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The Importance of Filing a Statement of Information

The Importance of Filing a Statement of Information

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Importance-of-Filing-a-Statement-of-InformationFiling a statement of information for your LLC is an important part of keeping your business in good standing with the state. Most states require that you file a statement of information once a year. The due date is typically around the anniversary of your LLC formation in San Diego, CA.

If you don’t file a statement of information, your LLC will be out of compliance with the state. This can lead to fines and penalties, and in some cases, your LLC may be dissolved. Keep reading!

What is a statement of information?

A statement of information for an LLC is a document filed with the state that provides basic information about the company. This includes the names and addresses of the LLC’s members, managers, and registered agent. The Statement of Information also lists the LLC’s purpose, address, and contact information.

A statement of information is vital for anybody who has concerns about a business. The statement should highlight the company’s activities over the previous year. It will provide this information by including financial performance in the form of a statement. This allows interested parties to observe how the firm is being run. In California, it’s filed with the Secretary of State and is available to the public.

The required details may differ by state, but regular details that you must include are:

  • Balance sheets
  • Accounting policies
  • Profit and loss reports
  • Cash flow statements
  • Director’s report
  • Auditor’s report
  • An operations and finances overview

How do you file a statement of information?

You can submit the Statement of Information for your company in two different ways.

  • Online: First search the company name and then input your company and credit card information.
  • By mail: You can download the form on the Secretary of State’s website by going to the  Annual/Biennial Statement page.

The best approach is to file online. Not only is it handy, but the state may take weeks to process mailed statements. You don’t want to be charged a late fee if officials do not receive yours in a timely manner.

Your Statement of Information must contain the following details:   

  • Company name and address
  • The officer’s name and address
  • Work description
  • Your California registered agent’s name and address

A Statement of Information is required by California law regardless of whether a firm or LLC has yet to begin operations.

What happens if you don’t file a statement of information?

If you don’t file a statement of information for your LLC, you may be subject to late fees, penalties, and ultimately, the dissolution of your company. So it’s important to make sure that you file it on time and keep your LLC in good standing with the state.

What-is-a-Statement-of-InformationWho can I turn to for my LLC formation in San Diego, CA?

If you’re considering forming an LLC, David York’s Tax Service are the experts who can assist you with the paperwork needed to create one in San Diego County. From choosing the best name for your company to guiding you through your Articles of Organization, we’ll be with you every step of the way.

We’ll also give you expert advice on which business structure is appropriate for your needs. Our specialists can also assist you in understanding the tax consequences of establishing an LLC and advise you on how to follow state and federal laws. Get in touch with our experts today!