The Importance of Filing a Statement of Information Form with the California Secretary of State
As a business owner in California, you may be familiar with the requirement to file a Statement of Information form with the Secretary of State. But do you know why it’s important to do so? In this article, we’ll explore the benefits of filing this form and the potential consequences of failing to do so.
What is a Statement of Information form?
A Statement of Information form is a document that all California corporations, limited liability companies (LLCs), and common interest developments must file with the Secretary of State. The form provides important information about the business, including its address, officers, and registered agent.
Why is it important to file?
There are several reasons why it’s important to file a Statement of Information form. First and foremost, it’s required by California law. Failure to file can result in penalties and even the suspension of your business’s powers, such as the ability to enter into contracts or file lawsuits.
But beyond mere compliance, there are other benefits to filing. For one, it ensures that the Secretary of State has accurate information about your business, which can be crucial if, for instance, you need to be served with legal papers. Additionally, filing the form helps maintain your business’s good standing with the state, which can be important if you ever need to apply for loans or other forms of financing.
When do I need to file?
For corporations and LLCs, the initial Statement of Information must be filed within 90 days of forming the business. After that, the form must be filed annually by the end of the anniversary month of formation. For common interest developments, the form is due annually by the end of the calendar year.
What information is required?
The exact information required on the form can vary depending on the type of business you have. Generally speaking, you’ll need to provide your business’s legal name, address, and type of entity (e.g. corporation or LLC). You’ll also need to list the names and addresses of your business’s officers and directors (or managers, in the case of an LLC). Finally, you’ll need to provide the name and address of your business’s registered agent, who is the person or company authorized to receive legal papers on your business’s behalf.
Conclusion
Filing a Statement of Information form may seem like a mere administrative task, but it’s one that’s crucial to maintaining your business’s good standing with the state of California. By ensuring the Secretary of State has accurate information about your business, you can avoid potential penalties and ensure that you’re able to exercise your business’s powers unimpeded. So if you haven’t done so already, be sure to file your Statement of Information form on time and accurately.
