Don’t Be Fooled When Filing Your NJ Annual Reports
- On February 19, 2020
A New Jersey Annual Report is a yearly document that nonprofit and profit-based corporations must file. In addition, Limited Liability Companies (LLCs) and Limited Liability Partnerships (LLPs) must file the same report. The content of the report outlines the status of an organization. The main reason for filing annual reports for your company is to inform the state of any changes made to your company’s basic contact information. By completing this requirement, you can keep your business compliant and in good standing with New Jersey. If you fail to file an annual report, you may initially be subject to additional fees or fines. New Jersey will dissolve your LLC if you leave an annual report unsubmitted for more than two (2) years. For this reason, it is very important to take this requirement seriously and always remain up-to-date with your annual reports. The Division of Revenue sends reminder notices to businesses three months before due dates. Company reports are due on the last day of the company’s anniversary month in the state of New Jersey.
BEWARE of other companies that mask themselves to look like the State of New Jersey. There are a growing number of companies out there that send official-looking documents that look like they are coming from the State of New Jersey regarding the need to file your annual report. They ask you to fill in all of the information and then charge you a fee of about $135.00-$175.00. However, you have to read the entire notice and make sure you do not skip over the “fine” print, which in most cases, is towards the top third of the paper. If you look carefully, the language is usually in all CAPS, and it will say that they are not a governmental agency. They do not have a contract with any governmental agency to provide their service. Their return envelope will also have a Trenton, NJ address making it seem more official. What they are failing to tell you is that you can file your annual report online for usually less than half of the amount that these private companies are charging you.
The actual filing process for annual reports is quite simple since they do not require a lot of information. If you file your own annual report, the biggest challenge is remembering your due dates year after year to avoid fines and/or dissolution. Do not be fooled and let your hard-earned dollars be taken advantage of when filing your NJ annual report every year.
Blake R. Laurence, Esq., shareholder at Davison-Eastman-Muñoz-Paone, P.A., concentrates his practice in estate planning, administration, corporate transactions and landlord-tenant work. He may be reached at 732-462-7170.