Every year, the NC Secretary of State office requires businesses to file an Annual Report to maintain their active status. Fortunately, companies do not need to file their first year in existence. In North Carolina, the entity tasked with overseeing and regulating businesses is the Office of the Secretary of State, by authority of NCGS § 55.
Who Must Submit an Annual Report?
Not all businesses are required to file an annual report. Professional organizations (such as PLLCs and PAs) and non-profit corporations (including 501(c)(3) approved charities) are not required to submit one. For LLCs and business corporations, you will have to submit an annual report. The due date and your filing fee costs will depend upon which structure type you have.
When is My Annual Report Due?
For an LLC, your report will be due yearly by Tax Day, on April 15th. The business corporation, LLP, and LLLP annual reports are due by the 15th day of the fourth month following the entity’s fiscal year end. More easily said, start with the day your fiscal year ends, then add 4 months. Your report is due on the 15th day of that 4th month. The Secretary of State’s office has begun strictly enforcing these deadlines.
Failure to submit your annual report on time will lead to a delinquency with the Secretary of State. They will send a Notice of Grounds for Administrative Dissolution to your business’s Registered Mailing Address. Performing a quick search in their business directory will show what address you have listed. However, should you need to change your registered agent or address, you can do this in your annual report.
After receiving your Grounds for Administrative Dissolution from the Secretary of State, they have the authority to dissolve your business at any time. Typically, they’ll give you some time to file your report before dissolving, but you should respond to the Grounds as soon as possible. It costs significantly more to reinstate a dissolved business than it does to simply file your annual report.
What Will This Cost?
Filing your annual report with the North Carolina Secretary of State has a cost, unfortunately, and that cost changes depending upon the type of business you’re filing the report for. The Secretary of State charges $200 for LLCs (as well as both LLPs and LLLPs), whether you choose to file online or via paper copy. For a business corporation, it’ll cost $18 online and $25 for a paper copy filing. In order to submit online, the Secretary of State charges an additional $2 online filing fee, bringing the totals to $202 and $20 respectively.
How Do I Submit My Annual Report?
You can file your annual report in person and via mail using paper filings. Our preferred method is to use the Secretary of State online service. The benefit is that you can file anytime, anywhere, in minutes. The information they ask for is minimal, like your name and address and if there are any changes to the company’s ownership or location. This is all information you should have available. The Secretary of State also provides a lot of resources to help complete this annual requirement.
If you’d like help with your annual report or are in search of a registered agent that will help ensure your business stays on top of its filings, please feel free to contact us using the form below. Additionally, we can be reached by email at info@lawplusplus.com or by calling 919-912-9640.