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

[MrFluffy2U94]

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

Proposed Registered Name of Entity: Cornerstone Bank LLC (CSB)

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.

 

[MrFluffy2U94]

Please see revised Certificate of Formation as attached.

 

[Nim]

Dear MrFluffy2U94,

During our statutory review of your application to form Cornerstone Bank LLC (CSB), including your recent updated submission, we have identified the following issues that must be cured before we can proceed. The 5-day review clock is now PAUSED.

• Missing Signature and Date: The Certificate of Formation must be signed and dated by the formator(s). Example acceptable signatures include a typed /s/ MrFluffy2U94 or an embedded image of a signature.
• Missing LLC Type Declaration: The Certificate of Formation must explicitly state whether the LLC is "member-based" or "interest-based" as required by §5.2 of the examiner handbook. Although you added "Interest Based," this was part of the invalid hybrid structure and needs to be within a compliant LLC framework.
• [NEW DEF-06: Invalid Hybrid Entity Structure] Your updated submission improperly mixes the legal structures of a Limited Liability Company (LLC) and a Corporation.
  
  • You have filed for an LLC, but the document uses corporate-specific terms such as "Authorized Shares," "Issued Shares," and "Par Value." Under the Legal Entity Act, LLCs are defined by "Members" and "Interests," not "Shareholders" and "Shares" (§5). Corporate share structures are exclusively for entities filing a Certificate of Incorporation (§4).
  • Furthermore, the formula provided for "Par Value" is invalid. Par value must be a fixed, nominal amount (e.g., $1.00) or explicitly stated as "no-par," not a fluctuating value based on a formula.

Please file a corrected, single Certificate of Formation document that resolves all the deficiencies listed above within 72 hours.

Regards,

Nimq_
Secretary – Ministry of Trade & Finance

 

[MrFluffy2U94]

Dear MrFluffy2U94,

During our statutory review of your application to form Cornerstone Bank LLC (CSB), including your recent updated submission, we have identified the following issues that must be cured before we can proceed. The 5-day review clock is now PAUSED.

• Missing Signature and Date: The Certificate of Formation must be signed and dated by the formator(s). Example acceptable signatures include a typed /s/ MrFluffy2U94 or an embedded image of a signature.
• Missing LLC Type Declaration: The Certificate of Formation must explicitly state whether the LLC is "member-based" or "interest-based" as required by §5.2 of the examiner handbook. Although you added "Interest Based," this was part of the invalid hybrid structure and needs to be within a compliant LLC framework.
• [NEW DEF-06: Invalid Hybrid Entity Structure] Your updated submission improperly mixes the legal structures of a Limited Liability Company (LLC) and a Corporation.
  • You have filed for an LLC, but the document uses corporate-specific terms such as "Authorized Shares," "Issued Shares," and "Par Value." Under the Legal Entity Act, LLCs are defined by "Members" and "Interests," not "Shareholders" and "Shares" (§5). Corporate share structures are exclusively for entities filing a Certificate of Incorporation (§4).
  • Furthermore, the formula provided for "Par Value" is invalid. Par value must be a fixed, nominal amount (e.g., $1.00) or explicitly stated as "no-par," not a fluctuating value based on a formula.

Please file a corrected, single Certificate of Formation document that resolves all the deficiencies listed above within 72 hours.

Regards,

Nimq_
Secretary – Ministry of Trade & Finance

Done.

 

[Nim]

This is DENIED as once again, you filed for an LLC not a corporation, and so, do not have shares.