New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.


Do I have to pay again to restart my business?

Asked by: patricia  — 22 May, 2011

I had paid for my business to be incorp. with the state. I think have number, but hasn’t done anything. Now trying to get it started back up – do I have to pay again?

Answered by: admin  — 22 May, 2011


Depending on your company’s state of formation and length of inactivity, most likely you will have to settle the costs of filing your Annual Report(s) before your company would be able to be considered to be “in good standing” with your respective Secretary of State office.

Many states require an Annual Report every year, some states require you file every other year, while others, depending on the entity type (i.e. Corporation or LLC) carry no filing fee for the Annual Report at all.

I would suggest contacting your Secretary of State office, they would be able to tell you exactly what your business would owe in Annual Reports, and if applicable, taxes and penalties for late filing to be in good standing and able to conduct business.

Again, without knowing your home state or length of time spent inactive, it’s impossible to deliver you a direct answer to your question.

I hope you were able to find this information of some assistance.

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