REVOCATIONS ARE NEAR

As we all know by now, annual reports were due by May 1^st. Any company that has not filed this yet with the Division of Corporations at the Secretary of State is currently late and a late fee will be imposed. But there are worse things to come – revocations and dissolutions.

Annual reports are due by May 1st of each year. A $400 late fee is now in effect for all who have failed to file. If it is not filed by September 19^th then administrative dissolution or revocation of the business will occur by close of business September 26^th.  If this occurs, the company is no longer a valid or legal company. This means that any business done is not legal, as well. After a year of being revoked or dissolved, the name of the business is made available for anyone to use and you will no longer have any claim.

YOU CAN NOT start a new business with the same or similar name and expect that the license is still valid because the name has not changed. The new company will have a different document number and should have a different FEIN if done correctly. That would mean that a Change of Status from One Qualified Business to Another application will have to be filed for the license to qualify an active company.

How do you know if you are current? Click here to search your business on the Dept. of State’s website. Find your business and at the bottom of the company information page there will be a list of Annual Reports and the dates they were filed. If you don’t see a 2014 date, you know your late!

***This does not apply to new businesses created in 2014.