Archives for LLC Setup

Screen Shot 2017-02-12 at 4.12.40 PM

It’s Time to File Your Biennial Reports in Iowa!

If you have an Iowa LLC, PLLC, LP or nonprofit, it's time to file your Biennial Report with the Iowa Secretary of State!

What is a Biennial Report?  I thought you might ask!  It's the one report you have to file every two years to keep your company active in the state of Iowa and you can find all the other details in my full run down here. Remember, the deadline to file is April 1, 2017 but don't wait that long.  I always recommend getting your filing done early.  If you miss the deadline, your company will soon be automatically dissolved by the State of Iowa. I thought this year we could address some Frequently Asked Questions.  So here we go!

Q:  How much does it cost to file the Biennial Report?

You can file online.  It's fast, easy and the fee is only $30.  If you don't have an Internet connection (how are you reading this anyway?) then you can file by mail and the fee is $45. Fees are lowered for cooperative associations and nonprofits.  Fees may change from year to year, so check with the Iowa Secretary of State for a current fee schedule. Here's what it looks like when you start the process:Screen Shot 2017-02-12 at 4.11.10 PM

Q:  What are the key dates?

Biennial reports are due every two years (hence the name) and the deadline in any given year is April 1. Corporations, professional corporations (P.C.s) and cooperative associations file on even numbered years (2016, 2018, 2020, etc). Limited liability companies (LLCs), PLLCs, LPs and nonprofits file in odd numbered years (2017, 2019, 2021, etc). But don't worry, you'll get an email and/or letter in the mail each year reminding you when it's your company's time to file.  

Q:  What if I miss the deadline?

The good news is there's no late fee per se.  The bad news is you'll be automatically dissolved if you wait too long, and then you'll need to undergo a timely and costly reinstatement process.  Typically, you will be dissolved by August if you miss the deadline. In between April and August there is sometimes room to still get your filing done.  If you find yourself in this situation, either give me a call or call the Secretary of State directly.  Don't delay, time is not on your side.

Q:  So who is allowed to file the report?

The Secretary of State is very broad with this one, generally allowing anyone "with authority" to sign.  This can mean anyone from the Manager of the LLC, to a Secretary or President or Board Member or attorney.

Q:  Do I need to send in an original filing?

No, no original signatures are needed, you can do the whole process online and it will typically take less than 15 minutes.

MORE

For more information, I'm always happy to help.  You can reach me by the Contact Me button at the top of the page. You can also contact the Secretary of State directly here: Iowa Secretary of State Business Services Division First Floor, Lucas Building 321 E. 12th St. Des Moines, IA 50319 Phone: 515-281-5204 Fax: 515-242-5953 Email: sos@sos.iowa.gov File Online: https://sos.iowa.gov/file/br/login.aspx
Read more
open-for-business

Businesses Come In All Shapes and Sizes!

I had a fun reminder this week that businesses come in all shapes and sizes! Just this week, I've filed paperwork to setup new LLCs for:
  1. A restaurant adding a new location
  2. A business management and consulting company
  3. A company that sells online on Amazon
  4. A real estate investment company purchasing a new rental property
  5. A real estate investment company purchasing a new farm
  6. And perhaps my favorite....a business based entirely online playing video games!
To the next generation of business entrepreneurs, remember that when your parents say you can never make a living playing video games.  It's not always true!  In fact, some enterprising people are making seven and eight figures on YouTube doing nothing more than unboxing new items, playing with toys or reviewing things.  Check out this one and this one!  Business is changing and the opportunities are expanding! I love working with all types of small businesses, from the one-person LLC to larger partnerships, corporations and small business employers. If you need help setting up an LLC or any other business entity, I'd love to help you out. Contact Me here to get started.  
Read more

 I am an attorney with Hubbard Law Firm, P.C. in Urbandale, Iowa.  

You can reach me at:

phone 515-222-1700 

mail chris@amhlawfirm.com

location Our address is 2900 100th St., Suite 209, Urbandale, IA 50322

×