Most community associations, condominium associations, and cooperatives in New Jersey were organized as non-profit corporations. Corporations, even non-profit corporations, have certain annual filing requirements which must be made with the State of New Jersey. We are seeing an increased number of associations which have not maintained their corporate filings and have even reinstated a few which had to change their corporate names.
The requirements are not complex but must be addressed regularly and accurately. A corporation must submit an annual report with the required fee each year following its date of incorporation. This is also an opportunity to ensure that its registered agent and the physical location of the registered office is correct. A corporation which fails to file its annual report for two consecutive years may have its charter revoked. As a result of this revocation, the corporation can lose the right to use its corporate name, among other things. To reinstate its good standing, the corporation must submit certain forms and fees. If, while its charter was revoked its name has been “taken” by another corporation, the association will have to come up with a new name requiring new filings and additional fees. A Stark & Stark attorney can serve as the association’s registered agent which facilitates the necessary filings each year.
Please take a moment to ensure that your association’s corporate filings are up to date.