Jan 23, 2024
In California, the annual report is referred to as the Statement of Information. Its primary purpose is to keep the state updated about your company and the individuals associated with it. Think of it as a way for the state to periodically check in and ensure that your business information is accurate.
The initial Statement of Information must be filed within 90 days of submitting the Articles of Organization or Articles of Incorporation when you first establish your business. Subsequently, your business is required to file the Statement of Information every one or two years, depending on its entity type.
The frequency and filing requirements for the Statement of Information differ based on your business type. Here's an overview:
To file your California Statement of Information, you'll need to submit it to the California Secretary of State. You have two options for filing:
Please note that the information included in the Statement of Information becomes public record and can be accessed online by anyone interested in your business.
The due date for filing the Statement of Information varies based on your entity type and the year of formation. Here's an overview:
It's crucial to adhere to the filing deadlines to avoid penalties and ensure compliance.
The filing fee for the Statement of Information differs based on your business type:
If you opt for online filing, you can pay the filing fee using a credit card. For paper filing, you can pay by check.
When filing your Statement of Information, you'll need to provide specific details about your business. The required information includes:
LLCs and corporations have a similar set of required information, with the primary distinction being that corporations list statutory officers (CEO, secretary, and CFO) instead of managers.
After submitting your California Statement of Information, the state will review and approve it. The processing time can vary:
If the form is incomplete or contains errors, it will be returned to you for correction.
Failure to file the Statement of Information on time can result in penalties. California offers a 60-day grace period for late filings. If the report is not submitted by the end of this grace period, your business will incur a $250 late fee, and the state may suspend your business. Suspended businesses lose their legal protections and rights granted by their LLC or corporate structure.
If your business closes, you must file paperwork to formally dissolve it through the California Business Portal. This dissolution paperwork should be submitted within 12 months of the company's final tax return. Once the state formally dissolves your business, annual reports are no longer required. However, failing to dissolve a company means you are still responsible for filing annual reports and paying associated fees.
If you encounter difficulties while filing your California Statement of Information, visit the Statement of Information help page on the Secretary of State's website. You can also contact the office for assistance.
Disclaimer: The content on this page is for informational purposes only and does not constitute legal, tax, or accounting advice. Seek the counsel of a licensed professional for specific questions related to these topics.