Understanding the Statement of Information
As a business owner in California, you must file a Statement of Information (SOI) with the Secretary of State’s office. The SOI provides critical information about your business, such as its address, officers, and registered agents. It is a legal requirement, and failure to file on time can result in steep penalties.
When to File
You must file an SOI within 90 days of forming your business or registering it with the Secretary of State’s office. After that, you must file the SOI every year by the anniversary date of your business’s formation or registration. For example, if you formed your business on January 1st, you must file the SOI by January 1st of every subsequent year.
What Information to Include
The SOI requires specific information about your business. This information includes your business’s name, address, officers, registered agents, and other pertinent details. It is crucial to provide accurate information, as errors can lead to delays in processing your filing or even legal disputes.
How to File
You can file your SOI online or by mail. The Secretary of State’s office has made it easy to file online through its bizfile portal, which allows you to submit your filing and pay any fees using a credit card. If you prefer to file by mail, you can download the necessary forms from the Secretary of State’s website and mail them along with a check for the applicable fees.
What Happens if You Do Not File
Failing to file your SOI on time can result in steep penalties. The Secretary of State’s office can assess fines of up to $250 for each year of delinquency. Additionally, if you fail to file your SOI for two consecutive years, the state can suspend your business’s registration or even revoke it.
Conclusion
Filing your Statement of Information with the State of California Secretary of State is a critical legal requirement for your business. By understanding what the SOI entails, when to file, and how to file, you can ensure compliance and avoid penalties. Be sure to provide accurate information and file on time to maintain your business’s standing with the state.
