In recent days, we’ve been asked about Statements of Information (“SOI”). Today, we’ll look at some of the common questions that we’ve been asked about SOIs.
What is an SOI?
Simply put, an SOI is a document that is filed with the California Secretary of State that provides basic information about a business entity, such as a corporation or limited liability company (“LLC”).
Information provided on an SOI typically includes:
- the entity’s name;
- the entity’s state of formation (whether California or otherwise);
- the address of the entity’s agent for service of process (i.e., the individual or entity that should be notified if the entity is sued);
- the address of the entity’s principal office; and
- the names and addresses of the entity’s key officers, managers, and/or directors.
How to File an SOI?
As mentioned, an SOI is filed with the California Secretary of State. You may file an SOI by visiting this website here.
How Often Do I Have to File an SOI?
The frequency with which you will need to file an SOI depends on the type of entity you have. If your entity is a corporation, an SOI should be filed every year. If your entity is an LLC, an SOI should be filed every two years.
What Happens if I Don’t File an SOI on Time?
It is essential to stay on top of your filing schedule. Failing to file an SOI on time can result in significant consequences for your business. The State of California can impose penalties—and, in extreme cases, suspend or revoke your entity’s status.
For more information or assistance on filing Statements of Information, please contact us at firstname.lastname@example.org.
This material is provided for informational purposes only. It is not intended to constitute legal advice, nor does it create a client-lawyer relationship between MNK Law and any recipient. Recipients should consult with counsel before taking any actions based on the information contained within this material.