PROVIDENCE, R.I. (March 24, 2008) -- Secretary of State A. Ralph Mollis is reminding companies that do business in Rhode Island that they have until March 31 to file their 2008 annual reports with his office or face the loss of their corporate status.
State law requires for-profit corporations to report the names and contact information of their officers and board of directors among other information to the Secretary of State at the beginning of every year. More than 35,000 companies are subject to the requirement. As of March 17, about 8,000 had not yet filed.
"Annual reports are a way to promote your company. Filing demonstrates your business is committed to openness and showcases your officers and directors. And that can provide peace of mind to people considering doing business with you," said Mollis.
For the first time, entrepreneurs no longer have to visit the Secretary of State's Providence office in order to file. Thanks to improvements to its website last year, business owners now can file online at http://www.sec.state.ri.us/corps/file-annual-reports-online.
In order to ensure security, the Secretary of State assigned every company its own unique Customer Identification Number and Personal Identification Number order.
"Business no longer operates in a 9-to-5 world. When I campaigned for office, I vowed to use technology to make it easier to do business in Rhode Island. Now companies can do business with us 7 days a week, 24 hours a day from anywhere in the world," said Mollis.
Business owners can still choose to file by mail or in person at the Secretary of State’s 148 West River St. location in Providence.
Under state law, for profit corporations have until March 31 to file their annual reports or face a $25 fine. Failure to file an annual report can result in the revocation of a company's Certificate of Incorporation or Certificate of Authority.
Those certifications provide companies with the legal basis for conducting a variety of business-related activities in Rhode Island such as direct sales. In 2006, more than 2,600 companies lost their corporate status as a result of failing to file.
At other times of the year, non-profit corporations and limited liability companies are also required to file annual reports with the Secretary of State.
"As the department of state charged with corporate record-keeping, my office is committed to giving Rhode Islanders access to up-to-date and accurate information. I want to thank the business community for being my partner in that endeavor," said Mollis.
Secretary of State Mollis is committed to making it easier for Rhode Islanders to vote, helping businesses grow and making government more open and accessible. For more information about the programs and services the Secretary of State offers Rhode Islanders, visit http://www.sec.state.ri.us.
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