North Carolina Business Corporation Annual Report: Everything You Need to Know
The North Carolina Business Corporation Annual Report is a report that must be submitted by every business operating in the state. 3 min read
North Carolina Annual Report: Overview
The North Carolina Business Corporation Annual Report is a report that must be submitted by every business operating in the state. Companies must submit their reports each year to the Secretary of State.
The annual report should include all corporate information, including:
- Members or officers names and addresses
- Name and address of registered agent
- Mailing and business addresses
Businesses may complete their reports online through the North Carolina Secretary of State website or send by mail. On the website, you won't find blank copies of the report to download. Instead, you can easily download a form that contains your business's main information from the site.
This simplifies the process as you will only need to fill in a few sections that aren't already completed. These sections include:
- Information about company officials and the principal office
- Name and address of the registered agent
- A brief statement about the nature of the business
When filing by mail, send the report to the state Department of Revenue. All existing LLCs must file the North Carolina Business Corporation Annual Report by April 15 every year. New LLCs can wait until the first year after creation has passed to file their report. When filing a report, the required fee is $200.
The Importance of Filing Annual Reports With the N.C. Secretary of State
An annual report contains information about the business, such as:
- Business name
- Names of managers, members, and/or officers
- Nature of the business
- Principal office address
- Name and address of registered agent
This report is different from any documents that are required to form an LLC or corporation within the state of North Carolina. This document is critical and should be treated as a formal requirement for every business operating in the state. However, some companies fail to file the report, which can have negative results. The worst thing that can happen as a result of failing to file the report is the Secretary of State dissolving the business.
It's important to consider the potential consequences of having your business dissolved. Any privileges and powers granted to an LLC or corporation by the Articles of Incorporation or Articles of Organization will be effectively terminated as the result of a dissolution. Taking any type of business action will be invalid when the company has been dissolved. Until the Secretary of State reinstates the business, these actions will have no legal effect.
If a business fails to file its annual report in a timely fashion, the North Carolina Secretary of State will provide notification. Failure to provide the annual report to the Secretary of State within 120 days of the deadline will result in your report being presumed as delinquent. Upon reaching delinquent status, the report can result in the Secretary of State's office performing an administrative dissolution of the company. From there, the business must file all past-due reports within five years to regain its business status.
How to File Your N.C. Annual Report With the Secretary of State
The first step in filing the North Carolina Business Corporation Annual Report is reviewing the form online. Filing online is easier and more efficient for LLCs and corporations. The information is available on the Secretary of State's website. Navigate to the page titled “Corporations Division.” On that page, click “File Annual Reports Online” and perform a search for the name of your company. From there, click on the hyperlink for the annual report. You can fill in any missing information and submit it instantly.
If your company needs to change the state registered agent, the online filing system can't be used. Instead, you will need to complete a hard copy of the form and file by mail. If you need a hard copy of the form, use the same search page to find the name of your company. Instead of clicking on the hyperlink for the annual report, select the link for “Pre-populated Annual Report Fillable PDF Form.”
This action will generate a copy of the annual report with all information that is currently on file with the Secretary of State's office. You can make the changes to the form before you print it. Upon completion of the information, file the form with the North Carolina Department of Revenue, along with the required fee. Include copies of the income tax and franchise tax returns with your form.
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