The Importance of Your Business' Annual Filing

Previously we have written about why it is important to hold an annual meeting for your business, which you can read here. For this post, we are going to discuss an annual requirement of running a business in Michigan that is simple, yet crucial: filing your annual statement (for an LLC) or report (for a Corporation) with the Corporations, Securities & Commercial Licensing Bureau.

The Bureau sends a pre-printed form to your business' registered office address. For an LLC, the annual statement requests any changes in resident agent and registered office. For a corporation, the annual report requests any changes in resident agent or registered office, the purposes, and the current officers and directors names and addresses. There is a $25.00 associated with the annual filing.

Failure to file the annual statement will result in an LLC no longer being in good standing after two years and the name of the LLC becoming available to any other corporation, limited partnership or limited liability company.

Even more severe, failure to file the annual report for a corporation results in an automatic dissolution or withdrawal. However, notices of impending dissolution or withdrawal and the missing updates are first sent to the corporation's resident agent prior to the automatic dissolution or revocation.

Completing your business' annual filing is one of the easiest tasks there is related to running your business. And, given the potential consequences, there is no reason to fail to complete this simple, yet crucial step in running your business.

If you are unsure of the status of your business, you can view images of all filed documents using Business Entity Search.

For more information contact Business Law attorney, Jeffrey M. Black, at (616) 458-3994 or email jblack@pmalawpc.com

Categories: Business Law

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