An Annual report is a filing that details a company’s activities throughout the prior year. Annual reports are intended to give state governing authorities information regarding the names and addresses of directors or managing members of a corporation or LLC as well as the company and registered agent address. In some state the annual report is filed at a pre determined date for all entities regardless of the date of formation while other states require that the annual report is filed on the anniversary date of formation.
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If you’re a business manager, director, or owner, you have a requirement to follow certain rules and regulations. One of those is filing an annual report for your business. We’ll explore what an annual report is, how to file it, what it should contain, and other useful information.
One important point — When we discuss annual reports, we’re talking about formal requirements to produce a report and file it with your Secretary of State. However, you may also produce additional annual reports for your investors, shareholders, and other stakeholders. We cover those later in this piece.
If you’ve incorporated as a business — As an LLC, LLP, S-Corp or C-Corp, you must file an annual report, normally with your state’s Secretary of State. This applies no matter how big or small your business is. Typically, sole proprietors and partnerships do not have to file an annual report.
The purpose of an annual report is to keep your state informed on any changes to the details or ownership of your business — For example if the business has changed locations or has new directors or managers.
If you do need to file an annual report for your LLC or corporation, you can normally do so online, through your state’s website. In addition to filing your annual report, you will also need to pay a fee — These fees do vary from state to state and could range between $50 and $400.
In some states, the annual report is filed on a predetermined date for all entities regardless of the date of formation. Other states require the annual report is filed on the anniversary date of formation. The due dates for corporate annual reports do vary from state to state, so find your filing date from your state’s website and put it in your calendar.
The consequences of not filing an annual report can be severe. Some states may levy late fees, penalties and taxes. Other states could even involuntarily dissolve your corporation.
In addition to formally filing a corporate annual report, you may also produce business and financial reports for investors, directors, managers and other stakeholders. Although there are no “legal” requirements for what these reports should contain, there are certain conventions for what’s included.
Every business exists to make a profit, so finances are most often at the heart of a business annual report. Ways to present this information include:
An annual business report can also include several other areas:
Whether you’re filing a formal corporate annual report for your LLC, S-Corp or C-Corp, or you’re creating other business and financial reports, ensure you understand exactly what’s required from you. Here at IncFile, we’re experts at making sure your annual reports are perfect. Save yourself the time and effort of preparing and filing your annual report, and let us take care of things.
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