Maintaining Good Standing: The Best Way to File Annual Reports

Maintaining Good Standing: The Best Way to File Annual Reports

November 30, 2017

Today’s Presenters

Scott Mathews

Scott has been with CSC for six years. He is one of the leaders of the Corporate Solutions Manager Team, working with existing clients to maximize their partnership with CSC by providing assistance with important business filings, including annual reports.

Lauren Marshall

Lauren has been with CSC for over four years. She started her career with CSC as an Annual Report Specialist and currently works as the Annual Report Service team’s Corporate Trainer. Lauren focuses on continuing the teams education to ensure the most up to date customer service training and stays current on state requirements.

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Where We are Today

180,000+Corporate

customers

10,000Law firm

customers

3,000+Financial

market

customers

60%Best global

brands

2,500+Employees

worldwide

We serve more than 180,000 businesses, including

90% of the Fortune 500®

We support 10,000+ law

firms, including the most

prominent in the U.S.

We providesolutions to

3,000+financial market

customers

We protect 60% of the100

best globalbrands,

including 8 of the top 10

We have more than 2,500

employees in over a dozen

countries, and in all 50 states


• What is an Annual Report?

• Filing and Reporting Deadlines

• Filing Requirements

• Consequences of Not Filing

• Business License vs. Annual Report

• Reasons to Outsource your Annual Reports

• Benefits of using CSC

Agenda

What is an annual report?


Requirement to maintain good standing in most jurisdictions.

Annual Reports can have a variety of names:

• Statement of Information

• Occupational Tax Report

• Annual List

• Franchise Tax Report

When are annual reports due?


Due dates vary depending on the jurisdiction.

• Fiscal Year End

• Anniversary Month

• Anniversary Date

• One day annually as determined bythe jurisdiction

States have varying requirements which can also vary within the jurisdiction by entity type.

What if an annual report is missed?

• Large late fees will be assessed

o Illinois will assess additional late fees for every month the report is late, these fees can go into the thousands depending on your financials

o Illinois will revoke your entity 5 and a half months after the due date if the annual report is not filed

• Wyoming reinstatement fees can be over $10,000 if you fail to file your annual report within the allotted time frame

• The Missouri Secretary of State requires a tax clearance from the Department of Revenue to reinstate

• Utah will require you to re-qualify your entity!


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I did not file my annual report, now what?

8

Loss of

good standing

Inability to obtain a good

standing certificateRevocation

Incur penalties,

fees, and interest

Loss of name

Inability to

bring a lawsuit

Ability to conduct

business is

compromised

Unable to open

a bank account

What are the consequences?

What about my business license?

Annual Report Requirements:

• Typically required for companies who are registered to do business with the Secretary of State

• Annual report requirements should be referenced by other state agencies when filing documents such as real estate or business license

• Entities file Annual Reports to maintain their good standing in a state


Business License Requirements:

• Requirements at state, federal, county, and/or city level

o Filing required in over 160,000 jurisdictions

• Licensing authority examples are:

o Department of Health

o Department of Insurance

o City of Newark

• Depending on nature of business, multiple filings may be required.

Why you should outsource your Annual Reports Prep and Filing


• Many states no longer send notifications

• No need to worry about changing due dates and requirements

• Avoid paying reinstatement fees, penalties and/or interest due to missed filings

• Save time, money, and resources while reducing risk


• Audit of your current entity portfolio

• Update our Entity Management solution withyour entity data

• Assist with entities that are not in good standing

• Identification of In-House and CSC-Managed filings

• Filings are prepared in advance of the due date

• Filed documents saved in CSCNavigator®

• CSC will advance the state fees on your behalf

• Invoice options to fit your workflow

Benefits of using CSC Annual Report Preparation and Filing Service

• 24/7 access to CSCNavigator

• CSC Good Standing calendar is fully integrated with Annual Report Prep and File Service

• Filed documents filed and stored on theCSC Dashboard

• Point in time reporting of your entities status

• A dedicated annual report team to provide you with peace of mind

• Email updates from your dedicated Annual Report Specialist

Benefits of using CSC Annual Report Preparation and Filing Service



Questions? Phone:

855.212.6198

Email:

[email protected]

Website:

cscglobal.com