What
happens if I do not file an Annual Report?
By law, each state requiring the filing of an Annual
Report has the authority to Revoke, Administratively
Dissolve, and Cancel a corporation's Certificate
of Authority and Right To Do Business as well as
pursue relief through the Attorney General's Office
for failure to file. The states have the right to
impose severe financial penalties, interest, and
additional fees to reinstate a Certificate of Authority
or Charter. Once a company's Certificate of Authority
is revoked, it can be denied access to the courts
to pursue collection of debts, bring other legal
actions, contracts can be in jeopardy, licenses,
and it cannot obtain a Certificate of Good Standing
from the state for financial closings or other transactional
matters.
Why should I hire ARMS to file my Annual Reports?
Since the states began requiring the filing of
annual reports, someone at each company has always
been responsible for this annual procedure. Over
the years, due dates have changed, forms have
changed, and the filing procedures have changed
as each state is different. This has meant more
employee time and effort spent keeping up with
each state and the changes. It has become an expensive
and cumbersome problem for many companies especially
public ones who are required to comply with Sarbanes-Oxley
disclosures. Our Annual Report Service provides
a Management Solution for a company to reduce
internal expenses and outsource inefficiency.
Our Annual Report Service manages the entire process,
very little customer time is required and employees
are available to work on more pressing and important
matters.
What if I have missed some annual report filings in the past?
Our Annual Report Service includes a free status
check on every company we bring into our service.
We check every state in which each company is
authorized to do business and if any annual reports
are found to be missing, we immediately determine
the nature of the deficiency and obtain whatever
is necessary to bring the company back into compliance.
Can you prepare some of the more complex annual report
forms like Illinois, Wyoming & Michigan?
Yes. States like Illinois, Wyoming & Michigan
have stringent guidelines for preparing their
annual reports which can be confusing and time
consuming. Our knowledgeable compliance specialists
will prepare your annual report to meet all the
state requirements. Click
Here to view a list of annual reports we can manage. |
