Understanding the Statement of Information Required by California Corporations
If you are a corporation doing business in California, you need to comply with various requirements outlined by the California Secretary of State. One of these requirements is the filing of the Statement of Information with the Secretary of State’s office. In this article, we will provide you with a comprehensive understanding of the Statement of Information required by California corporations, including its purpose, filing deadlines, and penalties for non-compliance.
What is the Statement of Information?
The Statement of Information is a document that California corporations must file with the California Secretary of State’s office. It is necessary to keep public information about the corporation up-to-date. The Statement of Information contains general information about the corporation, such as its name, address, registered agent, officers, and directors.
Purpose of the Statement of Information
The primary purpose of the Statement of Information is to ensure that the public has access to accurate information about California corporations. This information is essential for individuals or entities that do business with the corporation, such as vendors, lenders, clients, or customers. Additionally, the information in the Statement of Information is used by the Secretary of State’s office to maintain corporate records and to communicate with the corporation regarding important legal filings, such as tax returns and annual reports.
When to File the Statement of Information
Newly domesticated corporations in California must file their initial Statement of Information within 90 days of filing their Articles of Incorporation. Subsequently, all California corporations must file a Statement of Information every year, except for corporations that file a Biennial Report.
California corporations typically receive a reminder notice in the mail from the Secretary of State’s office 90 days before the filing due date. Corporations can also check their filing status and receive reminders by signing up for email notifications through the Secretary of State’s website.
Penalties for Non-Compliance
Failure to file the Statement of Information on time can result in penalties and other consequences. The late filing fee for the initial Statement of Information is $250, and the late filing fee for subsequent Statements of Information is $50. Additionally, if a corporation fails to file the Statement of Information for a period of time, the Secretary of State’s office may suspend the corporation’s status, which means that it may not conduct business in California.
Conclusion
In summary, the Statement of Information is an important requirement for California corporations that helps maintain public records and facilitate communication between the corporation and the Secretary of State’s office. It is essential to file the Statement of Information on time to avoid penalties and avoid suspension of the corporation’s status. By understanding the requirements of the Statement of Information, California corporations can ensure that they remain compliant and in good standing with the state.
