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Annual Report Filing Requirements – NC & VA Businesses

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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:

  • Business name;
  • Address of principle office;
  • State or country under whose law the business is incorporated;
  • Address of Virginia registered office;
  • Name and address of registered agent;
  • Names and addresses of directors and principal officers;
  • Statement of aggregate number of shares the corporation is authorized to issue; and
  • Signed by a current director or officer.

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:

  • Business name and address;
  • Registered agent name and physical address;
  • Description of the nature of the business;
  • Principal office address and phone number;
  • Business mailing address;
  • Names and addresses of company officials; and
  • Name and signature of the business official executing the Report.

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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  • Being a first time business owner, you want to make sure you're making all the right decisions. Choosing McCormick Law & Consulting, along with Emma and Taylor, made the process so easy! Emma understood right away what my primary concerns were, and was able to execute everything in a very timely manner! She was extremely easy to talk to and she took the time to explain everything to me, settling my nerves with taking this next big step. Taylor made the process of making it all official completely stress free.
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    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!

    James D.
  • I highly recommendMcCormick Law & Consulting! My Father and I live in two separate states and the properties he needed legal services for are in Virginia. I reach out to Taylor on two separate occasions and she was very responsive and professional. The first time we used their services it went so smoothly that by the time I needed their services again I knew I could just send over the necessary documents, pay my invoice and rest assured it would all get taken care of. They eliminated the stress that comes with handling some else's affairs and I so appreciate that.
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  • We used McCormick Law to start up another LLC and it was a great experience. I have used other lawyers and attorneys in the past and I experienced delayed responses and it was what I have come to expect.From the first interactions with Robert and his team, I was surprised to how responsive they were. I even mentioned to my new business partner that this was not normal and I was very happy.Needless to say I will be using McCormick Law for all of my business needs in the future.
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    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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