Some states require that you file an Initial Report upon forming your business. This presents one more task and deadline to keep track of.
Elect S-Corp status to change how an existing corporation or LLC is federally taxed.
In some states, corporations or LLCs are required to pay annual fees and taxes for the privilege of operating as a state-level entity. In addition to these taxes, some states also require that you submit information about business activities and any changes to your principals or addresses. In some states, this information is referred to as an Annual Report, or Statement of Information.
Please note that under most conditions (whether a new business, conducting business, or not conducting business at the time, etc.) you are required to file according to your state's schedules. Schedules for filing vary by each state. If you fail to provide the required information on time, in addition to penalties and late fees imposed by your state, your corporation or LLC could be subject to suspension or even dissolution. Some states require that you file an Initial Report upon forming your business. MyCorporation can take this task off your plate by filing the Initial Report for you.
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In most states, the initial report is due shortly after the corporation is formed. Failure to timely file could result in a penalty. Keep in mind that the filing deadlines and requirements are not the same for every state, and you should confirm with the state in which you are incorporated. MyCorporation will automatically check the due dates when an initial report order is placed.
Information required generally includes the following:
In addition, many states will require information on share issuance, assets, and property. Since requirements vary by jurisdiction, we'll make sure your documents are filed correctly.
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