NJ Annual Report: Everything You Need to Know
NJ Annual Report is a yearly document that nonprofit and profit-based corporations must file. 3 min read
2. Annual Report Costs
3. Annual Report Penalty Fees
4. Registered Agent Change
5. Changes to Online Annual Reports
6. Electronic Mandate
NJ Annual Report
A NJ Annual Report is a yearly document that nonprofit and profit-based corporations must file. In addition, Limited Liability Companies (LLCs) and Limited Liability Partnerships (LLPs) must file the same report. The content of the report outlines the status of an organization. The Division of Revenue sends reminder notices to businesses three months before due dates. Company reports are due at the last day of company’s university month in the state of New Jersey.
The information is public and is used by various sectors that include commercial, legal and financial.
Annual Report Costs
The price for annual report filing depends on the company entity:
- Profit Corporation: $50
- Nonprofit Corporation: $25
- LLCs: $50
- LPs and LLPs: $50
- Charities: Renewal ranging from $30 to $250
General partnerships do not need to file annual reports. Further, the fees for charities solely depend on gross contributions instead of gross revenue.
Annual Report Penalty Fees
Businesses that fail to file reports for two ongoing years will face license revocation. With that, businesses just starting out receive a grace period of one year. No penalties fees are attached with late annual reports.
Registered Agent Change
Registered agents typically file annual reports or remind members to file accordingly. However, the annual report can also be used to change a registered agent. An agent is someone appointed on behalf of an organization to receive legal papers in the form of court documents and other official papers. An agent is also usually tasked with filing annual reports, including an official signature on the report. A corporate officer may also sign the documents under the umbrella of corporate status.
If you wish to change a registered agent, you may do so on the report, but an additional charge of $25.00 is attached with the change. Regardless of the agent change, remember that an agent, entity or individual must have a physical address in New Jersey. Additionally, the address must be registered with authorities.
Changes to Online Annual Reports
Within the report, the Division of Revenue requires an assessment of Insurance Policy Information and Workman’s Compensation. If your business has insurance, you need to provide policy numbers, the date the policy went into effect and the name of the insurer. Work’s Compensation information is given to the Department of Labor, but will not be a matter of public record. Insurance policy and worker information is mandatory, or you can skip the process if you are not required to carry insurance.
Businesses are required to file electronically under state law. E-file expectations remain in place in case members do not have access to the internet, but notarization is necessary from an authorized business representative and registered agent to confirm no party had online access. The system also gives you an update regarding previous filings and if you missed any previous reports. No signature is needed for online reports filing.
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