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Annual Report is also known as Statement of Information and Biennial Statement. All profit and non-profit corporations (domestic and foreign), as well as all limited partnerships, limited liability companies, and limited liability partnerships must submit annual reports and associated processing fees each year following their dates of incorporation/registration with their respective secretary of states. Annual report filing is a prerequisite for maintaining an active business status.
Every entity must submit an Annual Report once a year. Failure to submit a properly- completed form on or before the due date subjects the entity to being administratively dissolved or having its authority to transact business revoked. In many states dedicated Commission will send only one postcard notice reminding the corporation of the due date. Monetary penalties will be assessed for late-filed Annual Reports, pursuant to Article/Business Act of that particular state in which corporation is being operated. Penalties begin accruing the day after the due date.
Uses of Annual Report
Information from the annual report is public and forms the core of the State's corporate/ business status reporting system. This information is relied on heavily by the commercial, financial and legal sectors.
Who is the Signing Authority?
Individuals who may sign the annual report are specifically designated. For corporations / LLCs, either the registered agent or a corporate officer may sign. Annual reports for other business types may be signed by any authorized representative.
All corporations and LLCs are required to file annual reports, statement of information or biennial reports, even if no business is being transacted.
What is a Biennial Statement, Annual report or Statement of information for a Business Corporation or Limited Liability Company?
Domestic and foreign business corporations are required by Law to file a Biennial Statement, annual report or Statement of Information with the State. The Biennial Statement must set forth:
- The name and business address of its chief executive officer.
- The street address of its principal executive office and
- The address to which the Secretary of State shall forward copies of process accepted on behalf of the corporation.
Why should one file a Biennial Statement, Annual report or Statement of Information?
A corporation or LLC that fails to file its Biennial Statement, annual report or statement of information with the state will be reflected in the Department’s records as past due, delinquent or admin dissolved. Any Certificate under Seal, status or good standing letter obtained from the Department of State will reflect that the corporation or LLC is past due in the filing of its Biennial Statement, annual report or statement of information and is not in good standing. This may prevent the corporation or LLC from completing certain business transactions.
In many states, after the filing of the First Report by a profit corporation, the Biennial Profit Corporate Report will be filed on or before the fifteenth day of the third month following the end of its financial/taxable year-end, which may be a fiscal year-end or a calendar year-end.
What is the use of annual report filing?
Information from the annual report is public and forms the core of the State's corporate/ business status reporting system. This information is relied on heavily by the commercial, financial and legal sectors.
Who should file an annual report?
All profit and non-profit corporations (domestic and foreign), as well as all limited partnerships, limited liability companies, and limited liability partnerships must file annual reports and associated processing fees each year following their dates of incorporation/registration with their respective secretary of states, even if no business is being transacted; however, a corporation may apply for suspension. This would place the corporation in an inactive status and reports would not be required to be filed. The suspension is good for five years.
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