What should you know about the statement of information?

On Behalf of | May 24, 2022 | business formation | 0 comments

As a small business owner, you have numerous responsibilities, not the least of which involves meeting the state’s requirements to operate in California. Among the daily, weekly, monthly, biannual and annual tasks you must fulfill, part of running your corporation or limited liability company will necessitate that you file a statement of information with the secretary of state’s office.

Having an understanding of the statement of information and what the state requires of business owners such as yourself may help you avoid potentially missing important submissions or other deadlines.

Details included in statements of information

Commonly called an annual report, the state mandates that business owners submit statements of information with specific details. The information you will include depends on whether you formed as a corporation or as an LLC, but may include particulars such as the following:

  • The name of the corporation or LLC
  • The names and contact details for the directors, registered agents, managers or members
  • A statement regarding the general type of business the company performs

These filings serve as regular records of your business with the state.

Requirements for filing

According to the California secretary of state’s office, as applicable, your company will have to file a statement of information with the state every year or every two years. You will receive a reminder from the secretary of state prior to the due date for your filing. In addition to the regular submissions, you must also submit these forms if your business name, address or agent for service of process changes.

Running afoul of your obligations with regards to the statement of information will sometimes cause you short-term and long-term operational issues. Failure to timely file can result in suspension of your corporation or limited liability company. Failure to keep the state apprised of your current address could result in failure to receive important notices from governmental agencies.

Understanding your responsibilities, then, may help you prevent these problems or others, allowing you to focus instead on what matters most – the ongoing function and success of your company.