Biennial Report Overview
A biennial report is a report that companies publish every two years. The main objective is to provide updated company information to the state, including business name, owners, registered agent, addresses, and financial details.
Filing a Biennial Report in Iowa
In Iowa, LLCs, LPs, and nonprofit corporations must file a biennial report every two years during odd-numbered years. For-profit corporations file biennial reports on even-numbered years. Online filing through Fast Track costs $30, with immediate processing.
Consequences of Not Filing
If a business doesn’t file its biennial report by the deadline, penalties apply, and the company could eventually be dissolved, resulting in the loss of liability protection. It is crucial to stay current to avoid issues.
To file in Iowa:
- Login to the Fast Track website.
- Select "File Biennial Report" and enter the business ID number.
- Provide details such as the registered agent.
Filing online costs $30 with immediate processing, while filing by mail costs $45 with 7-14 day processing. Staying current allows you to get a Certificate of Standing, which may be requested by banks to confirm good standing.
If your LLC operates in other states, register there as a foreign LLC too and stay current on all state requirements to avoid penalties. Maintain compliance and focus on contributing unique skills and global thinking.