Once you’ve filed your organizational documents with the state, the next crucial step is to file an initial report in Alaska.
What is an initial report?
An initial report is a document, filed near the time a business forms, that contains specific information about the business. Alaska requires registered entities, including domestic corporations, non-profits, and LLCs, to file an initial report.
Staying on top of your initial report (and the biennial reports that come after) is important. Failing to file the report in a year when it is due will result in a penalty based on the amount of corporate taxes assessed for that year.
Alaska Initial Report Requirements
The initial report is technically just the first “biennial report,” which must be filed by the first day of January every other year after a business’s formation. Although some states require filing of the first biennial report at the same time as the Articles of Incorporation or Articles of Organization, Alaska does not. Instead, you must file the initial report within six months after the original incorporation or organization of the business. This gives your new business time to hold its first organizational meeting and formalize some aspects of the business that you may need to document on your initial report.
You can file your initial report online or with a hard copy. All filing is done with the Alaska Division of Corporations, Business, and Professional Licensing. For online filings, the Division accepts Visa and Mastercard payments. The Division’s Initial Report online filing website contains detailed instructions for both online and paper filing options.
What information is required for the initial report?
Alaska’s laws require all initial reports to contain specific information. The exact information required differs slightly depending on the type of business entity filing the report.
The initial report for corporations must contain:
- The name of the corporation and its state of incorporation
- Contact information for the corporation’s registered agent
- A statement about the corporation’s business, including the relevant business activity code
- The names and addresses of the directors and officers of the corporation
- The total number of shares the corporation has authority to issue, sorted by class
- The total number of shares currently issued, sorted by class
- The name and address of each person or company located outside the United States who is affiliated with the corporation (known as “alien affiliates”)
- The name and address of each person with at least 5% of the shares
The initial report for a limited liability company must contain:
- The name of the LLC and its state of organization
- Contact information for the LLC’s registered agent
- The names and addresses of company managers or members, depending on whether the LLC is member- or manager-managed
- The name and address of each person with at least a 5% ownership interest in the company
The Alaska Division of Corporations, Business, and Professional Licensing advises business owners to collect the required information before starting the filing to make the process as smooth as possible.
Confirmation of Filing
Once you’ve submitted the initial report, the Division will check it to make sure it meets the requirements listed above. If there is a problem with your Alaska initial report, the Division will return it to you for corrections. Assuming you submitted the report by the deadline, you will get some extra time to make corrections. As long as you return the corrected report to allow final filing before April 1, you will not incur a penalty.
As mentioned above, the initial report is really just the first biennial report, which Alaska requires corporations and LLCs to file every other year. Biennial reports contain the same information as the initial report.
Staying compliant with Alaska’s biennial reporting requirements allows you to stay in good standing. If you’re worried about properly submitting your initial or biennial report, consider taking advantage of ZenBusiness’s Annual Report Filing Service.
Filing Your Initial Report FAQs
- Is an initial report the same as a biennial report in Alaska?
Yes. Alaska requires biennial (every other year) rather than annual (yearly) reports. The initial report is simply the very first biennial report a business files.
- Do I need a lawyer to file an initial report in Alaska?
No. Business owners can file their own initial report online using the online portal at the Alaska Division of Corporations, Business, and Professional Licensing.
- How much does it cost to file an initial report in Alaska?
There is no charge to file an initial report in Alaska. However, there is a fee for the required biennial report.