Business Account Good Standing with the Secretary of State
July 19, 2023
Farmers State Bank requires all business entities who have accounts with us to be in good standing with the Secretary of State they are registered in. This is accounted for at account booking and renewals. These registrations upon commencement are good for 2 years.
After that, a Biennial Report in Iowa is a regular document that your entity must file every two years with the Secretary of State's Office.
If this filing does not occur, your account will go into delinquent status as of April 1st of that year.
If it is still not updated by August 8th, the state will administratively dissolve your entity. This means it is no longer legally active, and we will not renew any account until this is resolved.
As that deadline approaches, please make sure you are paying close attention to the good standings, so your customers are getting those renewed.
Fun Fact: The year in which you file your Biennial Report will depend on the structure of your business entity. If your business entity is an LLC, LP, or Nonprofit Corporation you will file your Biennial Report during odd-numbered years. If your business entity is a for-Profit Corporation (Inc.) you will file your Biennial Report during even-numbered years.