The Corporate Affairs Commission Establishment Act impose a reporting obligation on all domestic and foreign business entities. They also penalize companies that don’t comply, which is why it is so important to be familiar with this compliance requirement.
Statutory business entities – which include business corporations, nonprofit corporations, limited liability companies (LLCs), limited partnerships (LPs) and limited liability partnerships (LLPs) - are generally required to file an information report with the business entity filing office of their formation state and of every foreign state in which they are qualified to do business.
The purpose of the requirement is to provide the public, investors, the filing office, and other government agencies with the information necessary to locate and communicate with companies formed or doing business in the state. Get Access