Overview of Biennial Statements
A biennial statement is a document that certain business entities are required to file every two years. This statement provides updated information about the company’s ownership. If you work in business, plan financial meetings, or volunteer for planning committees, understanding the purpose and importance of biennial statements is crucial.
Contents of Biennial Statement
The Biennial Statement must provide information such as the name of your LLC, your Service of Process address, the legal name of the entity, and contact information for the Registered Agent. It must also set forth the name and business address of its chief executive officer and the street address of its principal executive office.
Compliance and Consequences
Failing to file your biennial statement regularly and on time can lead to various consequences, including fees, tax penalties, and potential repercussions for your business. It is crucial to understand the reporting deadlines and requirements for each state in which you conduct business.
Additional Information
The California statement of information filing cost varies, with LLCs paying $20 for online filing and $30 for mailed paper forms. New York charges all businesses a $9 online filing fee for biennial statements. Most states require similar business update documents, with six states and Washington D.C. specifying biennial statements to be filed every two years.