Filing an annual report is a legal obligation for most types of business entities operating in the United States. Whether you’re managing an LLC, corporation, or nonprofit, chances are your organization is required to file an annual (or biennial) report with the state to remain in good standing.
Failing to file can lead to penalties, loss of liability protection, or administrative dissolution. This article explains which types of businesses are required to file and what those filings typically include.
Businesses That Must File an Annual Report
Limited Liability Companies (LLCs)
Most states require LLCs to file annual or biennial reports to update key business information such as:
- Business name and principal address
- Registered agent details
- Names of members or managers
The specific frequency, due date, and fees vary by state. For example, Florida requires annual filings, while California only requires biennial updates.
Corporations (C-Corps and S-Corps)
Corporations are required to file annual reports at the state level, regardless of whether they are privately held or public. These filings often include:
- Names and addresses of officers and directors
- Shareholder or stock information
- Registered agent information
In addition to state reports, publicly traded C-Corps must file detailed annual reports (Form 10-K) with the Securities and Exchange Commission (SEC).
Nonprofit Organizations
Nonprofits typically have two sets of annual reporting obligations:
- Federal Filing: Most tax-exempt organizations must file an annual return with the IRS (Form 990, 990-EZ, or 990-N).
- State Filing: Many states also require annual or biennial reports and charitable registration renewals.
Even small nonprofits must file to retain their tax-exempt status and legal standing.
Businesses That May Be Exempt
Some sole proprietorships and general partnerships that are not registered with the state as formal entities may be exempt from filing annual reports. However, if they operate under a registered trade name or are licensed in certain states, additional reporting may still apply.
Final Thoughts
If your business is an LLC, corporation, or nonprofit, you are likely required to file an annual report at the state level—and possibly with federal agencies. Always check with your state’s Secretary of State office. If you are not sure, contact Dimov Tax today to confirm your obligations. Our team is ready to present expert assistance.