Is semi-annual every two years? is a common query caused by the frequent conflation of the phrases “semi-annual” and “biennial.” The short response is no. Biennial refers to an event every two years, whereas “semi-annual” refers to an occurrence twice a year.
To be more specific, “semi-annual” refers to every six months, while “biennial” refers to every two years. For instance, if a business conducts a semi-annual sale, this indicates that the sale takes place every six months. The opposite is true if a state requests a biennial report from a company, in which case the report is due every two years.
The New York Biennial Statement is one such biennial requirement. All corporations and LLCs that were created or registered to conduct business in the state of New York are required to file the New York Biennial Statement. This statement is an update on the company’s operations, including details on any alterations to ownership, location, or business operations. Every two years on the last day of the month the company was founded, the statement is due.
Businesses can use the Department of State’s (DOS) online filing system to pay the New York Biennial Statement. Businesses can also submit the statement in person or by mail as an alternative. $9 for LLCs and $25 for corporations is the filing fee for the statement. Punishments and possible company dissolution may occur from failing to submit the statement on time.
Another critical element of conducting business in New York is having a DOS ID number. The New York State Department of State issues each business organization with a distinct identification number known as a DOS ID number. This number serves as the company’s identification and is necessary for all legal documents and business activities inside the state of New York.
In conclusion, although having similar sounds, the phrases “semi-annual” and “biennial” have different meanings. It’s crucial to know the distinctions between these expressions, particularly when it comes to legal requirements for companies like the DOS ID number and the New York Biennial Statement. Businesses can avoid fines and guarantee compliance with state laws by being aware of these requirements.