Importance of a Statement of Information
A Statement of Information is an important document that provides the government with important information about a business or corporation. It is also known as an ‘annual report’ and is typically used by corporations and limited liability companies (LLCs) to provide information on the ownership and activities of the company.
The Statement of Information is required to be filed yearly with the respective state in which the company is registered. It is also used to update important information about any changes in ownership, officers, and directors, along with other updates and amendments about the company.
A Statement of Information can be used to verify the authenticity of a company, ensure compliance with regulations, and provide proof of a company’s own existence. This document can also be used by banks when custodying assets, to identify business activities, and for business credit checks.
How to Prepare a Statement of Information
Preparing a Statement of Information doesn’t have to be difficult, and often the required documents are simple to fill out. Typically, this information is requested by the state in which your business is registered, and this information is then filed with the registrar of corporations.
To prepare, you’ll need to first gather the necessary documents in order to complete the form. Many states require that the Statement of Information be verified with either a notary or the director of the company. Almost all corporations must submit this form, with some exceptions for schools, charities, and other non-business entities.
Once you’ve gathered the necessary documents, it’s recommended to make sure you double-check all information before submitting to the state. Omitting key information often leads to rejection or delays in processing.
Legal Requirements for Filing a Statement of Information
When filing the Statement of Information, it’s important to adhere to both state and federal legal requirements. Legal requirements generally fall into two categories: corporate organization requirements and annual filing requirements.
- Corporate Organization Requirements – All corporations are required to hold annual meetings in order to maintain their corporate status. Typically, the officers must be able to produce a Statement of Information anytime they are requested, and often post-dating or notarizing the form is required.
- Annual Filing Requirements – Most states require corporations to file an annual or bi-annual Statement of Information for the purpose of keeping the state’s corporations records up to date. When filing an annual report, corporations must include a filing fee.
