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Risk Management Blog

UCC & Corporate Due Diligence

Resource Guide for Legal and Financial Professionals

Why Do I Need to File an Annual Report for My Entity?

Corporate

The Secretary of State requires each company organized or incorporated within the State of North Carolina to file an Annual Report as a means of keeping the Secretary of State updated with registered agents, addresses, officers, directors, members and managers.  It is especially important to make necessary changes to addresses and registered agents on the Annual Report to assure that the Secretary of State notifies your company of issues surrounding any filings, including the filing of any lawsuit naming your company as a party.  If the Secretary of State cannot find your company because the address has not been updated, you run the risk of not knowing that such a lawsuit has been filed.

If you do not file the Annual Report in a timely manner, then the Secretary of State can administratively dissolve your company and/or issue penalty fees. Every state has different guidelines but if you fail to file your annual report your company is at risk of no longer being in good standing with the State (though it may still be sued).  If your company is no longer in good standing, company business may be slowed and negatively impacted because potential creditors or buyers may refuse to do business with a company that is not in good standing.

First Corporate Solutions offers Annual Report Management! Never forget to file your Annual Report by appointing us as your Registered Agent today!

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