Every domestic stock and agricultural cooperative corporation in California is required to file a Form SI-200 which is a Statement of Information listing pertinent information about the corporation. This Statement must be filed within 90 days from the time when the Articles of Incorporation are filed with the Secretary of State. The Statement must be filed annually in the same calendar month in which the Articles of Incorporation were filed. This Statement must be filed even if the corporation is not actively engaged in business when the Statement is due. Heavy financial penalties can be levied against late filers.
The Statement of Information provides critical data on the nature of the business, its address and its officers and directors. This information creates a public record of the names and addresses of the persons responsible for the activities of the business. While this serves to provide the public with information, it also helps the State to know where to send pertinent updates laws and regulations that may affect the corporation. It also helps the State to determine if other areas of concern need to be addressed by the corporation.
One very important piece of data that must be included is the name of the agent who can receive service of process in the event that the corporation is sued. It is important to note that a corporation cannot act as its own agent. The designated agent must be authorized to engage in business in California and be in good standing with the Secretary of State.
Our law firm fully meets these requirements, and our staff will advise you immediately if such proceeding are in initiated against the corporation. This is very important since defendants have only a limited number of days to respond to a lawsuit before they will be in default. Our law firm can assess the meaning and the intent of lawsuits filed so we can advise you quickly on how to proceed. Our staff is proficient in filing the Statement of Information initially and ongoing. You will not have to worry about meeting the subsequent filing deadlines.
Disclaimer: This article is intended to provide a general summary of the California usury laws and should not be construed as a legal opinion nor a complete legal analysis of the subject matter. June Lin is an attorney at Niesar & Vestal LLP in San Francisco, a law firm specializing in business law and corporate finance.