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Mar 2013
08
March 08, 2013

New Dog, Old Trick: Beware of 'Annual Minutes' Scam


As many companies prepare their annual reports and finalize financial statements, executives are reminded that they also need to file an annual report with the State of Michigan and, for corporations, hold an annual meeting. Executives also should remember that some less-than-scrupulous companies have for years used this time to send out mass mailings that seem to offer assistance preparing “Annual Minutes.” Be careful out there. These “helpful” letters are actually a scam and you should not be providing information to these third parties or paying them any fees.

There is a new company rolling out this “trick” here in Michigan. Companies have reported receiving letters and a form to prepare “2013 Annual Minutes” for a charge of $125, payable to a Lansing-based company. The correspondence appears to be an official letter from the State of Michigan but is nothing more than an attempt to collect unnecessary and illegitimate fees. The name of the company used in these letters is "Corporate Records Service."

The form that corporations and limited liability companies are required to file with the State of Michigan’s Licensing and Regulatory Affairs is called an “Annual Report” and is sent to all organizations. However, this form is sent by the State of Michigan, not a third-party service provider.

If you have any questions about corporate housekeeping or if you receive any of these types of mailings that you are not certain about, please contact Matthew Johnson (mjohnson@wnj.com or 616.752.2529), Sean Cook (scook@wnj.com or 248.784.5058) or another member of the Business and Corporate Services Group at Warner Norcross & Judd. We are happy to help sort out the “tricks” from those items that are important and worthwhile.

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