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Risk Management Blog

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Resource Guide for Legal and Financial Professionals

Managing Secretary Of State–Annual Report Compliance For “Good Standing” Status

Corporate, Tips

Do you know if your entity, or portfolio, has filed the latest Secretary of State Annual Reports?  How do you know if you have missed a filing? Or if the state cashed your check but did not actually record the filing?

Once your entity has filed with one or more Secretary of State offices, you have created a growing obligation to keep basic pieces of public data current though annual/biennial filings.  These Annual Reports seem simple enough in listing officers and directors, term expirations, principal address, registered agent, and possibly some stock details, but failing to file the required information by the statutory due dates can have painful consequences.

Standardizing the due date, filing process, and complex fee calculations can also prove challenging; due dates can vary state to state depending on each state’s method of calculation; reporting periods can list last year’s information instead of the coming years information; reports can be filed annually, biannually, decennially, online or via paper submission, and this all can change based on the type of entity and whether it is domestic or foreign. There’s a lot to cover.

Fee calculations can use different terms referring to stock, paid in capital, or property in the state and out of the state.  And don’t forget about states where an adverse compliance status comes from failing to file your tax returns or similar!

It is important to work with a compliance provider who understands all of these challenges, but also knows where to go, what to do, and how to prevent the adverse actions that result from failing to file.

Learn more about how you can partner with us for proactive Annual Report Compliance by contacting our Legal Services Division at (844) 392-7588 or emailing raservices@ficoso.com.

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