Much like the formation process, there are numerous filings and deadlines to keep up with during the lifetime of your business – among those is the Annual Report. An Annual Report is an updated business summary that you provide the state outlining key information. Unlike newsletters of bulletins you provide to customers, you don’t have to inform the state of all your business activities over the past year. The Report just re-hashes much of the information provided to the state upon initial filing of your business. The Annual Report reflects the idea that the people of the state have the right to know basic information about corporations they are doing business with.
Virginia and North Carolina have somewhat differing requirements for the Annual Report, which are detailed below:
In Virginia, only corporations are required to file an Annual Report. Annual Reports must be submitted annually by the end of the same month in which the business was created. The State Corporation Commission will send business owners a report form two months before the due date, and it may be completed any time within those two months. There are no fees attached to filing the annual report, Virginia owners must keep in mind the annual business registration fees.
The requirements for a Virginia Annual Report include:
- Business name;
- Address of principle office;
- State or country under whose law the business is incorporated;
- Address of Virginia registered office;
- Name and address of registered agent;
- Names and addresses of directors and principal officers;
- Statement of aggregate number of shares the corporation is authorized to issue; and
- Signed by a current director or officer.
There is no fee for untimely filing of an Annual Report. However, if a corporation fails to submit the Annual Report within by the last day of the fourth month following the month of the due date, the state will automatically terminate or revoke the corporation’s business license.
In North Carolina, business corporations, LLCs, Limited Liability Partnerships (LLPs) and Limited Liability Limited Partnerships (LLLPs) are all required to file an annual report directly with the Secretary of State. Professional corporations, Professional Limited Liability Companies (PLLCs), and Non-Profits are free from this requirement. North Carolina is a bit more particular with the Annual Report due dates depending on the type of business entity. For corporations, LLPs, and LLLPs, Annual Reports are due on the fifteenth day of the fourth month after the end of the entity’s fiscal year. For LLCs, Annual Reports are due on April 15th of each year.
The requirements for a North Carolina Annual Report include:
- Business name and address;
- Registered agent name and physical address;
- Description of the nature of the business;
- Principal office address and phone number;
- Business mailing address;
- Names and addresses of company officials; and
- Name and signature of the business official executing the Report.
As in Virginia, there is no fee for untimely filing of an Annual Report. However, the Secretary of State will usually issue a Notice of Grounds for late filing which puts you on notice that the State will dissolve the business if no report is filed within sixty days.
If you have any questions about registering your business, corporate filings, or Annual Reports, give our office a call! Our team provides turn-key solutions for your business through an efficient streamlined process.