Businesses are required by law to file yearly reports with the state each year. It offers details on the operations, monetary results, and ownership structure of the business. Serious repercussions for a business may occur from failure to file an annual report. This article will discuss the repercussions of failing to file an annual report and offer instructions on how to do so in Georgia and Wisconsin.
A constituent filed document is one that establishes or alters the legal existence of a business entity and is submitted with the Secretary of State’s office. This contains records like the articles of incorporation, the bylaws, and the annual reports. These records are crucial because they give the state details about the company, including its name, address, and ownership composition. In Wisconsin, how do I file an annual report?
Annual reports must be submitted in Wisconsin online on the website of the Wisconsin Department of Financial Institutions. For LLCs and corporations, the annual report filing fee is $40 and $25, respectively. Wisconsin law allows for administrative dissolution or revocation of a business if an annual report is not submitted. A Statement Curing Delinquency is what, exactly? After failing to submit an annual report, a company can file a statement correcting delinquency to restore its good standing with the state. A declaration confirming that the company is currently in conformity with all state rules and regulations must be included in this document along with all the details that would have been in the annual report.
Annual reports must be submitted online in Georgia via the website of the Georgia Secretary of State. The cost to file an annual report is $150 for corporations and $50 for LLCs. Georgia law allows for the administrative dissolution or revocation of a business if an annual report is not submitted.
In conclusion, a corporation may suffer substantial repercussions if an annual report is not filed. These repercussions can include administrative dissolution or the loss of the company’s legal standing. Businesses must be aware of their filing responsibilities at all times and submit their yearly reports on time. A company can file a statement curing delinquency if it does miss a deadline in order to restore its good standing with the state.