTA.

11. Who can get access to BO information submitted to FinCEN in a BOIR?

Government agencies and law enforcement will have access to the information contained in a BOIR, only after their request is vetted by FinCEN. The information will not be accessible by the public.

12. Can Agile Legal help me prepare my BOIR?

Yes. Agile Legal can prepare and file your company’s BOIR. We also offer several other services to help you stay in compliance with the CTA. Order our CTA services today.

3. What are the reporting requirements?

Non-exempt companies must submit a Beneficial Ownership Information Report (BOIR) to FinCEN. Any business that existed before January 1^st, 2024, has until December 31^st, 2024 to file their BOIR. Any business that was created after January 1^st, 2024, has 90 days from the date of creation to file their BOIR. This will drop to 30 days in 2025.

4. Am I exempt from the CTA?

There are 23 exemptions that would remove your business’ requirement to file. Agile Legal offers exemption analysis services to find out if your entity falls under any of these exemptions. Order our CTA services today.

5. What is a Beneficial Owner?

A beneficial owner is the owner(s), decision maker(s), and anyone with substantial control over the company. Contact us today for assistance identifying your company’s beneficial owner.

6. Who qualifies as a person with substantial control?

A person who possesses significant influence and decision-making ability in the company qualifies as a person with substantial control . Substantial control refers to 25% interest or more in a company. Significant control can be based on both control over the business (such as directors and officers) or interest (25% shares). Agile Legal can help you identify your substantial owners and get your information organized for the CTA. Contact us today for assistance identifying your company’s beneficial owner.

7. What information do I need to submit to FinCEN to be in compliance?

You must submit the name, birth date, address, and photographic proof of ID of the beneficial owner(s). The reporting company’s information must also be provided. You can read more about the CTA requirements in our blog article.

8. How long do I have to submit my Beneficial Owner Information Report?

If your company was formed after January 1^st, 2024, you have 30 days to file your BOIR. If your company was formed before January 1^st, 2024, you have until December 31st, 2024, to file your BOIR. Get ready for the CTA with Agile Legal.

9. My Beneficial Owner had a change of name/address. What do I do?

Whenever your beneficial owner changes personal information, you must resubmit your BOIR with the updated information within 30 days of the change. Read more about the CTA in our blog article.

What is a Reporting Company?

A reporting company is any business or entity that is subject to the reporting requirements put forth by the Exchange Act.

International Services

1. What international services do you provide?

Agile Legal provides an array of international services to ensure the good-standing and legal compliance of companies in areas of corporate governance and international legal operations. Our international services include Global Subsidiary Management (GSM), subsidiary formations, branch registrations, entity rationalization services, Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance, process agent, searches and retrievals, and authentications.

Check out our full list of international services.

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2. What don’t you provide?

While we assist with global entity compliance, we do not provide operations assistance. Because we are not a law firm, we also do not provide legal counsel, but can recommend outside counsel.

Unsure about whether we can provide the services you need? Contact us.

3. What are the benefits of using Agile Legal as my provider for international services?

By engaging Agile Legal as your service provider, you gain access to a team of highly experienced international specialists with expertise in 100+ jurisdictions and a total of over 45 years of experience. We take the responsibility of having a deep knowledge of the legal landscape in your target jurisdictions, so you don’t have to add that to your to-do list.

Global Subsidiary Management

1. What’s the difference between registering a branch and forming a subsidiary?

A branch is a part of a company that is closely tied and still operates under the governance of the main company. A subsidiary is a separate entity in which 50% or more shares are owned by another company known as the parent-company. Registering and forming will require different supporting documents for either structure. The process will also vary from country to country.

To get the most accurate information for your target county, contact us to set up a call.

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2. Is it a bad idea to form a company in a country with civil law?

Not necessarily. We believe it is good to form a company in any place that your company determines is a good fit for your products, services, goals, and objectives. At the same time, business leaders should recognize that civil law countries tend to have more restrictions and steps before formation is complete – making expansion more time-consuming and expensive. Agile Legal’s international team is skilled in helping firms around the world form and remain in good-standing.

Process Agent Services

1. What’s the difference between a process agent and a registered agent?

Process agents and registered agents are two ways of receiving service of process from local authorities or on behalf of other businesses. A registered agent is required in any jurisdiction where the entity is qualified to do business. Registered agents are on public record when establishing a business. A process agent is only required in certain private contracts, such as in cross-border financial transactions. The process agent is only appointed for the specific contracts whereas a registered agent is for all correspondence with government entities and businesses.

2. Do I need a process agent and a registered agent?

Businesses will need a registered agent in any place where you are legally qualified to do business. Requirements for a process agent will depend on the terms for your private contracts and agreements. As such, you will not always need a process agent.

3. When do I need a process agent?

A process agent is only required in certain private contracts, such as in cross-border financial transactions.

KYC/AML Services

1. What’s the difference between a process agent and a registered agent?

2. Do I need a process agent and a registered agent?

3. When do I need a process agent?

A process agent is only required in certain private contracts, such as in cross-border financial transactions.

Fund Services

1. What are Blue Sky Laws?

Blue Sky laws are USA state securities regulations that are designed to protect investors from deceptive practices in the sale of securities. The laws are named Blue Sky laws because they were intended to safeguard investors from speculative investments that had “no more basis than so many feet of blue sky.” Each state has their own set of Blue Sky laws, meaning that the specific requirements vary from state to state. Have questions about a specific state? Contact our fund services team.

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2. Does it matter when I file my State Notice Filings?

Yes. Each state has its own timing requirement. Some states require notice filings to be submitted prior to an offer or sale, whereas other states require notice filings within a certain amount of time after an offer or sale. Not sure when to file? Contact us today for more information.

3. When should I amend my State Notice Filings?

Generally speaking, notice filings are required on a yearly basis, but it depends on the type of offering and the state you are filing in. We can help you determine when you need to file. Contact us today.

4. Do I need a broker-dealer for my Reg A?

Some states require Reg A issuers to have a broker-dealer, but most do not and allow the issuer to register their offering themselves as an issuer-dealer. The states that do not allow issuer-dealers are currently Florida, New Jersey, Texas, and Washington. For more information, contact our fund services team.

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This website provides general information and materials related to legal services. This website does not provide legal advice. VPS Services, LLC d/b/a Agile Legal is not a law firm nor does it provide legal advice or practice law. You should contact an attorney to obtain advice with respect to any particular legal issues or questions.