What's an Annual Report and when do I need to file one for my LLC or Corp?

An Annual Report may be required by your Secretary of State to keep you business in good standing.

Annual Report

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  • Quality Assurance Check
  • Filing with Secretary of State
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Annual Reports are often required by your state to keep business records up to date. You will be required to confirm or update your location, contact information, registered agent, member names, corporate officer names, and the like.

Your business may be required to file an Annual Report, but every Secretary of State has slightly different expectations.

The rules and due dates vary depending on the type of entity you have as well, with Corporate filings and LLC filings being treated differently in many cases.

States may call these reports by a different name, such as:

  • Annual Statement,
  • Periodic Statement, or
  • Statement of Information.

Similarly, the report cadence will vary by state and entity type. Some states only require a filing every other year, for example.

Another important consideration is that each Secretary of State will have slightly different expectations for the Annual Report.

Some may just ask for a confirmation or update to business address, while others will request complete financial reporting – most often in states with Franchise Taxes.

Generally, Sole Proprietorships and General Partnerships have the least requirements – some states don’t require an annual filing at all. 

In many states though all entity types must file, so it’s important to be aware of your individual state’s rules.

Note: This is all much easier to manage, especially for entities organized in multiple states, with Registered Agent service.

Understanding Annual Reports For Your Business

Know What's Required

We’ve established that not all states have the same requirements, but in general you will need a fee critical pieces of information.

Most Annual Reports require filing information for:

  • Business headquarters location information (aka “Principal Place of Business”)
  • Business identification, sich as EIN or Federal Tax ID
  • Registered Agent contact information
  • Identity and contact information for members and managers, or directors and officers – depending on if it’s an LLC or a Corporation

The general theme is that the state wants to have current information on your business and any responsible parties.

Most importantly, the state is confirming that you are remaining in “good standing”.

That is, complying with all of the other requirements such as maintaining an active Registered Agent and paying taxes.

Learn How & When to File

Most states will allow you to file online, although not all have moved to electronic filings yet.

If you use easyllcfile.com as your Registered Agent, or have another third-party service as a Registered Agent, then you will generally be notified of deadlines and provided with resources to complete the filing via your agent.

Filing dates vary, in many states it’s the same day for all entities, while in others it’s the anniversary of your business’ formation date.

You will need to clarify with the Secretary of State if you don’t have a professional agency providing the service.

There are a few states that don’t require an Annual Report at all:

  • Arizona,
  • Missouri,
  • New Mexico,
  • Ohio.

Understand the Fees & Penalties

If your state requires an Annual Report, there’s generally a fee associated with filing and penalties assessed for late filings.

The fees can range from just a few dollars, to over $800 in some states like California. 

Similarly, the penalties for filing late span a broad range.

Some states just charge a simple late fee, while others can penalize your business by involuntarily dissolving the entity for non-compliance.

You should be conscious of any grace periods too.

Colorado, as one example, allows for a five month window surrounding the formation date.

Ultimately, you want to make sure you keep these filing up to date and set a process for completing your Annual Reports on time.

15 minutes is all it takes, are you ready?

Launch your new business today for just $129 + state fees.

Common Annual Report Questions

Well, yes and no. All businesses have the same reporting standards to the Secretary of State, so publicly traded companies do submit Annual Reports to the state when required.

However, the Annual Reports you may see discussed in the news are prepared for shareholders and investors.

Although they may be referred to by the same name, these are very different from those required to stay compliant and good standing with the state.

Like everything else, this varies by state.

Generally, financial information is protected regardless – and not accessible publicly. However, certain information may be made public – such as that of Registered Agent or officer contact information.

It’s unlikely that a Secretary of State will make public any information from an Annual Report that was not already available publicly before.

Usually, you will have to stay in compliance with each state you’re organized in – although some may have special provisions.

Be conscious of foreign qualification as well. If your business is organized in one state (domestic entity) with foreign qualifications in multiple others (foreign entity), then you’ll likely have multiple Annual Reports to file with multiple Secretaries of State.

It can become difficult to manage very quickly, which is why we recommend Registered Agent service.

Free Business Name Search

This is a complimentary free name search, we’ll respond via email with any findings. This doesn’t initiate or replace a corporate filing order. 

15 minutes is all it takes, are you ready?

Launch your new business today for just $129 + state fees.