From time to time, corporations fail to file their annual reports in a timely manner, many times resulting in a notice that the Arizona Corporation Commission is administratively revoking their corporate status. While there is a six-year period within which the corporation’s status can be retroactively reinstated, entities still have to pay late filing and reinstatement fees. More importantly, if the grace period for reinstatement passes and nothing is done, a corporate entity loses the protection of the corporate shield from the time of the administrative revocation, which could have disastrous results.
Corporations should calendar the filing of their annual reports. They can go to the Corporation Commission website at http://starpas.azcc.gov/scripts/cgiip.exe/WService=wsbroker1/main.p and search for the entity under “Business Entity Search” to confirm the due date of the Annual Report, in addition to e-filing the Report, or printing a copy of the Report for completion and mailing. In addition, the Corporation Commission is now giving owners of corporations the option of subscribing for and receiving email reminders of the due date for the Annual Report from the Corporation Commission – 90, 60, 30 and 15 days before the due date. While the Corporation Commission makes it clear that the corporation is ultimately responsible for filing the Annual Report in a timely manner whether a reminder email is received, this option should go a long way to help corporations avoid the temporary or permanent revocation of their corporate status. To subscribe for the reminder, click on the above-referenced link and search for the corporation by clicking on “Business Entity Search.” After navigating to the web page for the corporation, click on “Subscribe to Annual Report Email Reminder.”