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:
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.
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.
McCormick Law & Consulting was integral in the creation of our non-profit. We promised our 12 y/o son that we would keep fighting cancer for kids like him but we couldn’t have kept that promise without John McCormick and his team. We were hooked at our first meeting when John simply asked “ Tell me about you son.” McCormick Law and Consulting took care of all the legal work while allowing us to focus on our mission. John and his team continue to be a great resource and supporter of D-Feet Cancer The Dalton Fox Foundation. We couldn’t have asked for better legal representation. Thank you McCormick Law & Consulting.
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.
John McCormick and his firm are very reasonably priced and quickly and efficiently assisted me in creating my new business. It was completely turn key; they did everything for me. I can't recommend their services enough. Also, huge shoutout to Taylor who kept me informed every step of the way!
John and his team were great to work with. They provided advice for starting my business and set everything up in an efficient and timely manner. I will definitely recommend them to others!
I contacted McCormick Law firm to register my moving service in NC. They did an outstanding job. Completed the process way sooner than I expected. Thank you, Taylor.
McCormick Law, PC d/b/a McCormick Law & Consulting and Driving Defense Law is a boutique law firm located in Norfolk, Virginia & Raleigh, North Carolina, that seamlessly serves clients throughout Virginia and North Carolina. Whether you are a new or existing client of the firm, McCormick Law, PC, cannot represent you on any new matter until the firm has made a determination that there is no conflict of interest and that it is willing to accept the new engagement. The testimonials on this website reflect the real-life experiences and opinions of our clients. However, the experiences are personal to those particular clients, and may not necessarily be representative of all clients. We do not claim, and you should not assume, that all clients will have the same experience. Your outcome may vary.
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