What Is a Statement of Information?

Statement of Information FAQs

What is a Statement of Information and why do I need to file one?

A Statement of Information is a form you must file with your state government to keep your business records up to date. Your state needs this information to know where to send important legal notices and to keep track of who runs your business. Banks and other companies also check these records to make sure your business is legitimate before they work with you. The Statement of Information is just for the state to keep their records current.

How often do I need to file a Statement of Information?

How often you file depends on your business type and what state you're in. In California, corporations must file every year, while LLCs only need to file every two years, and the timing is based on when you first registered your business. Some states require filing every year, while others might only require it every five years. You'll need to check your specific state's requirements since they're all different.

What information do I need to include in my Statement of Information?

You'll need to provide basic details about your business and the people who run it, including your business address, mailing address, and your business registration number. You'll also need to list the names and addresses of your key people. For corporations, this means your directors, officers, and registered agent. For LLCs, you'll list your members and your registered agent. Some states, like California, also ask about your business activities and whether you've had any issues with labor laws.

Can I file my Statement of Information online?

Yes, most states now let you file online, which is usually faster and easier than mailing paper forms. You can do it anytime, pay with a credit card, and get confirmation right away. You'll need to create an account and have all your business information ready. If you prefer paper forms, you can still mail them in, but they take longer to process and usually need to be notarized.

What happens if I don't file my Statement of Information on time?

Missing your filing deadline can cause serious problems for your business. First, you'll get a warning notice giving you about 60 days to file before penalties kick in. If you still don't file, you'll face fines, and your state can suspend or dissolve your business entirely. You can't legally operate, sign contracts, or renew licenses. In some cases, you might even become personally responsible for business debts. It's much easier and cheaper to just file on time.

How much does it cost to file a Statement of Information?

Filing fees are usually pretty affordable, but they vary by state and business type. These fees are much lower than the penalties you'll face for not filing. The fee is usually the same whether you file online or by mail, but online filing is faster and you get instant confirmation.

Should I use a service like LegalZoom to file my Statement of Information?

Using a filing service can be helpful if you're busy or want someone else to handle the paperwork and deadlines. These services will prepare your forms, file them for you, and send you reminders when it's time to file again.If your business information is straightforward and you're comfortable with basic forms, you can probably file directly with your state and save money. The choice depends on how much your time is worth and how comfortable you are with paperwork. Either way, the important thing is making sure it gets filed on time.