Limited Liability Company (LLC) - Cornerstone Bank - Business Incorporation Registration

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MrFluffy2U94

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Type of Legal Entity Being Formed: Limited Liability Company (LLC)

Proposed Registered Name of Entity: Cornerstone Bank

In-Game Company Name: Cornerstone Bank

In-Game Name(s) of Incorporator(s)/Formator(s): MrFluffy2U94

For Corporations and SPEs: Please attach your signed Certificate of Incorporation and, if applicable, your Bylaws.
For LLCs: Please attach your signed Certificate of Formation and LLC Operating Agreement.
File(s) attached

Contact Information: MrFluffy2U94

Agreement:
  • The submitted documents are complete, final, and have been prepared in accordance with all relevant provisions of the Legal Entity Act (A.P.020).
  • I understand that the MoTF will review this filing for compliance and that the entity's legal existence begins only upon the official signature of the formation instrument by the MoTF in a newly created Company Docket.
  • I have read and understood the duties, liabilities, and responsibilities associated with the type of entity I am forming.
 

Attachments

@Nim this has officially exceeded the MoTF's lawfully allowed 5 day review period. Per the Legal Entity Act, section 8 subsection 5.2.1 -the MoTF is now subject to $50 per day fines for exceeding this limit. Please make sure to send those to my in-game balance, username MrFluffy2U94.

Do you have an ETA for when this will be approved?
 
Dear MrFluffy2U94,

Thank you for your application for a Certificate of Formation for Cornerstone Bank. We appreciate your patience as we process the influx of submissions.

We are currently experiencing an unusually high volume of applications coupled with a temporary staffing shortage within the Ministry of Trade and Finance. Due to these circumstances, the verification of your application may take longer than the standard timeframe. This extension is in accordance with the Legal Entity Act, citing the exceptionally high amount of filings preventing timely verification.

Please be assured that we are working diligently to process all applications as quickly as possible. We will notify you as soon as there is an update regarding the status of your application.

Thank you for your understanding.

Sincerely,

Nimq_
Secretary - Ministry of Trade and Finance
 
Dear MrFluffy2U94,

Thank you for your application for a Certificate of Formation for Cornerstone Bank. We appreciate your patience as we process the influx of submissions.

We are currently experiencing an unusually high volume of applications coupled with a temporary staffing shortage within the Ministry of Trade and Finance. Due to these circumstances, the verification of your application may take longer than the standard timeframe. This extension is in accordance with the Legal Entity Act, citing the exceptionally high amount of filings preventing timely verification.

Please be assured that we are working diligently to process all applications as quickly as possible. We will notify you as soon as there is an update regarding the status of your application.

Thank you for your understanding.

Sincerely,

Nimq_
Secretary - Ministry of Trade and Finance
Can you please clarify, for how long this extension is for? According to the Legal Entity Act, the time limit may be extended for a "reasonable" amount of time. Can you please clarify the time frame for the extension?

Also, can you please for clarity sake tell me how many applications have been received that is being considered "exceedingly high"?
 
I am posting this on behalf of BubbaNak

Dear MrFluffy2U94,

During our statutory review, we identified the following issue(s) that must be cured before we can proceed. The 5-day review clock is now PAUSED.

  • [DEF-01: Inactivity Clause] Lack of required inactivity clause per A.P.020 | Legal Entity Act §8.10.6 - CURE: If you intend to have no inactivity rules beyond the statutory baseline you may either delete the line entirely or add an explicit sentence such as “The statutory default inactivity provisions of §8 apply."
  • [DEF-02: Undefined Interest Class] The following statements can only be brought together on assumption, as they are from different segments of the certificate. For legal and compliance requirements, Class A shares or membership classes must be clearly defined: "All stakeholders shall be afforded 1 vote per percentage of ownership that they personally possess or for which they represent" and "The Board shall be able to hire/fire the President/CEO with a supermajority of greater than or equal to 65% of all Class A votes." CURE: Define series or membership classes completely as outlined in §8.6 independently of other sections.
  • [DEF-03: Profit/Loss Allocation Mismatch] For an interest-based LLC, Handbook §5.2 and §8 Legal Entity Act call for profits and losses to be allocated “according to interest” unless a lawful override is written. The Certificate states that “25% of all profit shall be distributed monthly” but does not specify that the distribution is pro-rata to ownership interests. - CURE: Clarify that dividends (and any loss allocations) are distributed in proportion to each holder’s percentage interest, or explicitly adopt a different rule that meets the majority-vote threshold in your Operating Agreement.
Please file a corrected Certificate within 72 hours.

Regards,
BubbaNak,
Compliance Officer – Ministry of Trade & Finance
 
I am posting this on behalf of BubbaNak

Dear MrFluffy2U94,

During our statutory review, we identified the following issue(s) that must be cured before we can proceed. The 5-day review clock is now PAUSED.

  • [DEF-01: Inactivity Clause] Lack of required inactivity clause per A.P.020 | Legal Entity Act §8.10.6 - CURE: If you intend to have no inactivity rules beyond the statutory baseline you may either delete the line entirely or add an explicit sentence such as “The statutory default inactivity provisions of §8 apply."
  • [DEF-02: Undefined Interest Class] The following statements can only be brought together on assumption, as they are from different segments of the certificate. For legal and compliance requirements, Class A shares or membership classes must be clearly defined: "All stakeholders shall be afforded 1 vote per percentage of ownership that they personally possess or for which they represent" and "The Board shall be able to hire/fire the President/CEO with a supermajority of greater than or equal to 65% of all Class A votes." CURE: Define series or membership classes completely as outlined in §8.6 independently of other sections.
  • [DEF-03: Profit/Loss Allocation Mismatch] For an interest-based LLC, Handbook §5.2 and §8 Legal Entity Act call for profits and losses to be allocated “according to interest” unless a lawful override is written. The Certificate states that “25% of all profit shall be distributed monthly” but does not specify that the distribution is pro-rata to ownership interests. - CURE: Clarify that dividends (and any loss allocations) are distributed in proportion to each holder’s percentage interest, or explicitly adopt a different rule that meets the majority-vote threshold in your Operating Agreement.
Please file a corrected Certificate within 72 hours.

Regards,
BubbaNak,
Compliance Officer – Ministry of Trade & Finance
Item 1 - Added inactivity clause exactly as noted.

Item 2 - Removed reference to Class A shares. I apologize, this was an oversight from the previous attempt to certify.

Item 3 - Clarified as requested.

See attached revised version!

Thanks for your help.
 

Attachments

In-Game Company Name: Cornerstone Bank
Before Accepting we would like some clarification. You stated the In-Game Company Name was "Cornerstone Bank," however such a thing does not exist in-game is it perhaps "CornerstoneBank", without the space?
 
Before Accepting we would like some clarification. You stated the In-Game Company Name was "Cornerstone Bank," however such a thing does not exist in-game is it perhaps "CornerstoneBank", without the space?
Yes, that is correct. My in game is CornerstoneBank without the space.
 
ACCEPTED

signed,
Nimq_

MoTF Secretary
 
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