CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
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        "Beware: Deceptive Corporate Compliance Notices"

        It has come to our attention that numerous Rhode Island corporate clients have received by mail, solicitation letters from a company indicating that it could assist in the corporation’s compliance with Rhode Island General Law 7-1.2-1502 by preparing an “Annual Meeting Disclosure Statement” for a fee of $125 (see a copy of such a Solicitation Letter [PDF]). We should additionally note that clients have received various other solicitation letters, which differ in form and content from the sample letter attached. These solicitation letters and forms are not forms from the Rhode Island Secretary of State’s Office or any other governmental agency.

        Such solicitation letters should not be confused with the annual report notices that are sent to registered agents of corporations and limited liability companies annually by the Secretary of State’s office, which provide instructions as to how to file your annual report online or obtain an annual report form online to complete manually (see a sample of the Annual Report Notice for a for-profit corporation [PDF]). If an attorney at Partridge Snow & Hahn LLP is your company’s registered agent, then we receive this form.

        As a reminder, 2013 annual reports are due during the periods stated below:

        • Business Corporations (for-profit)- January 1 – March 1
        • Non-Profit Corporations- June 1 – June 30
        • Limited Liability Companies (LLCs)- September 1 – November 1

        Do not hesitate to contact a member of the Corporate Group if you receive a correspondence and are unsure whether or not the correspondence is from a governmental agency, or if you have any questions regarding the filing of your annual report.