ONE of the most important things businesses must do is make sure to stay current on all licensing, reporting and certification requirements. Can you guess the most common renewal we see business owners miss? The annual report with the State of Michigan- the very report that is required by law to keep your business in good standing!!!! Far too many times, we have seen business owners forget or lose track of time, fail to the file the annual report and find themselves in danger of not being in good standing with the State. While slipping into bad standing with an LLC may not stop you from transacting business in the State initially, it most certainly can impair your ability to obtain certain contracts, maintain contract compliance, delay business transactions and put relationships with lenders and other third parties at risk. If the report goes unfiled long enough, you chance your business name being made available to any other LLC, corporation or partnership!
The State’s Limited Liability Company Act requires the annual report to be filed every year. On Friday, February 5, 2016, the Department of Licensing and Regulatory Affairs issued an official reminder regarding the upcoming filing deadline that also details the State’s requirements for annual reports. Take a look at the bulletin below! Remember, file your annual report by February 15!!! Avoid delinquent fees in some cases and potentially jeopardizing your good standing with the State!
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