If you’re a San Francisco business owner who recently filed Articles of Incorporation with the State of California, congratulations on your new endeavor!
This is an exciting time, but there are still lots of boxes to check, including filing a Statement of Information.
Keep reading to learn more about what it is, which business entities need to file a Statement of Information in California, and how to file the quick and easy way.
What is a Statement of Information?
A Statement of Information is a document that keeps the state updated with information about participants in your company.
It’s required to keep your corporation or limited liability corporation (LLC) in good standing with the California Secretary of State, so don’t put off filing.
Which types of business entities must file?
Corporations and LLCs in San Francisco (and throughout California) must periodically file a Statement of Information.
This requirement applies to both California-based and foreign organizations and includes nonprofits, credit unions, and agricultural cooperatives active in the state.
California is one of only a few states that require this type of documentation.
What information is required?
The information required on a Statement of Information form varies slightly based on whether your business is an LLC or a corporation. In general, you’ll need to provide the following:
- The name of your LLC or corporation
- The Secretary of State entity number
- Physical address of the principal executive office
- Mailing address, if different from principal office
- The names and addresses of officers and directors (corporations)
- The names and addresses of managers and members, if applicable (LLCs)
- The name and address of the Chief Executive Officer, if appointed (LLCs)
- General statement of the business and services of the company
- Name and address of the Agent for Service of Process
The person who fills out the Statement of Information must also sign and date it at the bottom.
How often do I have to file?
California corporations and LLCs are required to file a Statement of Information form within 90 days of formation. After that, organizations must file every year or every two years. Specifically:
- Corporations registered in California are required to file an initial Statement of Information using form SI-550, then again every year during a specific six-month filing window, which is based on the original date of registration.
- LLCs registered in California are required to file an initial Statement of Information using form LLC-12, then again every 2 years during a specific six-month filing window, which is based on the original date of registration.
If at any time the name and/or address of the Agent for Service of Process changes or the agent resigns, you must also file an updated Statement of Information.
If nothing has changed between required filings, you should be able submit a “No Change” filing (Form LLC-12NC for LLCs; Form SI-550 NC for corporations).
What if I don’t file a Statement of Information?
Failing to file a Statement of Information on time with the Secretary of State can result in serious penalties from the Franchise Tax Board, including the possible suspension or forfeiture of your San Francisco business license.
Having your business suspended or forfeited is serious. It would severely limit your rights and powers.
For example, a suspended or forfeited company or LLC can’t conduct business in California or defend itself against a lawsuit. And once suspended or forfeited, it’s up to the Franchise Tax Board to reinstate your business.
Don’t take chances. Make sure you file your Statement of Information on time, and get help if you need it.
Let FastFilings Help with Your Statement of Information in San Francisco
Not sure how to fill out your Statement? Just leave everything to FastFilings. Our online ordering platform gives you the easiest way to complete your required Statement of Information in San Francisco. We can help you fill out your Statement of Information in just minutes.
Filing on time will keep you in good standing with the California Secretary of State so you can focus on what matters: running your business.