Don't Forget to File Your LLC's Periodic Report

Don't Forget to File Your LLC's Annual Periodic Report

Owning an LLC comes with responsibilities beyond daily operations. One crucial annual task is filing your Periodic Report with the Secretary of State. Failing to do so can lead to penalties, loss of good standing, and even business delinquency status. Let’s break down what you need to know and why timely filing matters.

 

What is a Periodic Report?

A periodic report is a yearly filing required to keep your LLC or corporation in good standing with the state. It provides updated information about your business, including your principal address and registered agent details. Filing is done through your state’s Secretary of State website, and many states, such as Colorado, only allow online submissions.

 

Example: Colorado Periodic Report Requirements

In Colorado, LLC owners must file a periodic report annually through the Colorado Secretary of State website. Here are the key details:

• Due Date: Annually, by the end of your LLC’s registration anniversary month.
• Filing Window: You may file up to two months before the due date.
• Late Filing: If you miss the deadline, you have a two-month grace period to submit a late report with a $50 penalty.
• Filing Fee: This will vary by state.  In Colorado it’s $10 (for both LLCs and corporations).

Why It’s Important to File On Time

Filing your periodic report on time ensures your business remains in good standing. Failure to file results in a ‘noncompliant’ status and can escalate to ‘delinquent’ status if left unresolved. A delinquent business loses liability protections and may face additional fees and administrative hurdles to regain good standing.

Consequences of Missing the Deadline

• Noncompliance Status: You’ll be listed as noncompliant on the Secretary of State website.
• $50 Late Fee: Applied if you file within the two-month grace period.
• Delinquent Status: Requires filing a Statement Curing Delinquency, an additional fee and additional paperwork to restore good standing.

What You Need to File

The filing process is quick and straightforward. In most states, the online form is pre-populated with your existing business details. You’ll need to review and confirm the following information:

• Principal office street address
• Registered agent’s name and street address (No P.O. Boxes allowed)
• Name and address of the individual filing the report

Pro Tip: Sign Up for Email Reminders

Many states, including Colorado, offer free email reminders to help business owners stay on top of their filing deadlines. Be sure to register for these notifications to avoid missing your due date.

 

Stay compliant. File on time. Protect your business!