If you run a business in Colorado, one of your responsibilities each year to the state is filing an annual report, otherwise known as a Periodic Report.
Annual reports are essentially a quick check-in of your business’s state, where you get to confirm or update important details about your business. Why is it important to know about filing an annual report in Colorado?
If you miss the filing deadline, you could face penalties, and in extreme cases, your business could lose its good standing with the state, making it much harder to operate legally.
Who Needs to File an Annual Report?
Every business entity registered in Colorado is required to file an annual report. This includes:
- Limited Liability Companies (LLCs)
- Corporations (both for-profit and nonprofit)
- Limited Partnerships (LPs)
- Limited Liability Partnerships (LLPs)
- Foreign Entities (businesses registered in another state but operating in Colorado)
Take note that even if your business isn’t currently active, if it hasn’t been formally dissolved, you’re still required to file.
What Information is Required in Filing an Annual Report in Colorado?
Even if no details have changed since your last filing, you still need to submit an annual report to confirm that everything remains accurate. These include:
- Business name and state where you formed your business
- Business ID number
- Principal street and mailing address
- Registered agent information
- Business’s email address
- Full name and address of individual filing the periodic report
How to File Your Annual Report
The process for filing your annual report in Colorado is straightforward and completely online.
Here’s how to do it:
- Go to the Colorado Secretary of State website.
- Click the “Business” tab on the top menu.
- Click “Periodic Report Filing” which you can find under the “Search & file” heading.
- In the search box, type in either your business name or the business ID number. Then, click “Search.”
- Click “Confirm” to begin the online filing process.
- Fill out the form and make sure all fields marked with an asterisk are completely filled out.
- Click “Submit” once you’re done.
- A transaction preview page will appear so you can do a final review and edit if needed, before proceeding to payment. If everything looks good, click on “Accept.”
- Supply payment details to pay for the online processing fee of $25 and click on “Pay Now.”
- Once your payment is processed, a Confirmation page will appear. Your form has been successfully filed and will be listed under the History and Documents section for your business.
When is the Deadline?
The state of Colorado graciously gives a 5-month window for you to complete the filing of your annual report.
First, determine the date you originally registered your business with the state. Just in case you forgot this, you can easily check it using the Colorado Business Database.
You can file your annual report starting two months before your business’s anniversary month, and the deadline extends until the end of the second month after that.
For example, if you formed your entity on September 10, your filing period would be from July 1 through November 30, starting the year after your business was established.
What If You Miss the Deadline?
Depending on how long you’ve gone past the deadline, the consequences can escalate.
- Non-compliant status: Your business immediately enters non-compliant status the day after your report is due, and you’ll incur a $50 late fee. You have 90 days to file and avoid further penalties.
- Delinquent status: If your business remains non-compliant for more than 90 days, it will enter delinquent status. At this point, the late fee increases to $100, and you will also have to file a Statement Curing Delinquency.
FAQs About Filing
What if none of my business details have changed?
Even if nothing has changed, you still need to file. Just confirm everything is accurate, submit the report, and you’re good for another year.
Is a Colorado periodic report the same as an annual report?
Yes!
How much does it cost to file an annual report in Colorado?
Filing for an annual report in Colorado costs $25.
Does Colorado require an annual report?
The state of Colorado requires all Colorado LLCs, corporations (profit and non-profit), LPs, LLPs, and foreign entities (businesses registered in another state but operating in Colorado) to file an annual report with the Colorado Secretary of State.
What happens if you don’t file a periodic report in Colorado?
If you don’t file a periodic report in Colorado, your business will immediately enter non-compliant status and incur a $50 late fee. After 90 days, it will move to delinquent status, with a $100 fee and the need to file a Statement Curing Delinquency.
Final Thoughts
There you have it! Filing an annual report in Colorado isn’t as complicated as it sounds.
Just take note of your business formation’s anniversary date and file within the five-month window to avoid any late fees or penalties.
If you ever feel like you need a hand to ensure your filings are on time, handle compliance issues, or tackle your day-to-day accounting tasks–whether bookkeeping, budgeting, or financial analysis–we’re here to help!
Reach out today to learn more about how we can support your business!
Until next time!