Archive for February, 2014
If you own a corporation in Massachusetts, then you probably have to file your Annual Report with the Secretary of the Commonwealth by March 15, 2014.
Under the General Laws of Massachusetts, every corporation authorized to do business in Massachusetts MUST file an Annual Report with the Corporations Division within 2 1/2 months from the close of its fiscal year. Since many small businesses use the calendar year as their fiscal year (i.e., they close their books on December 31), then most small corporation owners MUST file the Annual Report by March 15, 2014 (which is 2 1/2 months from the end of the December 31st fiscal year).
An Annual Report provides the Secretary of the Commonwealth (and the rest of the world since the Report is a public document), with updated information about your business. The form includes information about the business name, its current location, its current officers and directors, and the general nature of the business.
Failing to file the Annual Report could lead to your corporation being dissolved by the Secretary of State. This can end up exposing your assets to personal liability because you could lose the legal protections that the corporation provides.
The Annual Report can be mailed in to the Secretary of State, Corporations Division with the correct filing fee OR it can be filed online. In this earlier video post, we provide you with detailed instructions on how to file your Annual Report online.
If you’re still uncomfortable with doing it yourself, you should consult with your business lawyer or tax preparer for some assistance.