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What is the UCC?

On Behalf of | Oct 20, 2016 | Mergers & Acquisitions

Florida entrepreneurs who are looking to set up new business ventures in the state will have to understand a variety of laws or requirements governing business transactions and the conducting of business. Among these is the Uniform Commercial Code, often referred to as simply the UCC. This is actually a set of multiple laws that pertain to filing specific financial information. While established at the national level several decades ago, each state may make its own special guidelines and manage its own laws.

The Department of State, Division of Corporations has privatized the UCC and it is now managed by the Florida Secured Transaction Registry. It is through the FSTR that businesses may obtain UCC forms, file documentation and search for copies of pertinent information.

Original financial statements for a company require a UCC filing. Any time that a new debtor is to be included, additional UCC forms should be filed. If tax liens are present, they are not expected to be included in any UCC documentation. There are other changes as well that would necessitate an amended filing to meet all legal and regulatory requirements as set forth by the UCC.  The FSTR offers companies the opportunities to file all documentation and track it easily online.

This information is not intended to provide legal advice but is instead meant to give Florida entrepreneurs and executives an overview of what the Uniform Commercial Code is and why it is important to them when pursuing a merger or acquisition in Florida.