An initial report (a Statement of Information) is a filing that provides the state with basic information about any newly formed business. This includes the name of the new business, the names and sometimes addresses of the owners / directors, and the registered agent name and address. Lastly an initial report includes general information about what kind of business will be conducted.
Currently, an initial report is not required by businesses in every state, and so it can be confusing for business owners just starting out whether they need to file. The states that currently require an initial report after you form your business are Alaska, California, Connecticut, Georgia, Louisiana, Missouri, Nevada, New Mexico, South Carolina, and Washington. In most cases, your report will be due within 90 days of registration.
Because an initial report is not always required, it can often be overlooked, causing compliance issues for new business owners. When your business fails to file any required document, your business can fall out of good standing with the state. The same applies when you fail to file your initial report. This essentially eliminates the protections provided to you by incorporation. You could be required to pay unnecessary fees or face involuntary dissolution.
Make sure you meet your businesses reporting requirements. If you are unsure if your business will require an initial report, you can contact us for more information.
BizStarter can help you file an initial report. Order now!