Do You Know if your Entities Are in Compliance?

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Learn about annual report filing, why it is necessary and how e-filing can increase efficiency and cost-effectiveness.

Learn about annual report filing, why it is necessary and how e-filing can increase efficiency and cost-effectiveness.

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  • 1. Do You Know if your Entities Are in Compliance? Too Many Annual Reports to File, Too Little Time Presented by: Maureen Cathell Jennifer K. Mailander
  • 2. About Maureen Cathell • Workflow Coordinator for the Annual Report and Business License Departments. • 26 year tenure with Corporation Service Company; focused in Corporate Compliance and Governance. • Responsible for developing processes and procedures for Annual Reports and Business Licenses based on customer's needs and State law changes.
  • 3. About Jennifer Mailander • Attorney and Product Manager with Corporation Service Company. • Extensive experience in corporate and commercial law, compliance and risk management. • Maintains key relationships with law firms, strategic partners, clients, and industry organizations.
  • 4. Overview • What is an Annual Report? • Why do I have to file one? • Will I be notified when my Annual Report is due? • Why is e-filing of Annual Reports encouraged? • Every company wants to improve the efficiency and cost-effectiveness of managing its Annual Report filings, but what’s the best way?
  • 5. What is an Annual Report? • In most states, companies who do business in that state are required to file Annual Reports to maintain their good standing status • There are a variety of names for these annual filings – Annual Report – Franchise tax report – Biannual status – Listing of officers • What’s required in these reports? – Varies by state – Officer & Director – Updated address – Sometimes financial information
  • 6. Annual Report Requirements • Not every state requires Annual Reports – There are 6 that require no filing with the SOS • AL, MD, OH, PA, SC, TX • Not every state allows for electronic filing • What happens if I don’t file? – It’s not pretty! • When are my Annual Reports due? – AR, DE, IL, WI – based on issued shares and assets. – NM – filings are odd and even years.
  • 7. Annual Reports v. Business Licenses • Annual Report – Typically required for companies that do business in a state – Entities file Annual Reports to maintain their good standing in a state • Business Licenses – Dependent upon your business and industry – Almost all companies must maintain some type of license to operate a business – Companies might be required to file at the federal, state, county or municipal levels of government – The U.S. has over 150,000 state and local licensing offices that might have licensing requirements
  • 8. CSC Annual Report Preparation & Filing Service • When you utilize CSC Annual Report Preparation & Filing services, CSC… – Conducts an initial audit of the status of all your entities in every jurisdiction – Updates your entity information in our web based Entity Management system – Prepares Annual Report forms on your behalf, file the required documents, and advance state fees directly to the Secretary of State – Invoices you with one fee per entity, per jurisdiction – Maintains strong working relationships with SOS
  • 9. Stress-free Annual Report Compliance with CSC • CSC prepares the Annual Report paperwork approximately 30 days prior to the deadline. – If a form requires your signature, we send you the paperwork to sign, you return to us and we file it. • Once we complete an Annual Report filing, we confirm to you that we’ve satisfied the requirement for you. • We also conduct an annual entity audit for all customers of the ARP&F service. – This audit ensures the continued good standing of all your entities in every jurisdiction where you do business.
  • 10. Bringing it All Together with CSC • How does CSC manage the Annual Report data? • We rely on the CSC Entity Management tool: RecordsCenter. – Data management – Document management – Collaboration – Reporting
  • 11. Why You Should Outsource Annual Report Preparation and Filing • What’s the benefit of having CSC do my Annual Report preparation and filing? – Many states are no longer sending Annual Report notifications • Easy to accidently fall out of compliance – You can stop tracking each state’s Annual Report filing deadlines. • For many companies, this process is managed by a person who has 3-4 other jobs – You can stop worrying about researching and identifying the requirements in each jurisdiction you must file in – You can stop keeping track of what states now accept electronic filings – Avoid paying reinstatement fees, penalties, interest, and even the cost of cutting and mailing checks – You can reduce the risk of missed filings and loss of good standing. – CSC saves you valuable time, money and scarce resources.
  • 12. Questions & Answers Maureen Cathell Jennifer K. Mailander mcathell@cscinfo.com jmailand@cscinfo.com 800-927-9801 x3162 800-927-9801 x3467 Q&A To ask a question, please type your inquiry into the Q&A panel www.CSCGlobal.com © Corporation Service Company 2009
  • 13. About CSC • Privately-held, 110+ year old company headquartered in Wilmington, Delaware • CSC operates offices in the US, Canada, Germany, France and the UK and employs over 1,000 people worldwide • CSC is dedicated reducing risks and costs for our clients by providing Corporate Governance & Compliance Services, Corporate Identity Protection Services, Litigation & Matter Management Services and Deal & Transaction Support Services. • The CSC suite of Corporate Governance & Compliance Services includes: – Registered Agent Services – Annual Report Preparation & Filing – Business Licenses, Permits & Tax Registrations – Web-based entity management system including compliance calendar – Corporate Entity Tracking For more information about CSC, please email WebSeminars@CSCInfo.com