Filing an annual report is a critical part of maintaining legal compliance for many types of business entities in the U.S. While requirements vary by state and business structure, most companies—especially those formally registered with a state—must file annual or biennial reports to stay in good standing.
So, which companies are required to file an annual report? Here’s what you need to know.
1. Limited Liability Companies (LLCs)
LLCs are required to file annual or biennial reports in most states. These filings keep state records up to date with current business information, such as:
- The legal name and address of the LLC
- Names of members or managers
- Registered agent details
For example, Florida requires LLCs to file annually by May 1, while California requires a Statement of Information every two years. Fees and deadlines vary by jurisdiction.
2. Corporations (C-Corps and S-Corps)
Corporations—whether privately held or publicly traded—must file annual reports with the state in which they are incorporated and in any state where they are registered to do business.
Typical corporate report requirements include:
- Names and addresses of directors and officers
- Share structure or authorized stock details
- Registered agent information
In addition to state-level reports, publicly traded companies are also required to file annual and quarterly reports with the Securities and Exchange Commission (SEC), including Form 10-K, 10-Q, and 8-K.
3. Nonprofit Organizations
Most registered nonprofits are required to file:
- Federal filings with the IRS (Form 990 series)
- State-level annual reports or charitable registration renewals
Failure to file can result in the loss of tax-exempt status or administrative penalties. Reporting thresholds and requirements vary based on annual revenue and state law.
4. Foreign Entities Doing Business in a State
If your company is formed in one state but does business in another, it must register as a foreign entity and file annual reports in each applicable state.
Final Thoughts
LLCs, corporations, and nonprofits are generally required to file annual reports at the state level. Public companies also file detailed reports with the SEC. To avoid penalties or loss of good standing, it’s essential to stay informed of your specific filing deadlines and requirements.
If you need professional support, Dimov Tax is ready to offer expert aid. Our team presents annual reports for LLCs, corporations, and nonprofits as well as foreign entities. Reach out to us today for financial clarity.