Once your business registers with the Secretary of State’s Office in a non-domicile state, you will likely need to submit annual returns or biennial returns. (Some states also call these 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 a 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.
Continuous Change Tracking
All businesses change over time, but it’s easy to forget about February’s changes by November. ReSource Pro Compliance lets you report changes to your business’ name, structure, officers, owners, etc., as they occur. Our corporate compliance experts know which changes need to be reported to the state immediately and which can wait until the next annual return. They complete the appropriate forms for your corporate structure. They then submit them, along with all required supporting documentation, to the Secretary of State at the earliest opportunity. We also handle Certificate of Authority amendments for changes that cannot be reported via a return.
Closing Compliance Gaps
If you’ve missed any annual returns in the past, a compliance review with the Secretary of State’s Offices will find these gaps. We provide a customized plan to bring you back into full compliance. Our corporate compliance experts prepare the appropriate forms for the year in question 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. Until you formally withdraw your business registration, the Secretary of State’s Office assumes that 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, the ReSource Pro corporate compliance team 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.