Create & File Timely Initial Reports
After forming an entity, an initial report is needed to protect the good standing of the business in most states. This follow up document is usually filed within the first three months after being registered or qualified in the state. This should give the business ample time to determine the business location, elect officers and directors and finalize financial information in the states that need it.
What Are Initial Reports?
A critical function of owning and operating a business is keeping up with the state’s legal requirements to remain in good standing, which includes report filing. While many states only require the formation documents during the registration of the business, other states require an initial report or statement of information to be filed.
The requirements vary from state to state, but deadlines for initial reports can range anywhere from inclusion during the submission of formation documents, to filing within 120 days of incorporation, or even filing after the first organizational meeting has been held. Currently, there are a handful of states that require initial reports to be filed, but it is always best to check directly with the state where the business is incorporated to ensure you are fulfilling the prevailing expectations of that state.
Why You Need an Initial Report
While it may seem unnecessary to file an initial report so soon after submitting the formation documents, it allows the business to have a little extra time to make some important decisions. Perhaps the business location hasn’t been finalized or the officers still need to be elected; the initial report filing buys the business owners some time to work out the small details that the state still needs to be aware of. Initial reports typically include:
- Business activities since obtaining corporate status
- Current business address
- List of members, officers and directors (where applicable depending on the business entity type)
- Name and address of company’s registered agent
- Other financial information (requirements vary from state to state)
The states that require initial reports along with the due dates are as follows:
- California –file within 90 days of the formation date
- Nevada –file by the end of the month after incorporation
- Washington – due with the original filing or within 120 days of incorporation
- Connecticut – corporations and non-profits must file within 30 days of the first organizational meeting
- Georgia – corporations and non-profits must file within 90 days of their formation date
- Louisiana – file with formation documents
- Missouri –file within 30 days of formation
- New Mexico – file within 30 days of receiving incorporation or authorization
- South Carolina – must be submitted with formation documents
The Importance of Initial Reports
As with most state requirements, failure to file the initial report by the required deadline will result in penalties, with some consequences being larger than others. A late filing or failure to file can bring fines ranging from $10-$250, and the business risks losing its status of “good standing” with the state.
Other serious ramifications could include determining the business as inactive, revocation of the incorporation status or even dissolution of the company. If it’s the latter, then the company is responsible for resubmitting the incorporation documents and paying the corresponding filing fees to be reinstated.
How DoMyLLC Can Help You
With a team of trained individuals providing one-on-one service, DoMyLLC will ensure that your initial report meets all state requirements and is filed on time. Our live support allows you to speak with an actual person who can address any concerns. In two simple steps, you can place your order while DoMyLLC creates an initial report tailored to your business and the rules and regulations of your specific state. We work hard to simplify the filing process, provide competitive pricing and guarantee your satisfaction.
Hassle Free Process
Our two-step process lets you place your order and DoMyLLC will create an initial report tailored to the filing guidelines, rules and regulations of your specific state. We do everything we can to simplify the document filing process for our clients.
Start the process today by requesting a quote or placing an order online or by contacting a representative at 888-366-9552.