Once you’ve filed your organizational documents with the state, the next crucial step is to file an initial report in Alaska.
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.
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.
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 initial report for a limited liability company must contain:
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.
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.
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.
No. Business owners can file their own initial report online using the online portal at the Alaska Division of Corporations, Business, and Professional Licensing.
There is no charge to file an initial report in Alaska. However, there is a fee for the required biennial report.
Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.
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