b'How to Legally Raise Private Moneya different state other than the one in which you live, you will need to hire a professional company to act as your registered agent in that state. Dont delegate this to a relative who happens to live there. Dont name yourself as the registered agent if you travel frequently. If you get sued or served with a notice from a government official, you may have a limited time to respond before you lose important rights. I know from personal experience, your relative may not be diligent about making sure they timely pass on your mail, while a professional registered agent will usually transmit the in-formation to you within 24 hours. Some will scan and email it so you can receive it even while you are traveling.Principal Place of Business. In some states you may be required to establish a principal place of business within the state. That will be listed in your formation documents and also where your companys records will be kept. Maintenance of a Company. To maintain a company after forma-tion you will have to pay annual fees to the state and to your registered agent. If you fail to pay your annual registered agent or annual state filing fees, the state will suspend or dissolve your company, in which case it will lose important legal rights. Licensing. If your company will host a professional license held in an individuals name, you may need to notify the professional licensing agency and obtain their permission to operate the professional license under a company name. There may be limitations imposed by some li-censing agencies as to the type of business that can host a license, so you must check with the licensing agency before you form an entity and begin operations requiring an associated professional license. Insurance. As a practical matter, every company should obtain direc-tors and officers insurance to protect management from lawsuits by the owners or third parties, and business liability insurance to act as its first line of defense against third-party claims or legal proceedings initiated against the company. If the corporations business requires a professional license, you should also get errors and omissions insurance. If the compa-ny will own real estate, it should obtain the appropriate insurance policies protecting the property, such as title insurance, lenders title insurance, and general premises liability insurance covering property damage, loss, or injury occurring at the property.74'