Currently, all states, except Ohio, require some sort of annual report filing.
Specific filing requirements and deadlines vary by state.
Some states also require an initial report when first starting a business.
When businesses fail to file on time, they might get hit with fines or other penalties.
In worst-case scenarios, companies risk losing their status of good standing with the state. That could result in the business owners losing their personal liability protection and other benefits of being a registered business entity.
State requirements sometimes change depending on economic factors (such as the COVID-19 pandemic).
This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship.
For more information on this and other topics, please contact Kevin via any of the channels listed below:
📧 kevin@kmckernan.com | 📞 718-317-5007