maintaining good standing: the best way to file annual reports
TRANSCRIPT
Today’s Presenters
Scott Mathews
Scott has been with CSC for six years. He is one of the leaders of the Corporate Solutions Manager Team, working with existing clients to maximize their partnership with CSC by providing assistance with important business filings, including annual reports.
Lauren Marshall
Lauren has been with CSC for over four years. She started her career with CSC as an Annual Report Specialist and currently works as the Annual Report Service team’s Corporate Trainer. Lauren focuses on continuing the teams education to ensure the most up to date customer service training and stays current on state requirements.
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Proprietary and Confidential 3November 6, 2017 Proprietary and Confidential
Where We are Today
180,000+Corporate
customers
10,000Law firm
customers
3,000+Financial
market
customers
60%Best global
brands
2,500+Employees
worldwide
We serve more than 180,000 businesses, including
90% of the Fortune 500®
We support 10,000+ law
firms, including the most
prominent in the U.S.
We providesolutions to
3,000+financial market
customers
We protect 60% of the100
best globalbrands,
including 8 of the top 10
We have more than 2,500
employees in over a dozen
countries, and in all 50 states
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• What is an Annual Report?
• Filing and Reporting Deadlines
• Filing Requirements
• Consequences of Not Filing
• Business License vs. Annual Report
• Reasons to Outsource your Annual Reports
• Benefits of using CSC
Agenda
What is an annual report?
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Requirement to maintain good standing in most jurisdictions.
Annual Reports can have a variety of names:
• Statement of Information
• Occupational Tax Report
• Annual List
• Franchise Tax Report
When are annual reports due?
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Due dates vary depending on the jurisdiction.
• Fiscal Year End
• Anniversary Month
• Anniversary Date
• One day annually as determined bythe jurisdiction
States have varying requirements which can also vary within the jurisdiction by entity type.
What if an annual report is missed?
• Large late fees will be assessed
o Illinois will assess additional late fees for every month the report is late, these fees can go into the thousands depending on your financials
o Illinois will revoke your entity 5 and a half months after the due date if the annual report is not filed
• Wyoming reinstatement fees can be over $10,000 if you fail to file your annual report within the allotted time frame
• The Missouri Secretary of State requires a tax clearance from the Department of Revenue to reinstate
• Utah will require you to re-qualify your entity!
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I did not file my annual report, now what?
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Loss of
good standing
Inability to obtain a good
standing certificateRevocation
Incur penalties,
fees, and interest
Loss of name
Inability to
bring a lawsuit
Ability to conduct
business is
compromised
Unable to open
a bank account
What are the consequences?
What about my business license?
Annual Report Requirements:
• Typically required for companies who are registered to do business with the Secretary of State
• Annual report requirements should be referenced by other state agencies when filing documents such as real estate or business license
• Entities file Annual Reports to maintain their good standing in a state
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Business License Requirements:
• Requirements at state, federal, county, and/or city level
o Filing required in over 160,000 jurisdictions
• Licensing authority examples are:
o Department of Health
o Department of Insurance
o City of Newark
• Depending on nature of business, multiple filings may be required.
Why you should outsource your Annual Reports Prep and Filing
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• Many states no longer send notifications
• No need to worry about changing due dates and requirements
• Avoid paying reinstatement fees, penalties and/or interest due to missed filings
• Save time, money, and resources while reducing risk
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• Audit of your current entity portfolio
• Update our Entity Management solution withyour entity data
• Assist with entities that are not in good standing
• Identification of In-House and CSC-Managed filings
• Filings are prepared in advance of the due date
• Filed documents saved in CSCNavigator®
• CSC will advance the state fees on your behalf
• Invoice options to fit your workflow
Benefits of using CSC Annual Report Preparation and Filing Service
• 24/7 access to CSCNavigator
• CSC Good Standing calendar is fully integrated with Annual Report Prep and File Service
• Filed documents filed and stored on theCSC Dashboard
• Point in time reporting of your entities status
• A dedicated annual report team to provide you with peace of mind
• Email updates from your dedicated Annual Report Specialist
Benefits of using CSC Annual Report Preparation and Filing Service
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Questions? Phone:
855.212.6198
Email:
Website:
cscglobal.com