Most states are struggling with their states economy. States are running multi million dollar deficits. Especially hard hit are states with high unemployment rates such as California. Due to the budget shortfalls, many states are forced to cut back on personnel.
Due to the cutbacks, some states are taking longer to approve their corporate and LLC filings. California is one of the slowest to begin with but their budget problems has led to an increase in the delay of filing. They are now taking about 7-8 weeks to approve their normal non expedited filings. Arizona is takinga about the same amount of time to approve filings. Other states have seen increased wait times for approval.
Other states have implemented measures to speed up the approval process. Lousiana has made some drastic changes to increase their time frame from weeks to days.
Forming a LLC or forming a corporation soon? You can contact us and we can help you with your business filing needs.
After incorporating online, once the filing has been approved, there are additional forms to file. Once the articles of incorporation or articles of organization with the state have been approved, California and Nevada require additional filing to maintain the good standing of your business entity. Immediately after the filing has been approved, the state will send an additional document that must be followed within a certain time frame from the approval date.
California sends out a statement of information with the approved documents. The statement of information needs to be completed and sent to the state along with either a $20 or $25 filing fee depending on the entity type. You have 90 days from the day of the approval to have this form submitted to the state. Failure to do so will result in a $250 late penalty. Be sure to send along two copies of the signed document so that the state can send back the two copies stamped and approved.
Nevada sends back a initial list of managers along with the approved documents. The initial list of managers is usually due within 30 days of the approval date. The fee for both corporations and llc's is $125. Failure to submit the initial list on managers will result in a $75 late fee. Be sure to file this on time. The state also makes it fairly easy to file this form online at their website. They will send along instructions on how to complete this.
Both the initial list of managers and the statement of information is required every year to keep the company in good standing. Also, if things change within the company as to the members and owners, you can update this information using this form once a year.
Please let us know if you will be interested in forming a Nevada LLC, or forming a Nevada Corporation. We are based in Los Angeles, so we have alot of experience in registering a California LLC or registering a California corporation. Contact us today.