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:
Virginia
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:
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.
North Carolina
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:
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.
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757-250-5300 or 919-521-8820I am a criminal defense attorney licensed in both North Carolina and Virginia. I have taught attorneys across the State of North Carolina on varying trial matters ranging from jury selection to DWI defense. I definitely could have created my new business, Davis Wealth Management LLC, but boy that would have been a mistake. Because business formation is not an area in which I practice, I had no idea where my blind spots were, and let me tell you there were plenty. The knowledge I received from the firm is invaluable.
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