Annual Returns & Biennial Returns
Once your business registers with the Secretary of State’s Office in a non-resident state, you will likely need to submit Annual Returns and/or Biennial Returns. (Some states also call these Annual Reports.) This filing updates the state’s information about your business structure, ownership and leadership. You may also need to submit a summary or copy of the firm’s latest financial statement. Finally, you must confirm or update the contact information for your Registered Agent.
Failure to file an Annual or Biennial Return in a timely manner can lead to significant fines and additional state fees. A few states also immediately revoke your Certificate of Authority. This means you can no longer transact business legally in that state. And you’ll have to go through the whole business registration process again! This can be expensive and time-consuming.
ILSA Tracks Changes Throughout the Year
All businesses change over time, but it’s easy to forget about February’s changes by November. ILSA lets you report changes to your business’ name, structure, officers, owners, etc., as they occur. ILSA’s Corporate Compliance Specialists know which changes need to be reported to the state immediately and which can wait until your Annual Return. They complete the appropriate forms for your corporate structure. They then submit the return and all required supporting documentation to the Secretary of State at the earliest opportunity.
Did You Forget Something?
If you’ve missed any Annual Returns in the past, ILSA finds these gaps. We provide a customized plan to bring you back into full compliance. Our Corporate Compliance experts prepare the appropriate forms for each year and submit them with the required financial statements. We may even be able to negotiate the reduction of any penalty fees and fines.
Saying Goodbye … the Right Way
Businesses often run into problems when they decide not to do business in a state any longer. At the Department of Insurance, you can simply decline to renew your agency license. There are no particular penalties for letting a license lapse. (Never conduct business on a lapsed license, of course.) It’s more complicated at the Secretary of State’s Office. Until you formally withdraw your business registration, the SOS assumes you continue to conduct business in their state. You are still required to file Annual and/or Biennial Returns… even if you’re not actively licensed.
If you are downsizing or closing your agency, your dedicated ILSA Corporate Compliance Specialist helps you withdraw your business registrations properly. This service is also useful for entities that will no longer exist in their own name (or under their current Federal Employer Identification Number) after a merger or acquisition.