Your company's good standing depends on this yearly filing.
States in which your corporation or LLC is formed or qualified to do business in generally require you to file an annual report.
By filing an annual report, you're providing the Secretary of State with updated information about your business. The details of your annual report may vary from state to state, but typically include information about your corporation or LLC such as:
- the names and addresses of your officers, directors, members, managers and/or trustees
- your principal business office address
- the name of your company's registered agent
- the number of shares of stock your corporation has issued
Different states charge different filing fees for annual reports. Deadlines, too, vary from state to state. Some states have only a bi-annual (every two years) filing requirement. Other states require corporations and LLCs to file an initial annual report soon after formation.
Failure to file an annual report can mean penalties, fines and loss of good standing for your business.
incorporate.com can help.
incorporate.com can prepare and file your business's annual reports. By outsourcing the job to us, you'll save time, remove uncertainty about details, deadlines and fees, and help protect your company's good standing. When you sign up for our Annual Report Preparation and Filing services, incorporate.com will track your deadlines, prepare your annual reports, and file them on time for you. To make sure we have the right information, we'll even conduct a thorough audit of your company records and provide you a detailed report of our findings.
It's important to note that along with annual reports, many states require companies to pay annual franchise taxes. incorporate.com can help you satisfy your franchise tax filing requirements, as well as a host of other business compliance obligations.
Find out more about annual reports in our Frequently Asked Questions section.
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Annual Report FAQs
- What is an Annual Report?
- What is the purpose of filing an Annual Report?
- Are there other names for an Annual Report?
- Is an Initial Report the same as an Annual Report?
- What is the difference between an Annual Report and a Franchise Tax?
- Are Annual Report requirements the same in all states?
- Will my Annual Report due date be the same every year?
- What happens if I ignore or miss my Annual Report due date?
- Can I make amendments to my company information when I file my Annual Report?
What is an Annual Report?
Most entities are subject to regular reporting requirements to the federal government, state jurisdiction, and/or local jurisdictions in which business is transacted. The definition of an annual report is a required filing due to the Secretary of State, usually a listing of directors, officers and some financial information.Back to Top
What is the purpose of filing an Annual Report?
The purpose of filing an annual or biennial report is to provide the jurisdiction with current information on the company's structure (officers, directors, members, registered agent, etc.) and finances (authorized shares, issued shares, stated capital, paid in capital, etc.) In many states the amount of a company's franchise tax due is often determined by the information provided by the company on its annual report.Back to Top
Are there other names for an Annual Report?
All states are different, and although the Annual Report is similar in all states, the state may actually call it something different. Some examples are:
- Delaware - Annual Franchise Tax Report
- California - Statement of Information
- Nevada - Annual List
- Oklahoma - Annual Certificate
Is an Initial Report the same as an Annual Report?
An initial report is the same as an Annual Report; however, it is usually due soon after forming a business entity, and is in addition to an Annual Report filing.Back to Top
What is the difference between an Annual Report and a Franchise Tax?
Distinguishing an Annual Report from a Franchise Tax Report can be confusing, since the name of the annual report in some states is called an Annual Franchise Tax Report. The name of the report doesn't always indicate exactly what it is, so you'll need to know the state office you're required to file with. All states are different, and in some states you may need to file an Annual Franchise Tax with the Secretary of State (similar to an Annual Report), and in others you may need to file a Franchise Tax with the Department of Taxation or Franchise Department.Back to Top
Are Annual Report requirements the same in all states?
No. Each state has its own requirements regarding Annual Reports. Not only are Annual Report requirements dependent on the individual state laws, but they are also dependent on other factors such as the date of registration, entity type, and other state regulations.Back to Top
Will my Annual Report due date be the same every year?
It depends on the state laws where you'll file your Annual Report. States have the ability to change the requirements surrounding Annual Reports at any time, with or without notice. To be safe, always ensure that you've researched the most up to date state requirements, so you don't miss the filing deadline.Back to Top
What happens if I ignore or miss my Annual Report due date?
Missing an Annual Report due date can have major consequences. A company's good standing status and even its rights to exist can be jeopardized by ignoring annual report requirements. A company may also incur monetary penalties for not filing their report on time. If you are late to file your annual report, depending on the state, you'll have to pay penalty fees and reinstatement fees, both of which are much higher than the price of actually filing the annual report for the first time.Back to Top
Can I make amendments to my company information when I file my Annual Report?
It depends on the state. Some states allow a corporation to amend it's list of officers and directors, or change the stock structure.Back to Top