Business and the Economy
More Business Reports Still Due in Frankfort
Kentucky’s Secretary of State has issued a good news-bad news report on business filings. Some 192 thousand entities across Kentucky are required to file annual reports. More than 155 thousand met the recent deadline. That’s a higher percentage than usual. But, almost 37 thousand businesses failed to file in a timely manner.
Secretary of State Alison Lundergan Grimes says its valuable information for consumers. “It is information like your principal place of business, your officers, your service of process. These provide the public accurate information about businesses operating here in the state and it helps to facilitate efficient and competent relationships here in the community,” said Grimes. The filing deadline was July second. Secretary Alison Lundergan Grimes says these entities have two months to file the required report and a 15 dollar filing fee.. ‘If you don’t file your report within that 60 day window that we’re now giving businesses, the secretary of state has no other authority but to administratively dissolve you and revoke your certificate of authority,” added Grimes. Businesses who continue to operate face civil penalties. Grimes says about 81 percent of businesses filed their reports on time. In fact, she says the 19 percent that failed to get the report in represents a much smaller number than usual. The secretary of state says that figure is typically about 25 percent.