Every business in Charlotte must file an annual report with the North Carolina Secretary of State to maintain active status. This guide explains the filing process, deadlines, and penalties for non-compliance, helping you stay ahead of your obligations.

1. What is the Annual Report?

The annual report provides the state with updated information about your business, including:

  • Registered agent details.
  • Principal office address.
  • Names of members or managers (for LLCs).

Who Must File?

  • Corporations.
  • LLCs.
  • Limited Partnerships.

2. Filing Deadlines and Fees

  • Deadline: April 15 for corporations; by the anniversary date of formation for LLCs.
  • Fees: $200 for corporations, $125 for LLCs.

Example:
A Charlotte LLC formed on May 15, 2023, must file its first annual report by May 15, 2024.

Pro Tip:
File early to avoid last-minute errors and penalties.

3. How to File Your Annual Report

Filing online is the easiest method:

  1. Visit the North Carolina Secretary of State website.
  2. Log into your business account.
  3. Update required information.
  4. Pay the filing fee.

Pro Tip:
Keep a copy of your confirmation email for your records.

4. Consequences of Non-Compliance

Failing to file your annual report can result in:

  • A $250 late fee.
  • Loss of good standing, impacting your ability to secure loans or contracts.
  • Administrative dissolution of your business.

Example:
A Charlotte LLC failed to file for three consecutive years and was dissolved, forcing the owner to re-register and pay additional fees.

Checklist for Filing Your Annual Report in Charlotte

  1. Mark your filing deadline on the calendar.
  2. Gather necessary documents (e.g., registered agent details).
  3. File online through the Secretary of State website.
  4. Save your confirmation email for proof of filing.

FAQs

1. Can I file my annual report by mail?
Yes, but online filing is faster and more secure.

2. Do nonprofits need to file an annual report?
Yes, nonprofits must also file but may have different requirements.

3. What happens if I miss the deadline?
You may face penalties and risk losing your business’s active status.

Staying compliant with North Carolina’s annual report requirements is essential for every Charlotte business. Polaris Tax & Accounting is here to help you file on time and keep your business in good standing. Contact us at our Charlotte office today.