As a business owner you are familiar with the Statement of Information, and depending on your type of business you fill it out and pay ever year or two. But what is it anyway?
Every corporation or LLC that registers to do business with the state of California is required to file and pay the fee within 90 days of registering. Then depending on the type of business file a new return with updated information or a No Change filing.
What is required?
For a corporation you will be required to list at least three corporate officers, corporate address and contact information. If an LLC you also must list your business address and who the managers are of the organization. All types of entities must list an Agent for Service of Process.
A business entity has both rights to operate in the state where it is located and responsibilities. The purpose of the SOI is to keep the state informed about who is running the business and where it is doing business. The information is also publicly available so that interested parties may get in touch with a business to give it pertinent information or payment, to hold it responsible for wrong doing, and to be able to contact your businesses in case of say, an eminent domain issue.
An important thing to understand is that the Statement of Information is public record. Whatever information you list on your filing will be made available to the public so be sure you do not list any personal information unless required.
And now you know where some of that business junk mail comes from!
Each state will have different requirements, filing deadlines, and payments so make sure you check with your state entity to understand what you will need to do. If you are in California you can get more information here at the Secretary of State’s website.