In some states, the Annual Report is due on the anniversary of your business filing date. But in others, there’s a set deadline. Miss this deadline and risk being noncompliant, and possibly incurring fees from your Secretary of State.
What is an Annual Report?
Once you’ve formed an LLC or incorporated your business, you immediately have more administrative duties than you did as a sole proprietor. While an LLC involves significantly less paperwork and formal administration than a corporation, both business entities generally need to file an Annual Report with the state. Here’s what you need to know about this important filing to keep your small business in corporate compliance:
Also known as a Statement of Information, the Annual Report essentially keeps your Secretary of State office up to date with your company’s vital information. For example, you may be asked to submit information about directors and officers, and the registered agent and office address of the company, especially if any of this has changed in the last year. In most states, there’s also a small filing fee associated with the report.
Which States Have Deadlines Coming Up?
If you set your business structure up in any of the following states, you have a time-sensitive filing that must be filed on or before the due date listed below to avoid late fees and penalties.
- Michigan (LLCs): Due Feb 15, 2015
- Delaware (Corporations): Due March 1, 2015
- North Carolina (Corporations & LLCs): Due April 1, 2015
- Georgia (Corporations and LLC’s): Due April 15, 2015
- Florida (Corporations & LLCs): Due May 1, 2015
- Texas (Corporations & LLCs): Due May 15, 2015
What kind of Information Goes Into My Annual Report?
The Annual Report will generally ask you for basic contact and operational information; the type of details you provided when you first filed to form your corporation or LLC. The specific details will vary by state and business type.
For example, an LLC in California will need to provide the following details in its Annual Report:
- Business address
- Member names and addresses
- Business officers: president, secretary, and treasurer
Likely, not much, if any of this information has changed in the last year, so it should be easy to fill out.
Consequences of Filing a Late Annual Report
Missing the deadline can result in late penalties and fees, and who wants to pay money unnecessarily? In the worst case scenario (i.e. if you’ve skipped your Annual Report for multiple years on end), your company can be suspended or dissolved.
On the other hand, keeping your LLC or corporation in good standing will maintain its “corporate shield” and minimize your personal liability. If your business is sued and the plaintiff can show that you haven’t maintained your LLC or corporation to the letter of the law (i.e. your annual reports aren’t up to date), your corporate shield might be pierced and you can be personally liable.
How CorpNet Can Help with Your Annual Report Filing
At CorpNet.com, we make it easy to stay compliant with your annual report deadline. First, take note of the due date above, if your business was formed in one of the states with an upcoming deadline. Then, let us help you in one of these ways: