Secretary of State
Kentucky Businesses to Receive Annual Report Notice, Can File Now Online
(Frankfort, KY) Kentucky business entities will soon receive notice to file their annual reports. However, business entities registered in the Commonwealth of Kentucky can obtain their 2010 annual reports immediately by visiting the Kentucky Secretary of State’s website today.
All Corporations, Limited Liability Companies (LLCs), Partnerships, Limited Liability Partnerships, Business Trusts, and Professional Service Corporations (PSCs) that are registered with the state, are required to file an annual report by June 30 of each year. Failure to file the annual report will result in the company being listed in bad standing with the office and could lead to administrative dissolution or revocation of authority to do business in Kentucky.
Secretary of State Trey Grayson noted that the office will continue with a change in the courtesy mailing that is typically sent to the principal office address of each company. Last year, the Office of the Secretary sent a small postcard with an image of the annual report, instead of a full mailing with the annual report printed on an 8.5”x11” piece of paper. This reduced the cost of each annual report piece and saved the Commonwealth over $32,000.
The postcards still allow companies to make small changes on the card to send back to the Office of the Secretary of State, but a vast majority of filers will make no changes to their annual report. If substantial changes need to be made, the company can print the full-size annual report online or submit an attachment with the post card.
“This change saves taxpayer dollars for the citizens of Kentucky and makes the process easier and more cost-effective for constituents. It is indicative of our efforts to do more with less,” commented Grayson.
Secretary Grayson urges all business entities to “save time and file online” by making use of the online annual filings at www.sos.ky.gov/annualreports. In 2009, for the first time, over 50% of annual report filings were made online.
Citing the need to reduce costs for state government especially during these tight economic times, Grayson noted, “The easiest way for all businesses to file their annual report is to do so electronically on our website. In a matter of minutes, you can view your report, make any necessary changes, and file it. There is no waiting or turnaround time, and by filing online, companies can help reduce the staffing burden on our office in order to further save taxpayers’ dollars.”
The report includes generated information for the company from its previous filing, saving the company the redundancy of entering the same information every year. One of the latest features of the online filing system is the option to save the report for completion at a later time. Also, there is now no limit as to how many officers, directors, or shareholders that can be entered.
“It is important that we provide businesses in Kentucky greater flexibility and accessibility to their government,” stated Secretary of State Trey Grayson. “The continued improvement of the annual reports branch of our office not only benefits Kentucky businesses, but the greater efficiencies honor the commitment I made to Kentucky taxpayers to be a good steward of their tax dollars.”
During Grayson’s tenure in office, he has rapidly become known as an innovator and technology/transparency champion. Since Grayson took office six years ago, the Office has launched over 25 new online services or upgrades to further those missions. Now, a vast majority of services that the Office provides can be found online.
Just last year, Grayson launched two new ‘FastTrack’ services. FastTrack Business Registration is an online business registration system that reduces the number of days it takes for companies to begin conducting business in Kentucky. FastTrack Elections is a new service that allows candidates to access the proper candidate filing forms online.
Currently, three million documents are available on the Secretary of State’s website. Last year, Grayson’s office became the first state office in Kentucky to put all of its spending online so that citizens can see how their tax dollars are being spent.
Grayson has progressively reduced the size and cost of the office during his term. Since Grayson assumed office in 2004, the office has reduced its number of full-time employees by 12%, eliminated nearly all part-time employees, reduced its operating budget by nearly 15%, and consolidated the number of physical offices from two to one.
“It is our responsibility to provide the most efficient and accessible service, in the most environmentally friendly way possible,” said Secretary Grayson. “The changes we have made to this office are the kind of transformations that government should be making in the 21st Century, where we do more with less by creating a 24-hour a day online service center.”
The Office of the Secretary of State is entrusted with filing, maintaining, and preserving the important documents and records of the Commonwealth and her people. Access to documents not found online is available at the State Capitol Building in Frankfort, KY. To access all of the Office of the Secretary of State’s online services, visit: www.sos.ky.gov/online.
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