Thousands of Kentucky Companies in Danger of Missing Annual Report Deadline

http://www.chevychaser.com/Articles-c-2010-10-12-95554.113117_Thousands_of__Ky_Companies_in_Danger_of_Missing_Annual_Report_Deadline.html

 Summary            

Tens of thousands of companies doing business in Kentucky face a threatening deadline either to file their annual reports to the Office of the Secretary of State or disappear. This includes all corporations that have been registered with the state such as the following: Limited Liability Companies (LLCs), Professional Services Corporations (PSCs), Partnerships, Limited Liability Partnerships (LLPs), Business Trusts. Any of these companies that have failed to file their annual report by June 30 of this year are now listed as “bad standing”.  Failing to file their annual report by October 31, 2010 11:59 p.m. ET will consequently considered as “entity being administratively dissolved or being revoked” according to Secretary of State, Trey Grayson. He is currently encouraging businesses to save time and file online.  In a matter of minutes, they can make any necessary changes, view your information, and then file it. This new service allows accountants to access either offline or on the web.

Connection

This article informs us the new way Kentucky accountants are able to hand in their annual reports. In addition to the book, we also learn what happens to companies if they fail to submit their annual reports. An annual report is a document that is prepared and published by a corporation within the year. It includes the business’ annual financial statements. Allowing accountants to update information quickly, accurately, and frequently, timeliness would be achieved easily. As mentioned in our textbook, timeliness is important because the old information loses its relevance to users. Reliable information is essential for decision making.

Reflection

With this newly improved method, people can access a business’ financial information effortlessly. Important people such as owners or very event filled people can look it up online anytime, at home, or in their offices under their own convenience.  One of the intentions for this is to reduce the processing time in the office and can help save taxpayer money. Also, businesses can access these forms at the beginning of the year, they no longer have to wait until they had received a mail from the Office of the Secretary of State. Instead of mailing sheets and sheets of paper, this is also a good way for saving paper. Saving thousands sheet of paper every year is, in truth be told, a good start for being environmentally friendly.