Every two years, owners of businesses in Washington, DC, must submit a biannual report. This report, a legal document, contains fundamental details about your business, including its address, registered agent, executives, and members. If you don’t submit this report by the due date, you risk penalties, fines, and possibly the loss of your company’s corporate status.
The current cost to file a biennial report in DC is $300 for companies with less than 10 years of filing history and $500 for companies with ten or more years of filing experience. Both a credit card and an electronic check must be used to pay this fee online.
A form called the BRA-25 needs to be filled out and sent with your biannual report. The ownership, management, and operations of your organization are further described on this form. All domestic and foreign entities, with the exception of sole proprietorships and general partnerships, must file the BRA-25. What is Access DC, exactly?
Businesses submit their biennial reports and BRA-25 forms online through Access DC. Businesses can submit their reports and paperwork using this portal, which is run by the Department of Consumer and Regulatory Affairs (DCRA), in a safe and convenient manner.
A biennial report’s objective is to guarantee that the DC government receives the most recent information about your business. In order to keep correct records, get in touch with your business, and enforce any relevant rules and regulations, this information is used. You can save money on penalties by submitting your biannual report on time and keep your business in good standing with the DC government.
In conclusion, it’s critical to comprehend the prerequisites for submitting a biannual report if you run a corporation in Washington, DC. This report, which must be filed every two years and contains fundamental details about your business, is a legal document. Depending on your company’s history of filing reports, the current filing fee for this one is either $300 or $500. Your biennial report must be sent with the properly filled-out BRA-25 form. Through the Access DC portal, you can submit the report and the form both online. It’s critical to submit your biannual report on time in order to avoid fines and keep your business in good standing with the DC government.
Depending on the kind of company entity you want to form and the services you need, the cost to incorporate in DC varies. Domestic LLC filing fees are $220 as of 2021, whereas domestic corporation filing fees are $220 plus an additional $80 for the initial report. Depending on your company’s particular circumstances, additional expenses can be necessary. To receive a more precise estimate of the overall cost, it is best to speak with a legal expert or a business registration service provider.