It’s crucial to keep up with Iowa’s filing requirements if you run a business there. The biennial account, a report that enterprises must submit every two years, is one of these mandates. This article will define the biannual account, describe how to submit it, and address some frequently asked issues about business filings in Iowa.
Businesses in Iowa are required to submit a biannual account to the Secretary of State’s office every two years. The report covers the company’s name, address, registered agent, officers, and directors, among other essential details. Businesses must also provide any updates since their previous filing that have been made to this information.
The biannual account’s goal is to guarantee that the Secretary of State’s office has current, accurate information regarding Iowa firms. The public can then access this data using the Secretary of State’s online company search tool.
How to Submit a Biennial Account
Businesses must access their accounts on the Secretary of State’s website and submit a biennial account. From there, users can obtain and complete the biennial report form online. The biennial account filing cost is $60.
Businesses have until April 1st of every odd-numbered year to file their biennial accounts. For instance, if a company submitted its last biennial account on April 1, 2021, it must do so once again by April 1, 2023.
You must submit a Certificate of Dissolution to the Secretary of State’s office in Iowa if you are closing your business. This form legally dissolves your business entity and tells the state that it is no longer in operation. Secretary of State for Iowa
Paul Pate is the current secretary of state for Iowa. He won elections in 2014 and 2018, respectively. Among other things, the Secretary of State’s office is in charge of keeping track of corporate transactions, supervising elections, and managing notary public commissions.
Reestablishing a Company
You must submit an Application for Reinstatement to the Secretary of State’s office if the state has administratively dissolved your business. Several variables, such as the cause of dissolution and the thoroughness of the reinstatement application, might affect how long it takes to reinstate a firm.
In Iowa, a registered agent may indeed be a company’s owner. The difference between a registered agent and a firm owner must be understood, though. Simply said, a registered agent is the person or organization chosen to receive legal and official documents on the company’s behalf. Making decisions and overseeing daily operations belong to the business’s owner or owners.
In conclusion, it’s critical for any business doing business in Iowa to be aware of the state’s biannual account reporting requirements. Businesses can maintain good standing with the state and prevent any extra penalties or fines by filing the report on time and keeping proper records. Additionally, it’s crucial to follow the right procedures and submit the required papers to the Secretary of State’s office whether you’re closing or reopening a business.