By Jeremy Billings

Spring is almost here! The days are starting to get warmer, your fear of Charlotte traffic in the snow is fading, the birds are chirping, the flowers are blooming, and … OH NO! - you forgot to file your Annual Report! Many business owners forget that they must file a report with the North Carolina Secretary of State every year to keep their business in active and good standing with the state.

The Annual Report is used to keep the business records up to date with the Secretary of State. Most businesses formalized with the Secretary of State’s Office need to file an Annual Report, such as Business Corporations, Limited Liability Companies (LLC), Limited Liability Partnerships (LLP), and Limited Liability Limited Partnerships (LLLP). Non-Profits, Limited Partnerships, Professional Corporations (PCs), and Professional Limited Liability Companies (PLLC’s) do not have to file an Annual Report. There is also a filing fee due with the Annual Report. For LLC’s and partnerships, the fee is $200, and for corporations, the fee is $25.

The due date for your business’s annual report depends upon the type of business, but generally April 15th is the deadline for most businesses. For corporations and partnerships, the annual report is due to the Secretary of State’s Office the 15th day of the fourth month following the entity’s fiscal year’s end. For example, if your fiscal year ends on December 31, your annual report for that year is due on April 15th.

Jesson & Rains offers a yearly plan for businesses that includes filing the annual report, among other things. This plan helps to ensure your privacy (if your business is ever sued, the lawsuit will be delivered to our office’s address); you will be less likely to fall victim to a scam (we will sort through and destroy junk mail); you will be more organized and have less paper (we will scan and forward your mail immediately to your attention after sorting); and we will ensure that corporate records and Secretary of State records are kept up to date.

As a part of this plan, Jesson & Rains will also assist in filing the necessary documents in response to the Corporate Transparency Act (“CTA”), which requires companies to disclose beneficial owner information to the U.S. Department of Treasury’s financial crimes agency “FinCEN”. As of today’s publication, the CTA is still valid law and the FinCen reports are required.

We also offer an upgraded yearly plan that includes unlimited telephone access to attorneys throughout the year.

The consequence for not filing an Annual Report and/or paying the fee is that the Secretary of State can administratively dissolve your business. This means that you can lose the liability protection you enjoy by being a business, and a creditor may be able to come after your personal assets.

If you have questions about filing your Annual Report or want to learn more about the annual plan services offered by our firm, you can click HERE, or feel free to reach out to Jesson & Rains directly! ​

By Senior Associate Heather McKaig

Roses are red, Violets are blue, relationships change, your planning should too! Valentine’s Day is a great time to make sure that your estate plan matches your relationship status. Changes in relationships mean changes in priorities.  As estate planning attorneys, we focus on your priorities when it comes to designing a plan for your assets, your decisions, and your loved ones. If every relationship status was a candy heart, this is what we would advise:

“FEELIN’ MYSELF”    Flying solo?  If you die without a will or trust, your assets are distributed to relatives according to a hierarchy set by the laws of NC.  With a will or trust, you direct who inherits your assets after you die. If you are incapacitated and unable to make your own decisions about your finances or your healthcare, the courts will appoint a guardian to control your financial and healthcare decisions. That guardian might not be the person you would have chosen yourself to make decisions for you. We can prepare power of attorney documents in which you designate the people you want making those decisions for you.

“LUV U BOO”     Partnered up but not married? NC does not have common law marriage, so if you are not married and you want your partner to inherit from you, we can help you do that through a will or trust. Do you want your partner to make financial or legal decisions for you? Do you want them to be there in the hospital with you to make your healthcare decisions in the event you can’t?  To make sure you can always be there for each other, you need to be named in power of attorney documents.

“I WOOF U”    Disappointed in humans and only speaking to your dog?  We can help with pet trusts to make sure that after you are gone, your furry family member is cared for in the manner to which they are accustomed!

“4EVER”    In sickness and in health? Just because you’re married does not mean that your spouse is able to make decisions for you if you can’t.  Your spouse is presumed to be your agent in healthcare situations in NC, but not for financial, legal, or in personal business decisions.  And, under NC law, your spouse does not automatically inherit all your assets when you die. You and your spouse should review and revamp your estate plans and powers of attorney together with one of our estate planning attorneys.

“FREE”     I-N-D-E-P-E-N-D-E-N-T?  Time to redo your documents and plot your own course. Be sure your ex is not named as a beneficiary or a power of attorney for you.  New estate plan documents make sure you have only the people you want acting for you and as your beneficiaries.

“MISS U”    Til death do us part?   If you lose a loved one, we can help with the administration of their estate or trust, and, when you’re ready, we can help you set up a new estate plan for yourself.  And we can help you with new power of attorney documents, if necessary, to name someone to make decisions for you if you can’t.

Whatever your relationship status this Valentines Day, Jesson & Rains can help you take care of yourself and those you love!