Most types of businesses operating in West Virginia must file an annual report with the Secretary of State Office to keep their company records updated. The deadline for submitting the report, along with the associated filing fee, is July 1 each year after the initial registration of the business entity.
Business owners in West Virginia (and those wishing to expand operations from another state to WV) can benefit from talking with an attorney and accountant or tax advisor about whether they need to submit an annual report. Moreover, consulting with trusted professionals can shed light on other startup and ongoing compliance requirements a business must fulfill. Knowing what’s required upfront can save a lot of time and headaches down the road!
Businesses That Must File a Report
I’ve listed some of the entity types below that are subject to annual report filings in West Virginia:
- Domestic corporations (for-profit and nonprofit)
- Foreign corporations (for-profit and nonprofit)
- Limited partnerships
- Domestic Limited Liability Companies
- Foreign Limited Liability Companies
- Limited Liability Partnerships
- Voluntary associations
- Business trusts
Related Reading: Domestic LLC vs. Foreign LLC
Information Requested by the State
According to the West Virginia Secretary of State website, annual reports include details about entities’ principal or controlling interests and other details as required by the State.
Examples of information requested:
- Principal office address in West Virginia
- Mailing address
- Names and mailing addresses of the business’s owners and key stakeholders (e.g., partners, members, managers, officers, directors, etc.)
- Name and mailing address of the business’s registered agent (authorized party to accept service of process on behalf of the entity)
- Name and address of the business’s parent company and any subsidiaries licensed to do business in this state
- Other information deemed necessary by the State
How to File Your Annual Report
Business owners are encouraged to file their annual reports online by using the State’s business portal. They can file their annual reports for the current year as early as January 1.
To save time and ensure that West Virginia annual report filings are done accurately, entrepreneurs can ask CorpNet to prepare and submit their application. Our filing experts are very familiar with the forms and process, making this vital compliance task fast and virtually effortless.
Alternately, businesses may submit their annual reports in hard-copy format by either mailing them to one of the West Virginia Secretary of State Office locations — in Charleston, Clarksburg, or Martinsburg. But that can take additional time and effort!
West Virginia Annual Report Fees
Below are the fees associated with filing annual reports for most business types in West Virginia. A $1.00 processing fee is added to all filings completed online.
Corporations, Limited Partnerships, Voluntary Associations, and Business Trusts
- $25 if received by July 1
- $75 if received after July 1 (includes $25 report filing fee and $50 late fee)
- Nonprofit corporations: $50 if received after July 1 (includes $25 report filing fee and $25 late )
Limited Liability Companies
- $25 if received by July 1
- $75 if received after July 1 (includes $25 report filing fee and $50 late fee)
Limited Liability Partnerships
- Domestic LLP: $500 annually
- Foreign LLP: $500 every two years
Penalties for Filing Late or Failing to File
If a company fails to file its annual report by the July 1 deadline, it will face a late fee and possibly other penalties. Failure to file might also result in the administrative dissolution of a domestic entity or revocation of a foreign entity’s authority to conduct business in West Virginia.
Businesses that end up in the unfortunate position of falling out of good standing with the State can request to be reinstated using the appropriate application for reinstatement form, available via the forms page of the West Virginia Secretary of State website.
Requirements for Medical Cannabis Organizations in West Virginia
Medical cannabis organizations in West Virginia may not file their annual reports online.
Businesses that receive approval from the West Virginia DHHR (Department of Health and Human Resources) to conduct business under the Medical Cannabis Act must submit their annual report filings in hard-copy format and pay via check. This is because of federal restrictions on the State’s banking systems.
That paperwork and payment must be delivered in person at one of the Secretary of State Office locations or mailed to:
WV One Stop Business Center
1615 Washington St. East
Charleston WV 2531
CorpNet’s Here to Help Keep You Compliant
Our filing specialists help business owners in all U.S. states start their companies and keep them up to date with all compliance requirements. From submitting formation documents to meeting annual report deadlines to appointing a registered agent, and much more, we’re here to handle your important filings so that you can concentrate on building your business.
Sources and References:
https://sos.wv.gov/business/Pages/AnnualReports.aspx
https://sos.wv.gov/business/Pages/ARLLC.aspx
https://business4.wv.gov/Documents/OneStopAnnRepInstr.pdf
http://www.wvlegislature.gov/wvcode/chapterentire.cfm?chap=59&art=1§ion=2a
https://sos.wv.gov/business/Pages/ARCorp.aspx
https://sos.wv.gov/business/Pages/ARLLP.aspx
