 By Attorney Edward Jesson
After completing the numerous steps to form a business, business owners frequently forget (despite the friendly reminders from the Secretary of State’s Office) that they have to file annual reports with the North Carolina Secretary of State to keep their business active. 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. 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. You may also have to pay higher fees to reinstate your business once it has been dissolved by the Secretary of State’s Office. 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!
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 By Senior Associate Heather McKaig
We frequently get panicked phone calls from parents who have spent so much time planning their first vacation away from their kids that they forget to plan for worst case scenarios if something happens to them while they are traveling, and they’re leaving in just a few days. We can alleviate worry while travelling with our Kids’ Protection Plan. Naming long-term guardians in a will is crucial, but it is often insufficient to fully safeguard your children if something happens to you. A will is only filed after you pass away, and won’t account for some risks of travel, i.e, if you are detained, delayed, sick, or injured while abroad. The appointment of a legal guardian in those situations might take weeks. To eliminate any gaps in your kids’ care plan, we offer comprehensive services that go beyond naming guardians in a will. Our Kids’ Protection Plan covers every detail: Temporary Standby Guardian Appointment: Legally appoint trusted individuals who can quickly respond to your children, ensuring they are never placed in state custody if something happens to you (even for a short time). This is especially critical if your long-term guardians are not within 20 minutes of your child. Instructions to Caregivers: We provide an emergency response plan for babysitters, your child’s school, or any caretaker, detailing exactly what to do in case of an emergency. This directs your children to be placed with legally appointed Temporary Standby Guardians, reducing the risk that your children will ever wind up in state custody. Emergency ID Cards: ID cards for your wallet inform first responders that you have minor children and provide contact information to ensure your children are always in the care of those you have selected. Exclusion of Guardian: Clearly specify individuals whom you would never want to raise your children under any circumstance. Power of Attorney and Medical Power of Attorney: Appoint someone you trust to make important decisions or provide medical authorizations for your children if you are unavailable and a long-term guardian has not been appointed yet. Instructions to Guardians: Share crucial life-shaping guidance with your children’s guardians, including values, family traditions, education plans, discipline, spiritual upbringing, and other important wishes on how you want your children raised. Recorded Legacy Interview: Preserve your intangible assets in a recorded interview that can be shared with your children and loved ones— your stories, values, and insights. While you plan the logistics of your next vacation, it’s essential to explore the logistics of “what would happen” to your kids if something happens to you. Make sure there are no gaps in your plan and that your decisions are legally documented. Our Kid Protection Plan is now included with all levels of our estate planning. Call us to learn how we can help you implement this protection plan for your minor children. |
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