Did you know that most states require companies to file an annual report with the Secretary of State in order to remain in good standing in the state? This report usually contains basic company information including management/officer data, address details, and registered agent information.
There can be serious consequences for missing a filing including:
1. Administrative dissolution or revocation;
2. Loss of the right to use your corporate name;
3. Tax liens against you for unpaid taxes;
4. Voidable contracts if entered into while in bad standing;
5. Breach or default of duties under financing agreements.
It can be challenging to monitor each state’s reporting requirements and to keep abreast of any changes. Complicating matters, many states have stopped sending annual report reminders to companies. Consequently, companies are left to figure out their reporting obligations on their own. Unsurprising, many thousands of companies across the country miss their annual report filings and fall out of good standing each year.
Do not put your business at risk! Sign up for our Annual Report Management Service (ARMS), and let us manage your filings! ARMS is an auxiliary service offered to companies that have appointed us as their registered agent. We can help take the pain out of annual report compliance.