FRANKFORT, Ky. (July 5, 2012) — Entities authorized to transact business in Kentucky were required to file annual reports with the Kentucky Secretary of State’s office and pay a $15 filing fee no later than July 2. More than 155,000 businesses satisfied the requirement, but nearly 37,000 failed to file their reports by the deadline and are no longer in good standing with the Secretary of State’s office, according to Secretary of State Alison Lundergan Grimes.
“I am pleased that approximately 81 percent of businesses timely filed their reports, with approximately 7,000 more timely filings this year compared with 2011,” said Grimes, Kentucky’s Chief Business Official. “Additionally, I am excited that more than 60 percent of the filings thus far have been submitted online, saving businesses and the state both time and money.”
Annual reports contain information such as principal place of business, officers, and service of process address. No financial information is contained in annual reports. “Annual reports are critical to providing the public accurate information about businesses operating in the state, which facilitates more efficient and confident relationships,” Grimes said.
Under Kentucky law, failure to file an annual report is grounds for administrative dissolution of domestic entities and revocation of foreign entities’ certificates of authority. Pursuant to statute, the Secretary of State’s office will advise by mail the businesses that failed to meet the July 2 deadline that they are not in good standing with the Secretary of State’s office. Those companies will have 60 days from the date on which the notice is mailed in which to file their annual reports before they are administratively dissolved or their certificate of authority is revoked. Conducting business in Kentucky after administrative dissolution or revocation of the certificate of authority may result in civil penalties.
Those entities that are no longer in good standing that they can file the required paperwork and pay the fee online at www.sos.ky.gov, in person, or via mail, Grimes said.