Understanding LLC 12 Statement of Information: A Comprehensive Guide
Forming a limited liability company or LLC can be an attractive business structure for many entrepreneurs. It combines the liability protection of a corporation and the tax benefits of a partnership. In many states, including California, filing an LLC 12 Statement of Information is a requirement after the formation of an LLC. This guide will provide a comprehensive understanding of the LLC 12 Statement of Information.
What is an LLC 12 Statement of Information?
An LLC 12 Statement of Information is a document that LLCs in California must file with the Secretary of State’s office to keep their business status current. It is a requirement that must be submitted within 90 days after filing the Articles of Organization, and it must be filed annually thereafter. It contains essential information about the LLC, its members, managers, and registered agent.
Why is the LLC 12 Statement of Information important?
Filing an LLC 12 Statement of Information is important because failure to do so can result in an LLC being suspended or forfeited by the state. If an LLC is suspended, it loses its right to operate within the state. The LLC must pay delinquent fees and file any overdue statements to be reinstated. Any members of the LLC who contract with the LLC during its suspension period will be liable and personally responsible for any resulting debts or obligations.
What information is required in the LLC 12 Statement of Information?
The LLC 12 Statement of Information requires the following information about the LLC:
– LLC name, type, and identify number
– Address of the LLC’s principal place of business
– Mailing address, if different from principal place of business
– Name and address of the LLC’s registered agent for service of process
– Names and addresses of all managers and members of the LLC
– Whether the LLC is member-managed or manager-managed
The filing fee for an LLC 12 Statement of Information is $20, and it can be filed online or by mail.
What happens if the LLC 12 Statement of Information is not filed?
If an LLC does not file its LLC 12 Statement of Information, the Secretary of State’s office will likely send a notice of delinquency. The LLC will have a chance to cure the delinquency by filing the Statement and paying the late fee within 60 days. If the LLC fails to do so, it will be suspended by the state. Any contracts entered into during the suspension period would be void.
Conclusion
Filing an LLC 12 Statement of Information is an important step in maintaining an active and compliant LLC in California. This document contains essential information about the LLC, and it must be filed annually with the Secretary of State’s office. Failure to do so could result in the LLC’s suspension or forfeiture. By following the guidelines provided in this guide, LLC owners can ensure they remain compliant with California’s regulations and maintain their business status.
