Annual Report
Annual reports are documents that are filed with the state and provide updated information about your business, including the name and address of the business, the people who run it, and its registered agent.
Most companies must submit annual reports to their state to operate there legally. Additionally, most states require that the reports be filed every year, but some states have less frequent reporting periods.
What an annual report includes
The annual report forms generally require the following information to be included:
- Information regarding the name of the company, business type, and registered agent
- Information concerning corporate officers and directors and the corporation’s physical location, including operational achievements during the fiscal year
- Corporations may also need to add stock information
- A full report is sent to all shareholders annually, containing essential information about operations and performance over the fiscal year
Frequently asked questions
Who needs to file an annual report?
Depending on your state, business entities typically need to file reports on a regular basis. Some of the common entity types that may need to file reports include:
- LLCs
- Corporations
- Nonprofits
The majority of states require small businesses to file some form of report to comply with state regulations and to maintain their good standing.
To help you find out whether your state requires an annual report for your type of business entity, we’ve included a comprehensive chart on this page for your reference.
When are annual reports due?
Most states require that the reports be filed every year, but some states have less frequent reporting periods. States have different filing windows and deadlines, and submissions outside of those windows may not be accepted. For example, the California Secretary of State has a six-month filing window before, and including the month of your business formation. Check your state’s filing window to make sure your order and paperwork can be processed on time. You can also get email and text reminders for annual reports and business income tax filings through our Compliance Calendar.
What happens if I forget to file my annual report and incur a late fee?
You may need to pay late fees and penalties, and you could lose your good standing with the state. This means the state will no longer recognize your company as a legal entity, which could affect contracts and hurt business relationships. You also could lose your limited liability protections, and may even face the administrative dissolution of your company.
Consequences of not filing your annual report:
- Additional fees such as late fees
- Penalties from the state
- Loss of contracts
- Loss of good standing
- Personal liability from loss of LLC or Corp
- Potential termination of the business
How do I file an amended annual report?
- Learn your state’s requirements and the basics
- Complete the annual business report forms
- File your report in your required state