What Happens If You Don’t File Annual Report in Massachusetts?

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What happens if you don’t file annual report in Massachusetts?
Annual reports allow the state of Massachusetts to keep track of any changes that have occurred to your business during the past year, such as changes to your corporate structure or agent registered to conduct business on your behalf. Failure to file on time could jeopardize your business’ standing in the state.
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A domestic profit corporation must submit an annual report to the Corporations Division of the Secretary of the Commonwealth in Massachusetts. Failure to file this report by the anniversary of the corporation’s creation or registration date could have serious repercussions.

A corporation will be marked as “delinquent” on the Corporations Division website if it doesn’t submit its annual report by the due date. This could harm the company’s reputation since prospective clients, partners, or investors might interpret the late status as a sign of carelessness or recklessness.

Additionally, a defaulting corporation may face penalties and fines. The fine for failing to submit an annual report in Massachusetts is $100 each month, up to a maximum of $1,500. This implies that in addition to the standard filing price, a corporation that is six months late filing its annual report will also be required to pay $600 in penalties.

A defaulting corporation may also risk administrative dissolution in addition to fines. This means that the corporation’s certificate of incorporation could be revoked by the Secretary of the Commonwealth, ultimately dissolving it. Administrative dissolution may result in the loss of limited liability protection and other legal rights, which could have major repercussions for the owners of the organization.

It is crucial for Massachusetts firms to submit their annual reports on time in order to avoid these detrimental effects. The Corporations Division’s website allows corporations to both check the progress of their filings and submit their annual reports electronically.

In this regard, a corporation’s duty to file an annual report is independent of whether it is a S corporation or a C corporation. The filing requirements and penalties for non-filing apply to both kinds of corporations.

You can check the Corporations Division’s online database if you need details on a Massachusetts company. You can search this database for companies, LLCs, partnerships, and other legally recognized business entities. Names, entity types, and identification numbers can all be searched for.

You can also utilize the Corporations Division’s online search tool to determine whether a company is registered in Massachusetts. You can use this tool to look up businesses by name or tax ID number, and it will provide you details like the company’s status, formation date, registered agent, and other things.

FAQ
One may also ask is the owner of an llc public record?

Yes, the owner of an LLC is a public record in Massachusetts and is accessible through the Secretary of State’s office. The details include the LLC’s owners’ or members’ names and addresses.

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