As we’ve pointed out in a few recent blog posts (here and here), submitting periodic reports for businesses is necessary the keep them in compliance with state regulations. To shed some light on what these reports are and what they should include, below, we’ll answer some of the most common questions regarding periodic reports for businesses in Colorado.
Answers about Business Periodic Reports
Q – What is a periodic report?
A – Periodic reports are annual reports that businesses file with the Colorado Secretary of State. These reports, which become matters of public record, provide business entities with the opportunity to update their names, addresses, principal/registered agent(s), etc.
Q – Why do businesses have to file periodic reports?
A – Business, such as LLCs, nonprofits and corporations, have to file periodic reports so that they remain in “good standing” with the Secretary of State. By complying with this requirement, businesses can ensure that the most up-to-date info regarding that entity is available to the public.
Q – When do I need to submit my periodic report to the Secretary of State?
A – Periodic reports are due during the “Periodic Report Month,” which is the three-month period starting on the first day of that entity’s anniversary month of formation.
So, for instance, if a business was formed on April 15th, the periodic report for that business would be due between April 1st and June 30th each year.
Here, it’s also important to point out that:
- Periodic reports can be filed up to two months early.
- They can also be filed up to two months late (with the payment of a late fee).
- The due dates for a business’ periodic reports can change if the business is converted to a new entity.
Q – Will I receive a notice informing me of when my periodic report is due?
A – You will if you sign up for the email notification service provided by the Business Division of the Colorado Secretary of State’s office. While this service will send an email on the first day of a business’ Periodic Report Month, it will also provide business owners with other important info, such as the final day to file to remain in compliance, as well as how to file periodic reports online.
Q – What are the consequences of not submitting a periodic report?
A – Businesses for which periodic reports are not submitted on time will end up receiving a “noncompliant” designation. After this occurs, that entity will have two months to submit a periodic report before the status is changed to “delinquent,” meaning that it cannot legally conduct business in the state.
In order to reverse a “delinquency” status for a business and get it back in “good standing,” a Statement Curing Delinquency (or another appropriate document) will have to be filed with the Secretary of State.
Contact a Denver Business Lawyer at Downey & Associates, PC
If you need help keeping your business in compliance – or resolving any business legal matter, you can count on Denver Business Lawyer Thomas E. Downey. Since 1983, Thomas Downey and the other legal professionals at Downey & Associates, PC, have been providing individuals and businesses in the Denver Metro Area and throughout the U.S. with the highest level of legal service for their litigation, property tax and real estate legal issues.
To learn more about how we can help you and your business, call us at (303) 813-1111 or email us using the contact form on this page. From our law offices in Centennial, we serve clients throughout Colorado and the U.S.
