SB481 Summary

• Requires all filing entities and foreign filing entities to file annual reports with the Secretary of State between January 1 and March 15 each year to maintain active status.

• Authorizes the Secretary of State to administratively dissolve entities that fail to file annual reports within 180 days after the final due date, after providing written notice and allowing 60 days to cure.

• Establishes a uniform annual report fee schedule of $75 for registered limited liability partnerships, making the fee consistent across corporation types, with fees deposited to the Secretary of State Entity Fund.

• Allows administratively dissolved entities to apply for reinstatement within two years by submitting proof of tax compliance, current annual report, and Alabama Entity Identification Number.

• Becomes effective on the first day of the third month following passage and approval by the Governor.