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Memorandum [1] (January 10, 2014)

handle is hein.nccusl/nccpub4383 and id is 1 raw text is: STATE OF NEBRASKA + SECRETARY OF STATE'S OFFICE 1445 K ST. * STATE CAPITOL SUITE 1305 * LINCOLN, NE * 68509 PHONE - (402) 471-8606 FAX - (402) 471-2530 LICENSING DIVISION *Athlete Agent * Collection Agency * Debt Management * *Private Detectives * Non-Recourse Civil Litigation Funding Companies * oTruth & Deception Examiners * JOHN A. GALE GRACE R. WILLNERD Secretary of State Licensing Director MEMORANDUM Date: January 10, 2014 Re: Athlete Agent comments for NASS 2/2014 To: John Gale and Colleen Byelick From: Grace Willnerd, Licensing Director This memo is intended to give an overview of issues the Licensing Division has faced while administering the Nebraska Uniform Athlete Agent Act and discuss the proposed amendments to the Act. These comments are meant to be presented to the 2014 winter meeting of NASS and aid in the conversation held by the National Conference of Commissioners on Uniform State Laws and their proposed amendments to the Uniform Athlete Agents Act (2000). Shortfalls of Current Act Registration of Business Entity Over the last few years of administering the Athlete Agent registration in Nebraska the issue of registering the agent's business entity has caused the most debate. Currently under the Nebraska Uniform Athlete Agent Act Neb. Rev. Stat. §§48-2601 et. al. there is no requirement that the business entity be registered, but after a legal review our office determined that registration was necessary to comply with the various business entity statues. As a brief overview, foreign entities that are transacting business in Nebraska are required to be registered. See the Business Corporation Act Neb. Rev. Stat. §21-20,168 and the Uniform Limited Liability Act Neb. Rev. Stat. §21-157. Both statutes detail what does not constitute transacting business in the state but do not give a specific list of what does constitute transacting business. After researching the term transacting business further we found that Fletcher's Cyclopedia gives great insight to what constitutes doing business and it states The most important indication of whether a foreign corporation is doing business within the state is whether its acts in the state are part of the function for which the corporation was created. 17A Carol A. Jones Fletcher et al., Fletcher Cyclopedia of the Law of Corporations §4864(perm. Ed., rev. vol. 2007) From Fletcher's definition, if the business entity is created for the purpose of providing

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